Mashable's latest #BizChats Twitter chat, sponsored by MOO, discussed how entrepreneurs running a new business can stay on the path to success.
[seealso slug="launch-business"]
Over the course of an hour, @MashBusiness covered an array of topics, ranging from the factors that determine if a business had a healthy year, to standard goals that entrepreneurs should create when transitioning into year two.
Several small business experts and entrepreneurs joined us including: Alli Webb, founder of theDrybar; Amber Mac, president of Konnekt Digital Engagement; Kegan Schouwenburg, founder and CEO of SOLS; Jordan Fliegel, founder, president & chairman at CoachUp; Julianne Ponan, CEO and owner of Creative Nature; Nina L. Kaufman, Esq., NYC business attorney and small business champion; Shauna Mackenzie, founder of Best Kept Self; and Simon Wetherell, managing director at SW Consulting (Asia) and new venture business advisor.
Check out highlights from our chat in the Storify, below:
[View the story "#BizChats: How to keep your new business healthy" on Storify]
#BizChats: How to keep your new business healthy
Mashable hosted a Twitter chat to discuss how to keep a young business healthy in its first year and beyond.
Storified by Mashable· Wed, Nov 11 2015 21:39:01
Most entrepreneurs will tell you that there's never a perfect time to launch a new business, you just get that gut feeling and go for it. What matters most is the crucial decisions you make within that first year that determines whether or not your young business will sink or swim. You don't need to be a perfectionist to run a successful business, you just need the right-minded people alongside you to help make your business the best it can be.
@mashbusiness and several small business experts participated in a #BizChats Twitter chat, sponsored by MOO, to discuss how entrepreneurs can keep their new businesses on the path to success.
A warm welcome to our small biz experts: @AlliWebb, @ambermac, @Kegan3D, @jordanfliegel, @JuliannePonan, @NinaKaufman, (cont.) #BizChatsMashable Business
(Cont.) A warm welcome also to @MsShaunaMack, & @SimonWetherell! #BizChatsMashable Business
#BizChats tip: Be sure to number your answers according to the question you're
answering. (ie., Q1.-->A1., Q2. --> A2., Q3. --> A3.)Mashable Business
Question 1:
Q1. What factors need to be examined to determine if your business had a healthy year? #BizChatsMashable Business
A1 You should know your numbers – clients, analytics, cashflow, profit/loss, info is key & compare to previous year/competitors #BizChatsSimon Wetherell
A1 Also always important to compare generally to the economy, but also your industry niche against norms, trends & competitors #BizChatsSimon Wetherell
A1 I use a 50% quantitative & 50% qualitative approach - looking at KPIs, margins, cash flow, employee morale & retention rates #bizchatsKegan Schouwenburg
A1. Understand the story your financial statements tell you. Are you #profitable? Do you need more leverage? #BizChatsNina Kaufman
A1 - Surveying customers, a look at your profit/loss, and successful completion of goals related to engagement of customers. #BizChatsShauna Mackenzie
Work with an outside accountant (not you!) to ensure you understand the financial health of your business. #BizChats https://t.co/6vK3jh4QV1amber mac
A1. Exp is key. We knew on that 1st day we had struck a chord w/ women & changed behavior. Ask yourself, how are YOU shaping exp? #BizChatsAlli Webb
@mashbusiness A1. Profits are important, but growth in terms of clients and employees is equally crucial.Merchantview360
A1 You should have set goals for the year in advance across all spectrums of your biz - financial, marketing, customer service #BizChatsShauna Mackenzie
A1. Did you meet Day 1 goals? No shame in taking a different turn, but know why you’re changing direction. #BizChatsNina Kaufman
@mashbusiness A1 Know your data #clients, P&L, cash flow, analytics, competitors, staffing, needs/wants, and 2-5 year future! #BizChatsIdeon
A1. If no profit shows—why? Is this because you’re in the start-up phase or does your pricing need revising? #KnowYourNumbers #BizChatsNina Kaufman
@NinaKaufman If you’re not 100% madly in love w/ your biz still, something is wrong. U should love it even when going gets tough #BizChatsShauna Mackenzie
A1. How do you physically feel? Are you running ragged? Look at whether you need more staff, tighter operations or more freedom. #BizChatsNina Kaufman
A1- you should be surveying customers, collecting feedback, getting testimonials. The 12 month mark is a perfect time to do this #BizChatsShauna Mackenzie
Q1-A1: You should track your KPIs on a weekly, monthly, quarterly and annual basis. You shouldn't have more than 8-10 KPIs. #bizchatsJordan Fliegel
A1 some factors to consider1) Turnover percentage growth, 2) Gross margin 3) Client ratio targets #BizchatsJulianne Ponan
Question 2:
Q2. What standard goals should entrepreneurs create for year two? #BizChatsMashable Business
A2. Depends where to grow biz. It's assoc metrics w/the type of company you are & establishing a roadmap that enables success #bizchatsKegan Schouwenburg
A2 Improve on year 1! More clients, better service, more efficiency, learn from your mistakes & be more focused #BizChatsSimon Wetherell
A2, but also remember to have fun and why you started your biz in the first place #BizChatsSimon Wetherell
A2. Note the top 3 things you can do to improve your bottom line. Commit to those with the help of a coach or mentor. #BizChatsNina Kaufman
A2. Measure changes in numbers so you can compare improvement or setback. #BizChatsNina Kaufman
A2. Assemble your advisory team –critical to have these folks in your corner. They will be your champions. #BizChatsNina Kaufman
@mashbusiness Learn from year one and create a stronger more targeted business plan to strengthen your business for year two. #BizChatsLaura Marie
A2: Spend the year really refining who your target audience/ideal client is. It may be different than where you started. #BizChatsShauna Mackenzie
Q2: Grow business, keep new and old customers, improve customer service etc. #bizchats @mashbusinessl cm
A2. Be sure you're paying close attention to quality & consistency, not just focusing on the bottom line. #BizChatsAlli Webb
. @mashbusiness A2: A high retention rate with a a similar percentage of new customers from yr 1 #BizChatsTrims Unlimited
Pressure to hire? Many small business cannot afford to do so. We use a lot of freelancers / contractors #BizChats https://t.co/iBVsPWbsbMamber mac
Q2: Create a strong support group of mentors and like-minded individuals, set a revenue and profit profit goal, and a social engagement goalShauna Mackenzie
@mashbusiness You should definitely take a look at your revenue and whether you achieved your goals and objectives. #bizchatslocaltunity
A2b Ask yourself "did we deliver maximum value this year?" Customer feedback & word of mouth marketing should give you the answer. #BizChatsBrenden Dilley
A2: You’ll most likely experience your first (of many failures) during the 1st year. Make a goal to embrace them & build fortitude #BizChatsShauna Mackenzie
@mashbusiness A2 Y2 goals: Top/bottomline growth.Client/customer feedback.Influencers/advisory board.Transparency to fuel growth #BizChatsIdeon
A2: Your standard goals in Year 2 of your startup's life should be to prove product-market fit & identify acquisition #channels #bizchatsJordan Fliegel
A2 For year 2 need to look at different streams of revenue within there business, whether it be online, new client avenues, npds #BizChatsJulianne Ponan
Question 3:
Q3. When refreshing your website, key components of a consumer-friendly site should be included? #BizChatsMashable Business
A3 Be mobile friendly, social media enabled & linked, simple to navigate and share information, use videos and be succinct #BizChatsSimon Wetherell
A3 You must develop a responsive website for a mobile audience and focus on your call-to-action buttons. #BizChats https://t.co/3DUQEM2aH0amber mac
A3: Testimonials, testimonials, testimonials. Consumers need validation and social proof. #BizChatsShauna Mackenzie
A3. Easy navigation to get to your core offerings. Don’t make users dig around. #BizChatsNina Kaufman
A3. Design mobile at same time as desktop to ensure exp extends across platforms. This is in the works for @thedrybar!Stay tuned