Posts Tagged ‘Cash Flow’

The Top 5 Things Start-ups Should Focus On

// March 15th, 2010 // Comments // Educate

Top 5

As a battle-tested entrepreneur, I’ve come to realize the hard way that there are a few things that are most important when building a new company.  There are so many things to do that really are distractions until you stabilize the company and everything else can be shelved for later.

Here’s my Top 5:

  1. Figure Out Your OSS (Optimal Selling Strategy) - If you cannot generate sales you do not have a business.  To me this is THE MOST IMPORTANT thing for a new company to figure out and it does not always come easy.  You have to get very clear on what the true value is of your product or service and how it really benefits your prospective customer.  I recommend that you have some objective advisors that can help you get this right - it can mean all the difference in the world to growing and becoming a company.
  2. Focus On Solving The Problem - You must create an environment for yourself and others to enable the ability to really lock down and focus on solving the problems of your customers and getting things done that move you closer everyday to generating sales.
  3. Cash Flow - limit expenses, if what you are considering buying, signing up for, etc., does not lead to the end goal of generating revenue you don’t need.  Make it a policy that before anything is purchased that you must get a co-founders or someone else you trust to help you make an objective decision to buy or pass.
  4. Measure, Measure, Measure - track everything you do with some type of metric, goal and timebound date to achieving or evaluating the task.
  5. Balance Your Life - To many entrepreneurs get sucked into the business consuming their entire life.  In order to be effective and productive you must have a release.  Watch this great video on the importance of play “The Big Buddha Baba Rule”.

What do you think?

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