Manage Your Startup
1. Choose the Right Employees for Your Startup
As a startup founder, you can’t manage everything yourself. Therefore, one of the best things you can do for your business is to surround yourself with the right people. Your team should include partners, advisors, contractors, and employees — and they are all vital to the success of your business.
Make a list of everything you need help with and everything your team lacks, then start filling positions. And don’t be tempted to neglect hiring to save money; trying to tackle everything alone is a sure road to financial disaster.
2. Manage Your Budget
One of the biggest challenges startup founders face is dealing with finances. No matter how significant your funding is, you need to make sure you use it in the right way. This can be especially difficult in the beginning when you want everything to get done as soon as possible, but when you overspend here and there to make things happen, it can quickly exhaust your budget.
Think about the big picture when it comes to finances, and make a clear plan about how much you should spend on development, marketing, staffing, etc. Then, as revenue starts to roll in, you can increase your budget where necessary.
Recommended: Read our review of the best financial tools to track startup growth.
3. Keep a Consistent Routine
What do startup founders like Jack Dorsey, Richard Branson, and Jeff Bezos have in common? They stick to a consistent daily routine. Your routine doesn’t have to match theirs; it’s important to set habits that work for you.
The vital thing is to have a procedure you follow every morning to set the tone for the day. Completing the same routine can help you start the day off feeling productive, focused, and prepared: all key for startup success!
4. Learn to Let Go and Delegate
There’s a common saying in the startup world: “delegate or suffocate.” Failing to delegate can leave you feeling overwhelmed, burnt out, and alone. And while you’re floundering to do everything yourself, you’ll inevitably go down with your ship.
In the early stages of building a startup, you may not have the funds to delegate as much as you should. In that instance, evaluate what is costing you the most time and get that off your plate first: often, that means HR, marketing, and legal. Remember, every minute you gain gives you more time to focus on growing your business.
5. Support Your Employees
Employees are the most important asset any startup manager has at their disposal; your team makes it possible to meet goals and deliver quality service to clients. Therefore, it is vital to assist your workforce in doing their best.
Communicate well, provide growth opportunities, recognize outstanding performance, and get feedback. Remember that happy employees are productive and efficient in their work!
Recommended: Learn more about how to promote wellness in the workplace by reading our comprehensive guide.
6. Communicate Effectively
One of the main reasons startups fail is a lack of communication between other co-founders or teammates. In contrast, companies that communicate well (both internally and externally) typically find that their work proceeds well, with less stress and friction. Therefore, a smart founder will pay attention to how communication flows at all levels of the organization.
One of the best things you can do is create a roadmap showing the company's mission and objectives over both the short and long term. When everyone in the company has the same information, it allows them to collaborate across projects efficiently and make decisions that align with your goal.
7. Learn Effective Marketing Geared for Your Startup
Startup founders often make the mistake of believing that their product is so unique that people will start buying it at once. But no matter how amazing and unique your idea is, people can’t buy it if they don’t know it exists. Without proper marketing, your brand is nothing.
Having a well-designed, user-friendly website is a great start, but promoting your site or product on the right channels is crucial. Learning how to market for startups will help you build an organic audience and get more attention on your paid activities. The bigger your reach, the more chances likely it is you’ll find potential customers.
8. Automate Your Business Processes
The answer lies in automation. Automating allows you to do more with less by streamlining certain processes. Depending on the nature of your business, there are dozens of apps and tools you can use to automate daily tasks, from HR to supply chain logistics.
9. Don’t Be Afraid to Reevaluate Your Processes
Mistakes happen—don’t be afraid to admit them. Learning from those mistakes is the best thing you can do for self-growth and business growth.
Consult with your team and reevaluate your processes as necessary. This method helps create a sense of confidence in those around you and encourages them to share helpful ideas. In addition, seek out experienced mentors who can offer you valuable tips and tricks for startup management.
10. Stay Organized
It’s tough to stay organized when you’re doing a million things at once, which all startup founders always do. But by staying organized, you’ll waste less time looking for things and spend more time working on essential tasks. In addition, good organization improves communication between you and your team and makes everyone more productive.
What should you organize? Everything from your desk to your calendar to your computer files. And don’t forget your phone: sync it with your work email and calendar to ensure you never miss any critical communications.
Frequently Asked Questions
How do I start my own startup?
Starting a startup takes a lot of hard work and planning. First, you have to have a great idea (but not necessarily a new one). Follow that up with a business plan, funding, and team-building — you’ll need a good business lawyer and a CPA, at minimum. Lastly, establish a location (physically or online), start marketing, and build a customer base!
How do I fund my startup?
The cost of a startup is different for every business owner. However, no matter your expenses, you’ll have to secure funding. Common sources of capital are bank loans, angel investors, venture capitalists, and friends and family.
How do I write a business plan?
Writing a business plan includes many steps, such as creating an executive summary, conducting competitive analysis, and compiling your business financials. However, the easiest and most efficient way to make your plan is to use a business plan template.
How do I prevent employee burnout?
As a startup founder, there are many ways you can prevent employee burnout and promote wellness. Some of the most effective include avoiding an unmanageable workload, encouraging work-life balance, and creating a healthy workplace culture.