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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

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Last Updated on February 15, 2019

7 Clever Goal Tracker Apps to Make the Most of Your Business in 2019

7 Clever Goal Tracker Apps to Make the Most of Your Business in 2019

There’s nothing more fulfilling than the sense of accomplishment you get by achieving your business goals.

Gone are the days when you used pen and paper to take notes and manage your work day. As millennials are relying heavily on technology to manage almost everything from finances to their personal fitness, goal tracking apps are also becoming increasingly popular.[1]

In this piece, we will shed some light on 7 such goal tracking apps that you can use to streamline your operations.

I have handpicked these apps from a software rating web services site Best Online Reviews. Industry experts review software on these websites and help businesses to find the right solutions to meet their various, unique business requirements.

1. Aha!

    Aha! is a California-based roadmap software provider and offers excellent goal tracking app that lets you define goals and objectives for projects. The app also lets you list out primary tasks and allows you to focus on them.

    Hosted securely on the cloud, the app offers enhanced communication tools for sharing updates through emails with select colleagues or the entire organization.

    Aha! is available on multiple platforms such as the web, Android, iOS, Windows, etc. and starts from $59 per month per user.

    Available for Web

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    2. Asana

      Asana is one of the more popular project management apps available for businesses. It lets you organize all your team’s work, such as setting up and tracking goals, creating tasks, sharing files and notes, etc.

      Asana also allows your team to organize all their tasks and focus on urgent priorities. Moreover, the app offers a delightful user experience that makes task management simple and easy.

      Asana is available on multiple platforms from PCs and Mac to iOS and Android. Multi-channel adaptability makes Asana the perfect choice to track your goals anytime, from anywhere.

      Available for iOS | Android | Web

      3. Basecamp

        Basecamp is an excellent tool to manage all your team’s projects and keep your activities organized. It opens a new thread for every task and that task is visible by the whole team.

        With Basecamp, you can schedule tasks, add to-dos, discuss tasks by adding comments, add files and attachments, and much more.

        The app is available on both mobile and desktop platforms and costs $99 per month. It is available on the web, Android, and iOS platforms and offers excellent multi-channel access.

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        Available for iOS | Android | Web

        4. Forecast

          An efficient tool for successful task management, Forecast is also a popular goal tracking app. Apart from effective milestone tracking, the app also offers convenient status reporting.

          Forecast uses project history to let you know the status of your current work. Moreover, it uses the power of artificial intelligence (AI) to provide high-quality assistance. It is a robust app for small teams to track goals and time.

          Forecast is available for free and comes with Android and iOS app support. The premium version of the app starts from $19 per month per user.

          Available for Web

          5. Wrike

            Wrike is a cloud-based collaboration and project management app that successfully manages projects from start to finish. It lets you create tasks, track work progress and retrieve reports with ease.

            The app also gives real-time work updates and helps team members to understand their work priorities. A custom report builder helps you to generate in-depth reporting.

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            Wrike’s premium version is available from $9.80 per month per user and is available on multiple platforms.

            Available for iOS | Android | Web

            6. Todo.vu

              Todo.vu is a unique platform that delivers enhanced customer relationship management (CRM), task management, time tracking, and billing functionality in a single app.

              According to Capterra, it’s an ideal app for freelancers and consultants, who are looking for tools to improve efficiency and transparency.

              Although the app is free to use with basic features, the premium plan starts from $5 per month per user. The app also comes with calendar sync and task reminder functionality to keep you on track, always.

              Available for Web

              7. Flock

                Looking for a tool to simplify task management? Try out Flock.

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                Flock comes with enhanced goal tracking and additional features like instant messaging.

                Moreover, Flock offers tons of integrations with tools such as Google, MailChimp, Jira, Dropbox, etc. It is a powerful tool that’s packed with robust features such as reminders, notes, polls and to-dos.

                Even though you can use the tool for free, the paid version of Flock is available from $4.50 per month per user.

                Available for iOS | Android | Web

                Conclusion

                Businesses need high-quality project management tools to streamline collaboration and operations. Enhanced goal tracking apps make it easy for your team to improve productivity by keeping its tasks organized.

                But it’s essential that you choose an app that meets your unique business requirements. You can choose from the above-mentioned apps to streamline operations and improve the productivity of your team.

                Featured photo credit: Alvaro Reyes via unsplash.com

                Reference

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