Do you want to enter the fast lane to entrepreneurial success? If so, why not consider some of the most powerful tactics for improving your bottom line, borrowing power, cash flow, planning accuracy, networking savvy, website potency, and work efficiency?
You can get a handle on all those things when you employ a few stealth approaches and strategies that have worked for entrepreneurs in all fields. Because planning is the foundation of all long-term business prosperity, your first move should be to create a two-year written plan that lists goals, financial data, and marketing strategies. Lowering personal expenses is next.
Keep in mind that one of the most efficient ways of reducing monthly bills is by refinancing student debt. After those two critical phases are complete, the rest of the process is up to you.
In no specific order, look at implementing techniques like working with an experienced mentor, joining the chamber of commerce, perfecting your commercial website, using targeted social media accounts, posting in forums, putting in regular hours every day, and leveraging the power of business cards. Here’s how to begin.
Develop a Detailed Two-Year Plan
For several reasons, it’s wise to take the time to create a very detailed two-year plan. Build it item by item and include a prospective budget for each of the upcoming years. Make best guesses if you have little data to base decisions on.
You can always tweak the numbers later. It’s a pain, without a doubt. However, this chore will pay off in the future. That’s because a business plan that includes financial and operations targets and estimates, as well as marketing plans, can help you secure loans from both traditional and other kinds of lenders.
Entrepreneurs who work from two-year plans are taken seriously by prospective lenders, partners, investors, and clients. Make an effort to get your plan down on paper.
Boost Cash Flow by Refinancing Student Loans
Entrepreneurs are creative people by nature, which is why they often aim to bolster their cash flow in whatever ways they can. Those who opt for a NaviRefi student loan refinance arrangement can wrap all their loans into one with fresh, favorable terms that include a wide range of balances and payback periods.
Other advantages include the lack of prepayment, late payment, or origination fees. Plus, the entire app takes less than five minutes to complete. Before signing and transmitting the application online to formalize the savings, you can even customize the rate type, size of the monthly payment, and other terms. Then, when your total student loan expense is significantly lower, you’ll have more money you can aim toward business enterprises.
Don’t Divulge Sensitive Information
It’s one thing to have a carefully crafted elevator speech to tell people what your company does and why you decided to create it. But, don’t give in to the temptation to boast too much by revealing sensitive information like marketing plans, product ideas, special techniques, service package concepts, pricing strategies, and hiring practices.
There’s a clear difference between talking up your new organization and divulging information that could reveal too much. Keep company secrets inside the company, and save the elevator speeches for potential clients.
Find and Use a Mentor
Whether it’s pride, human nature, or the will to go at it alone, too many new owners fail to make use of mentor relationships. Just a few generations ago, it would be unheard of for the founder of a company to be without a mentor, who was usually an older, experienced person who had trod the same path years before.
Don’t miss out on what you can learn from a mentor. Use your personal network to find one and agree to meet at least once per month to informally discuss relevant matters, mull over ideas, and absorb as many lessons as you can.
Join the Local COC (Chamber of Commerce)
Chambers of commerce fell out of favor with entrepreneurs a decade or so ago, but now they’re making a comeback. Regardless of your feelings about the Chamber of Commerce, it’s almost always a good idea to join. The networking opportunities alone are worth the trouble and the annual fees, which typically are about $400.
Hire a Pro to Build a Perfect Website
Unless you’re an IT pro with an extensive set of website-building skills, hire a professional to do the job for you. The site is, in more ways than one, your business card. Update it frequently, and be sure to add a blog that includes useful current content.
Shopping carts and contact pages should be seamless and simple to use. Spend money on the effort and view the expense as a long-term investment that has a very high rate of return.
Use Socials Sparingly
Don’t fall prey to the notion that it’s best to use as many social media sites as possible. The most effective way of getting the most from social is to choose two platforms and devote your online promotional time to them.
Set aside 30 minutes per day to add content, update posts, respond to queries, and make announcements. Which ones should you use? Choose platforms that your customers prefer.
Post in Relevant Forums
Visit industry-specific forums and visit them regularly. Focus on just a few. Offer answers, include your essential business information, be polite, don’t talk politics, offer genuine help to questioners, and never try to hide the fact that you are a business owner.
Make a Work Schedule and Stick to It
Develop a weekly work schedule based on the number of hours you intend to devote to the enterprise. Base work periods on available time and your current habits. The point is to come up with a fixed routine that you can adhere to over the months. If you decide to change it later on, that’s fine, but attempt to introduce regular hours into your daily routine.
Even if you’re company is a part-time avocation, do your best to follow a set schedule. Your brain and body will respond well to the pace, and you’ll be more productive in the long run.