Important decisions to make while starting a new business

Important decisions to make while starting a new business

Being an entrepreneur is a process that represents a series of steps that lead from day one to a series of important decisions that must be taken with great intelligence and wisdom. Those decisions can make the difference between a healthy business, or the opposite. And if you are not careful, the small details can absorb your time, energy. Getting diluted in them is a common mistake many entrepreneurs make. 

So, in this article, we will share with you some of the issues that require more attention when defining them so that your focus is always on what is essential.

Which customer segment are you going to target? 

From a strategic point of view, it is a mistake to pretend to sell to everyone. While it is true that anyone can buy your product, the idea is that you need to define precisely, what are the key characteristics of the people that find the most value in what you are offering? Many other decisions related to your value proposition, prices, distribution strategy, communication strategy, etc. depend on the characteristics of your ideal client’s profile. 

The more specific you are to profile your client, the more effective your strategies will be, and the greater value you will be able to contribute to the market.

Decide who to hire and when

As the owner of your company, it will be you who will make the decisions and set the business strategy. However, it is your work team you need to manage to form that will ultimately carry out the guidelines to follow and the one that will make the business work. Thus, choosing the right people to be members of that team involves a series of rather difficult decisions, and you will have to be prepared for it. 

Among other things, you will need to carefully evaluate each candidate in terms of talent, experience, expense, and perhaps most importantly, that they fit the business culture. On the other hand, you should also be prepared for the difficult decision to fire an employee, in case the connection with the company is not what you expected.

What means and forms of payment will you accept? 

The more payment options you offer your customers, the greater the probability of sales, but each payment method you implement has its associated costs. You must decide if you are going to accept card payments and if you are going to sell on credit. Although it is true that they are very attractive forms of payment and that they open up many possibilities, you should consider the commission costs for the entity with which you are going to manage payments, and take into account the costs associated with charging customers. 

Also, you can receive payments through bank consignments, so you need to create a business account at the bank of your convenience. In this case, you can rely on third-party tools whose purpose is to help entrepreneurs and business leaders choose the ideal bank for their professional activity. Finally, you must decide if you are going to accept online payments, which is essential for the current context.

The customer satisfaction policies 

Something that very few entrepreneurs consider before starting their commercial activities is customer satisfaction policies. Rest assured that, from day one, a customer is going to complain for some reason, so you should establish clear policies to deal with the most common cases of customer problems. For instance, you need to define in which cases the client’s money will be fully refunded, what problems should be escalated to management, or what are the complaints, and claims management process, etc. Define all this steadily, keeping in mind to provide the best possible experience to your customers.

Conclusion

As you can see, having an efficient decision-making process helps the company to anticipate opportunities based on revealed trends. In this way, it takes advantage of the best opportunities before its competitors, becoming stronger. Don’t waste any more time and money! Improve the company’s analysis and decision-making power today and drive your enterprise to success.

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