Once a venture idea has been put to use, the initial jitters of starting something from scratch gets over. But the next series of efforts of making the concept sustainable over the long haul becomes onerous.
It would be in terms of earning revenues, salability prospects or even customer satisfaction and reputation and image development.
Wanting precise as to what should be the next move in terms of goal setting and targets would ensure not only a clear nil conflict action mandate but also time management.
When a business starts to grow, it’s to be taken care of about various functions and such functions should be in turn made into departments for better control and workability.
The right manner of funds should be procured to upgrade the capacity and technology levels of machines, as well as more people of the right quality and quantity, should as well be employed.
All these should be done in a very systematic and phased manner not to waste resources, accountability is maintained, and time does not get spent in utter confusion of processes.
List of Must Attain Goals
Listed are some must achieve goals for a startup venture:
Viable and Marketable Product
The idea for the venture might be fascinating, but what matters is what the idea becomes after the initial product or device is developed.
After the completion of the initial set of products and services, it can be given off as samples or the service can be done for free and gain valuable feedback.
Asking people questions about the product or service in terms of various aspects and implementing the feedback received will not only make the product viable but also marketable.
It is a critical function once the initial idea of the startup has come into practice.
The hiring of people with prior experience in the same industry will not only ensure that no foolish mistakes are committed.
But also will lead to the creation of products and services to get a competitive edge and market place.
Good in-depth knowledge about the product or service along with industry credentials will be an add on factor for the success of the startup business.
Rope in Investments
Once the levels of sales start to expand, this very important step in expansion can be made.
The cardinal goal is to get further external funding in various forms to choose by. This can be in the form of debt or invitation for equity-like angel funding or venture capital investments.
Such funding in large segments will ensure that the process of the venture idea starts to expand systematically and not in a haphazard manner.
Operations will run streamlined and on increased capacity. The next level of real expansion is to reach in a brief period.
Brand Creation and Establishment
Once the product starts to get sold well, this next step of branding is essential. Crafting Branding strategies will only lead to the full acceptance and appeal of the product or service.
The overall attention of the masses towards this product or service will be received in contrast to other similar products or services, resulting in better sales.
For this, a good and distinct logo has to be created along with a tag line for better customer engagement.
It would ensure that the company’s name and image grow in the minds of people along with market share.
Market Share, Roi, Sales
Once marketing and branding functions have been taken care of very well, the major focus would be towards numbers.
In terms of market share, sales or turnover, as this would ensure the financial soundness of the startup.
The earnings and the number of products sold or services rendered will ensure the actual future financial wherewithal of the venture.
The goal should be to expand the sales after ramping up the production operations.
And for better and speeding of manufacturing process automation can also be implemented.
These days’ unemployed people starting a venture can get funding assistance in the form of loans for unemployed from direct lenders.
Easy and quick to get sanctioned, online lenders are offering various loan products to accommodate the lack of a fixed income for entrepreneurs.
And these even negate the requirement of any collaterals.
Once sales start to grow in good numbers, efforts should be towards taking care of customers.
A separate department for taking care of various customer grievances and feedback should be there.
This would ensure that customers are handled most professionally.
Helplines should be set up along with a 24*7 digital helpline and presence of the business.
Various provisions on the website of the company can also target to serve customers better promptly.
People might think that mentioning the goal of expansion is evident as any venture strives to do that only.
But what more important here is that expansion should be made based on a timeline set and scale decided after careful considerations.
Not only this but areas of expansion and its nitty-gritty should also be planned.
Opening of shops or even franchises also entails various legal formalities to complete.
And for overseas expansion, various sanctions are required to be taken from the respective regulatory authorities.
All this process requires a lot of time, and the planning timeline should be according to it.