Growing a small business can be difficult. For entrepreneurs just starting out, it can seem as if there are infinite factors that need to be accounted for. But no one can give their full attention to all aspects of a business at all times. As such, it is important to know where to concentrate efforts for maximum positive impact.
With so much on your plate, it may be difficult to know what to focus on. To help, five members of Forbes Boston Business Council share what they think is the most overlooked factor when growing a small business.
- Slow-To-Mature Sales Leads
An easily overlooked factor in small business growth is doing follow-up on qualified leads that are not in an active sales conversation. It’s common for marketing to focus on attracting new prospects and for sales to focus on live opportunities. Potential but slow-moving leads can fall through the cracks, so be sure to follow through on prospects you have already invested in to attract. – Michael DesRochers, PoliteMail Software
2. Hiring With Company Culture In Mind
As a startup or a small business, the most important factor to concentrate on is execution and team building. Every company, even the smallest one, has an established culture largely driven by the founders, whether overtly or organically. It’s critical that each and every person hired fits within that company culture and can thrive in it and contribute toward making the business grow. – Rudina Seseri, Glasswing Ventures
3. Staying On People’s Minds
Small businesses can be hard to find, and sometimes easy to forget. Out of sight, out of mind. Your pipeline, backlog and ability to execute your current projects are most important. Show some face time to your best clients and prospects. If you make yourself a household name, they’ll think of you first. Make personal deliveries when others would ship a box. Be personal, show them you care. – Matteo Forgione, P.E. Forgione Engineering Inc
4. Getting A Lawyer
Your lawyer is your first investor. The startup lawyers defer fees, give discounts and ensure startups are poised for success. This is everything from founder equity splits, new hire documents, incorporation or 83(b) filings — miss that and you just lost a potential $10 million in tax-free earnings. – Zoe Barry, ZappRx Inc
5. Product-Market Fit
It’s crucial to maintain a focus on your product-market fit: Do your customers desire the product you actually offer? (This is slightly different from “Can I solve my customer’s problem?”) There are many moving parts to a small business and it’s difficult to tackle them all evenly, however, maintaining a focus on the product-market fit enables the best opportunity for long-term success. – Dustin Clinard, Risk Ident
Source: Forbes
