So you want to start and grow a business? Here are some insights before you start.
The first thing is to realize you cannot do and be everything. If you want your business to grow and be successful, then you must learn to delegate. For instance, if you are not very good at doing the accounting then it is better to hire an accountant to assist you than wasting valuable time that you could spend on gaining new clients. Speak with other business colleagues and ask them to provide references or you can also use sources such as Fiverr, where you are able to find quality work without being too costly.
Yes, I said it! Networking. I know for myself networking was something I had to get used to. It was not easy for me. However, after attending various events I can now say I mastered it. The trick in making a networking event productive is making sure you understand your business and can say what your business is about in one sentence. You must know: who you are; what you do; and who your client is. For example, when I go to a networking event I can quickly say, “hi! My name is Victoria, I am the owner of VAMLA.org; I help professionals and small businesses develop strategies for success. In one sentence, I’m able to state the who; what; and how, I provide value.
Find what works for you and you will quickly master your networking skills.
Develop a Strategy
I can’t stress this enough. You have to have a good plan for your business and you must be able to communicate that plan effectively. You must understand who is your customer and who isn’t. Know your competitor and understand the markets that you serve. In this way you can provide more value to your customer than your competitor. Once you have developed your business strategy you will need to communicate this to your team so everyone will be on the same level. For instance, if you are providing a staffing service, you may want to carve out a niche instead of serving everyone in Canada. Instead, focus on Ontario or even the Greater Toronto Area and IT and Business Sector. In this example, you will be able to give your clients more value whereas, if your market is too broad it will be harder to provide valuable information and service. Besides, everyone loves to feel and be valued.
Create the best Team
Finally, you want to ensure you have the best team to be able to achieve your strategy. Your team should be committed and possess the soft skills required to make the company successful. Invest in your team so you will be in a better position to compete with other businesses. Encourage and develop your team daily. Being successful in business requires you to lead. You have to have a good team that is committed and receptible to great leadership.
To build a great company or be a successful entrepreneur, you have to build a strong foundation.
Victoria A. Morgan is an award winning Entrepreneur. She has been nominated for the RBC Small Business Award 2017 & 2018, the prestigious Toronto Waterfront award for Business 2018, winner of the Toronto Inspirational Woman in Canada award 2017, and CIBWE’s Top 100 Black Women to watch in Canada 2017. Victoria is the CEO of VAMLA-Leadership Academy and Victoria A. Morgan Consulting. She holds a Bachelor Degree from York University, a Law Degree and a Masters in Law from University of California-Gould Law. She resides in Toronto with her 3 boys.