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8 Things Startups Overlook When They Expand Their Business

8 Things Startups Overlook When They Expand Their Business

In the 21st century, millennials have been more and more inspired to build their own startups. Entrepreneurship has become the cool and trendy topic of this age.

The problem, though, is that most startups fail within three years. So, why are so many startups failing? The truth is that most startups overlook a lot of things as they expand their business, which usually leads to their demise.

Here are eight things that most startups overlook when trying to expand and grow their business.

1. The Right Employees

There is nothing more important than the people on your team. Business is a team sport, after all. If you don’t have the right players on your team, you won’t be making it to the playoffs.

“One of the things I overlooked was how important it was to hire the right people. Several times, we kept people around too long that weren’t contributing to the business.

We were much happier when we got the right people on the bus and the wrong people off. It helps set a precedent for a good company culture.” – Marcin Kleczynski, founder and CEO of Malwarebytes.

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2. Market Research

Remember your parents telling you to do your homework? It was and still is good advice, especially in the business world.

If you dive in without doing your due diligence, you can lose a lot of money or maybe even all of it.

“If your business is not competitive in your home country, problems will be magnified in all other countries. Start by visiting local retailers and watch consumers. We continually improve by honing in on the local shopping preferences.” – Philip Rooke, CEO of Spreadshirt.

3. Company Culture

Employees are attracted to companies that have a culture. It is a way for them to identify whether they will be a good fit for the company.

The quality of culture will positively or negatively affect employee retention.

“The main thing that we didn’t want to overlook is our company culture as we grew. Our strategy to not overlook this very important matter was to implement an organizational structure, we call Entrepreneur-ocracy.

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It is a corporate structure with no managers and allow employees to make critical decisions because they are empowered to do so.

Instead of managers, we have weekly team meetings that are overseen by elected moderators. By allowing managerial duties to be divided among the team members, we are on pace to save $1+ million dollars in operational expenses this year.” -Jessica Mah, CEO of inDinero.

4. Hiring The Services of Appropriate Professionals

Sometimes, startup employees will try to save money by giving more of their time to do other things. However, there are certain matters that should be left to the professionals.

“The most important thing that we overlooked was to get people that were competent in doing what they do best, specifically a CPA. I wish we hadn’t tried to do it ourselves. All we ended up doing was wasting time.

It would have taken 20 minutes for a CPA to do it. Yet, it took us 4 hours and we still weren’t doing it correctly. My advice is to reach out and ask other entrepreneurs for recommendations”, says Kim Kaupe (Co-Founder of Zinepak).

5. Internal Communication

Nothing is more important than ensuring that everyone is on the same page. Miscommunication can cost the company a great loss of time and even millions of dollars.

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“We’ve been around since 2001 and still learning how to be a global institution. The one thing that we overlooked is keeping internal communication open, clear, and flowing.

With an international organization, there are time differences and it’s really easy for people to feel disconnected. I would suggest establishing a monthly meeting for everyone to connect.” – Herman Heller, CEO of Runbook International.

6. A Contingency Plan

Most of us have been told to have a backup plan. That advice is even more pertinent in business.

If you are an expanding company, you are very likely to run out of money. You will need a contingency financing plan so you’ll know what to do if things cost more or take longer than expected.

“Being in danger of running out of money can cause huge morale problems and a big increase in employee stress.” – Ray Rothrock, CEO of Red Seal.

7. Seasoned Leadership

Everybody can’t be Lebron James. However, it will help your business greatly to have such a person with those qualities.

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“A successful startup cannot overlook the importance of having experienced leaders. Leaders who have experienced the full trajectory of a startup’s lifecycle, from garage to public trading and beyond.

The seasoned leader can increase sales, anticipate common pitfalls, and establish the startup’s culture as it expands beyond its initial creators.” – Vick Vaishnavi, CEO of Yottaa.

8. Sharing The Wealth

In this age, hourly wages are not enough anymore. Unless you are paying them an above average wage, you are going to need to offer some other incentives to keep them loyal to your company.

“Simply hiring people at minimum wage won’t keep loyal employees. It is important to incentivize your employees, giving them ownership in the vision.

When we began expanding, we hired people who were overqualified and asked them to learn the business for $10 an hour. Our incentive was to give them the opportunity to become owner operators if they stayed loyal to us.

Now, those committed employees are also stakeholders of the company.” – Justin Wetherill, CEO of uBreakiFix.

Featured photo credit: Mac (by Financial Times) via imcreator.com

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Kallen Diggs

Bestselling Author / Magazine Editor / Syndicated Radio Show Host

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Last Updated on September 18, 2019

15 Best Organizing Tips For Office Organization and Getting More Done

15 Best Organizing Tips For Office Organization and Getting More Done

You may think that you don’t have time for office organization, but if you really knew how much time that disorganization cost you, you’d reconsider.

Rearranging and moving piles occasionally doesn’t count. Neither does clearing off your desk, if you swipe the mess into a bin, or a desk drawer.

A relatively neat and orderly office space clears the way for higher productivity and less wasted time.

Organizing your office doesn’t have to take days, it can be done a little at a time. In fact, maintaining an organized office is much more effective if you treat it like an on-going project, instead of a massive assault.

So, if you’re ready to get started, the following organizing tips will help you transform your office into an efficient workspace.

1. Purge Your Office

De-clutter, empty, shred, get rid of everything that you don’t need or want. Look around. What haven’t you used in a while?

Take one area at a time. If it doesn’t work, send it out for repair or toss it. If you haven’t used it in months and can’t think of when you’ll actually need it, out it goes. This goes for furniture, equipment, supplies, etc.

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Don’t forget about knick-knacks, plants (real or artificial), and decorations – if they’re covered with dust and make your office look shabby, they’re fair game.

2. Gather and Redistribute

Gather up every item that isn’t where it belongs and put it where it does.

3. Establish Work “Zones”

Decide what type of activity happens in each area of your office. You’ll probably have a main workspace (most likely your desk,) a reference area (filing cabinet, shelves, binders,) and a supply area (closet, shelves or drawers.)

Place the appropriate equipment and supplies are located in the proper area as much as possible.

4. Close Proximity

Position the equipment and supplies that you use most within reach. Things that you rarely use can be stored or put away.

5. Get a Good Labeler

Choose a label maker that’s simple to use. Take the time to label shelves, bins, baskets drawers. Not only will it remind you where things go, but it will also help others who may have a need to find, use, or put away anything in your workspace.

6. Revise Your Filing System

As we move fully into the digital age, the need to store paper files has decreased.

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What can your store digitally? Are you duplicating files? You may be able to eliminate some of the files and folders you’ve used in the past. If you’re storing files on your computer, make sure you are doing regular back-ups.

Here’re some storage ideas for creating a smooth filing system:

  • Create a meeting folder – Put all “items to be discussed” in there along with items that need to be handed off, reports that need to be given, etc. It’ll help you be prepared for meetings and save you stress in the even that a meeting is moved up.
  • Create a WOR folder – So much of our messy papers are things that are on hold until someone else responds or acts. Corral them in a WOR (Waiting on Response) folder. Check it every few days for outstanding actions you may need to follow-up on.
  • Storage boxes – Use inexpensive storage boxes to keep archived files and get them out of your current file space.
  • Magazine boxes – Use magazine boxes or binders to store magazines and catalogs you really want to store. Please make sure you really need them for reference or research, otherwise recycle them, or give away.
  • Reading folder – Designate a file for print articles and documents you want to read that aren’t urgent.
  • Archive files – When a project is complete, put all of the materials together and file them away. Keep your “working folders” for projects in progress.
  • File weekly – Don’t let your filing pile up. Put your papers in a “To File” folder and file everything once a week.

Learn more tips on organizing your files here: How to Organize Your Files for Better Productivity

7. Clear off Your Desk

Remove everything, clean it thoroughly and put back only those items that are essential for daily use.

If you have difficulty declutter stuff, this Declutter Formula will help you throw away stuff without regretting later.

8. Organize your Desktop

Now that you’ve streamlined your desktop, it’s a good idea to organize it.

Use desktop organizers or containers to organize the items on your desk. Use trays for papers, containers for smaller items.

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Don’t forget your computer desktop! Make sure the files or images are all in organized folders. I’d recommend you clear your computer desktop everyday before you leave work.

9. Organize Your Drawers

Put items used together in the same drawer space, stamps with envelopes, sticky pads with notepads, etc.

Use drawer organizers for little items – paper clips, tacks, etc. Use a separate drawer for personal items.

10. Separate Inboxes

If you work regularly with other people, create a folder, tray, or inbox for each.

11. Clear Your Piles

Hopefully with your new organized office, you won’t create piles of paper anymore, but you still have to sort through the old ones.

Go through the pile (a little at a time if necessary) and put it in the appropriate place or dump it.

12. Sort Mails

Don’t just stick mail in a pile to be sorted or rifle through and take out the pieces you need right now. Sort it as soon as you get it – To act, To read, To file, To delegate or hand off. .

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13. Assign Discard Dates

You don’t need to keep every piece of paper indefinitely. Mark on files or documents when they can be tossed or shredded.

Some legal or financial documents must be kept for specified length of time. Make sure you know what those requirements are.

14. Filter Your Emails

Some emails are important to read, others are just not that important.

When you use the filter system to label different types of emails, you know their priority and which to reply first.

Take a look at these tips to achieve inbox zero: The Ultimate Way to get to Inbox Zero

15. Straighten Your Desk

At the end of the day, do a quick straighten, so you have a clean start the next day.

Bottom Line

Use one tip or try them all. The amount of effort you put into creating and maintaining an efficient work area will pay off in a big way.

Instead of spending time looking for things and shuffling piles, you’ll be able to spend your time…well…working and you’ll enjoy being clutter free!

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Featured photo credit: Alesia Kazantceva via unsplash.com

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