Running your business isn’t easy. Besides the problems related to the industry in which you operate, there are many common traps you can fall into. But you don’t need to worry. We are here to help you with a few tips and what you should look for in your business development.
- Validate your product as soon as possible.
You know your product inside out: with all its advantages and weaknesses. As a good and honest businessman, you do not want to sell the product unfinished. And if you are working in a B2B model, you are making a BIG MISTAKE.
The role of the MVP is often overlooked. It would help if you gathered feedback from the customers ASAP. It is a common situation where the finished product or service does not solve real customer needs. You can avoid this by working on MVP in close cooperation with your client. It will allow you to focus on your client needs.
It will also create the feeling of a tailor-made solution, especially for your first user. In that case, you will gain honest and quick feedback. It will help you to focus on the most important aspects of the final product. And what is most important is that you will establish a (strong) relationship that could help in future negotiations.
- Pitch pitch and pitch
It does not matter if you are looking for an investment or not. It would help if you practiced pitching in front of different kinds of audiences. FFF at the beginning is great. But during the time, consider participating in contests like the Infoshare startup contest or similar. It will make you more confident when present on stage. You’ll generate potential business contacts, potential customers or investors. And when the time comes, you will have the feedback, experience, and a well-prepared pitch. Remember, practice makes perfect!
Few tips about the pitch deck you can find here.
- Price management
The product you are offering is solving some problems for your client. If the benefits gained by using it will be higher than the offered price for the solution, you should find customers. But don’t compete with the price! If your product is way cheaper than similar products available on the market, it will arouse suspicion. The quality is much lower? There are some side services that you are missing? Or your company is in financial trouble and sells out the rest of the stock? You should prepare your price list. Cheaper often does not mean better in B2B sales!
- Build your company as a business for sale
It does not mean you are planning to sell your company at any point. But behaving like it can help you to organize internal processes and make them more transparent. It also could improve the segregation of duties between each team member. When everything is clear inside and outside, you and your team are aware of the situation and react to unexpected events. Also, it will improve the relations within your team.
- Ask for support
- Remember about the team
It is the core of your startup. Without sales, it may be difficult to stay calm all the time, but you need to uphold a healthy relationship between your team members. You are all in the same boat. And if you are not a well-coordinated team, you might not wait for better times.
- Do not look for an investor at all costs
Not all investments are good investments. Of course, the best investment is a big order from your clients. But sometimes, it is reasonable to look for an external source of cash.
You should look for smart money. It means you should benefit from your investors’ connections or experience. Especially in your industry. Luckily nowadays, there are many funds, business angels, and VCs, and you have the opportunity to choose the best one for you. And remember: bad investors can drag you down.
- Think global
Author: Wojciech Leonowicz
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