How many times you’ve considered to make a plan B while starting a new business?
Many of you might have done, right?
But what if you haven’t prepared any plan B?
First, you won’t have any option to survive if something goes wrong with your plan A.
And you’ll be more inclined to work your ass off on the plan A.
But, the fear will still remain as it is – The fear of failure.
And this fear distracts you from focusing on your plan.
The thoughts of how to avoid failure in business comes to your mind all the time.
And the problem is, you have no clue how you can avoid that failure in your plan.
You may just think that if you concentrate on your plan A completely, you’ll surely succeed.
That is why you haven’t prepared any plan B in the first place.
No matter how hard you try not to think about failure, it still comes back to haunt you. And all those goddamn ‘What If’ questions keep on repeating in your mind.
But, to avoid this to happen, you can do one thing – make sure there is no flaw in your plan A.
Manage Your Cash Flow
Many businesses and Startups in the beginning struggle with the cash flow. But, you must be able to maintain a balance between getting cash through your sales and covering their expenses in order to survive.
And if your business experiences continuous negative cash flow, then its effects are same as that of a person who experience a blood flow loss. First lack of energy, then incapacitation, and lastly death.
The point is, a Startup or new business should do everything possible to bring in revenues to survive, along with managing the expenses.
Develop Business Plan
If you fail to plan, you plan to fail. – Benjamin Franklin
You have heard this famous quote, right?
Good, then you also must know it applies to businesses as well.
I know that no Entrepreneur and/or business owner plans for failure, but many of them start by failing to plan. And a strong business plan is necessary for success. Therefore, develop a business plan before you start putting any efforts.
Avoid High Debt
Credit cards, loans, and other sources of debt are like two-edged swords for any small business. Though many companies rely on some kind of credit to have the capital for the business, but too much of credit creates unwanted problems when the time to repay that loan arrives. And if you spend most of the cash repaying the debt, then you’ll not be able to expand your business, which will ultimately make it difficult to keep up with your competitors.
Build What is Needed
The world is already full of products that nobody wants. And the Entrepreneurs who fail are the makers of such products. The products, which people are willing to pay for, are what makes an Entrepreneur successful. Therefore, consult with a few experts, or hire mobile app development company to discuss your product idea. And before launching your product or starting your business, make sure to validate your product, whether it works with your customers or not.
Create a Sales & Marketing System
You just can’t scale your business effectively without a sales & marketing system. So if you do not create such system, then it is more likely your business won’t grow. The business needs to be able to meet with the prospect in order to generate sales. And if it doesn’t happen, then you’re either talking to the wrong people, or you’ve the wrong product, or wrong product price.
The bottom line is, if your plan can’t generate leads, it’s time you sit down, and identify the problem. And it’s also necessary that you create your own system to grow your business.
Take-Away Key Point
Most of the Entrepreneurs are afraid of failing, but still, it’s important that you take that leap to overcome the fear of failure.
And if you’re starting a new business, start by setting small goals, remove unnecessary things out of your business plan, and learn to evaluate the outcomes of different approaches to moving forward.