How to Startup Strong For Entrepreneurs
Twitter #StartupChats hosted by Startup Canada
Q&A with Startup Canada Guest Advisor Christine Whone
We discussed the best strategies for your business to be effective, efficient, and excellent from the start of your new business year. Learn how to set yourself up for success to build your business with intention—one of my favourite topics.
The event had 39 contributors, 29.7 million impressions, and the Wakelet can be found here.
How to Startup Strong For Entrepreneurs
Q1 First question! When starting your new business year, why is it important to evaluate your prior year’s results? @SovInsurance #StartupChats
A1: Reviewing the prior year’s results is important to pivot towards product and/or services that offer the strongest growth in the new business year. Consider eliminating offerings that are not selling to focus on thriving service/products.
Q2 How much time should you spend evaluating your prior year’s results versus moving ahead with your new annual plan? @SovInsurance #StartupChats
A2: Review prior to the new year, although it can be a simultaneous integration process in new business year. #Market feedback is key to define and validate new offerings.
Q3 What are the top three things business owners need to focus on at the beginning of a year? @SovInsurance #StartupChats
A3: Get a financial and advertising/marketing plan together that outlines long-term goals, then implement it daily. Chunk the processes together, and with consistency, accomplishing short term goals is what has you achieving the long-term plan.
Q4 When looking back on the 2019 year, what indicators signal a need for change in business practices? @SovInsurance #StartupChats
A4: Negative feedback from the marketplace: your consumers, clients, and customers will tell you everything.
Q5 What part of your annual business plan is most likely to change from what you expected it to be? @SovInsurance #StartupChats
A5: The lineup of product and services launches: you may have setbacks, remove offerings altogether (not selling, low sales, negative feedback, no interest) because the offer needs to defined stronger/better.
Q6 What approaches can entrepreneurs take to implement change while motivating high performance from their employees? @SovInsurance #StartupChats
A6 Build a strengths-based culture at work. Check out the Gallup Strengths Finder test: https://www.gallup.com/cliftonstrengths/en/252137/home.aspx. Everyone absolutely will benefit from Gallup test results, for themselves, colleagues, and teams to build a motivating strength-based workplace.
Q7 If change initiatives are identified in your annual business plan, what are some change management best practices? #StartupChats
A7 Implementing change means developing a healthy relationship with feedback, errors, and setbacks during the change and new growing pains.
Q8 Strong businesses mitigate risks. What advice do you have for entrepreneurs to identify and mitigate risks from the start of the year? @SovInsurance #StartupChats
Q8: Never go on pure assumptions everything is okey-dokey. Make decisions, within reason, and cover your butt performing due diligence. Implement operational redundancies. If you don’t understand something, always ask questions. Get it in writing.
Q9 Why is it important to review your insurance coverage when you create your annual business plan? @SovInsurance #StartupChats
A9: To be sure your contracts align with insurance coverage.
Q10 How can entrepreneurs stay the course with their long-term strategy while identifying specific focus areas in their annual plans? @SovInsurance #StartupChats
A10 Adopt excellent money management skills, overcome the urge to spend money as a temp fix, and persist in efforts with an unshakeable faith in your abilities.
Q11 What is your final top piece of advice to set entrepreneurs up for success with their annual planning process? @SovInsurance #StartupChats
A11 Set yourself up for success by always having a plan outlining what your version of success looks like, so when in doubt you turn to the plan. Competition is good, but a comparison will have you losing focus. AND have fun! Cultivate a habit of loving the process. 😎 #startupchats
What do you think about how to start up strong? Leave your insights in the comments below.
Attribution:
Blog Photo by Heather Ford on Unsplash
Q&A graphics by Startup Canada
About the Author
Christine Whone is a Designer, Digital Strategist, and Online Instructor helping business professionals create their desired outcomes in business and entrepreneurship using design and technology.
“Set yourself up for success.”