The Smarter Business Blueprint
A six-point blueprint for launching a successful start-up today
We contacted 11 entrepreneurs who are shaking up the status quo in their respective sectors. The aim was to tap into their experience and expertise to establish the requirements for launching a successful start-up. Combined with survey data from 1,296 UK start-up and small business innovators, the result is The Smarter Business Blueprint. The blueprint entails six-points and considerations that are an essential reference for any aspiring start-ups. The six-points are summarised below and the full report can be easily downloaded here.
01 – Adopt beta attitudes
A start-up can never be regarded as a finished product. Maintaining the experimental approach of the initial launch stage is crucial to keeping the product or service fresh. It is better to send a Beta model out into the marketplace and use customer feedback to fine-tune the business as it evolves.
02 – Be a collaborative cost-cutter
Collaboration as a tool for reducing costs and encouraging flexibility is an area of advantage for modern start-ups. The expense and administrative complexity of maintaining corporate-style office facilities, car fleets and a compliment of full-time staff can be a serious drag on the flexibility on a disruptive business. Working with suppliers and clients and using pay-as-you-go models encourages flexibility while helping to forge scalable relationships for the future.
03 – Use staffing 2.0
Start-ups do not need to compete with corporate recruitment tactics and salaries. Talented people who desire to work within a disruptive business model are motivated by more varied incentives. The potential for equity, the absence of bureaucracy and the excitement of an innovative business environment are all crucial to attracting the right team.
04 – Get tech-savvy
Nine out of 10 entrepreneurs rely on technology for the efficient functioning of their business models. The ecosystem of the Internet, smartphone technology, ever-advancing app functionality and the power of data insight has created opportunities for customer and market engagement that were undreamt of even 10 years ago. Modern start-up culture demands that a business uses technology to maximum effect.
05 – Battle the box tickers
Escaping corporate inertia is a reason for a quarter of start-up launches. The major players that were once innovators are often the greatest barrier to the emergence of new and disruptive models. Persistence and the agility to react to market opportunities are the crucial elements for a start-up to successfully battle the box tickers.
06 – Stay forward focused
Ensuring the right balance between the priorities of today and the overall vision for the business is a challenge for all start-ups. Workload prioritisation, the right relationship with the board of directors, customers as brand ambassadors and the constant search for new talent are the cornerstones to staying forward-focused.