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NUTS AND BOLTS OF A BUSINESS

Nuts

NUTS AND BOLTS OF A BUSINESS

Written by: Ms. Shradha Agiwal

(CEO – Biotechnology Business Incubator – DST, Government of Rajasthan)

Building a business is a lot like building a home. Both need strong foundations that won’t breach under pressure, and both require a tremendous amount of attention to detail, because all the pieces must fit together to create something viable. That means that more than a great idea is needed to sustain a growing venture.

Business owners need to pay attention to the nuts and bolts of operations – details that are often overlooked due to alluring overnight success. Navigating and juggling these components is essential to strengthening a new venture collapsing, usually with the entrepreneur inside it.

Here are four strategies for ensuring you’re building a strong framework for success.

  1. Never lose your sight of your blueprint/idea/concept, but ensure to update it on the basis of need

A strong business with the consistent growth is the result of focused planning and re-planning.

  1. Break the jack-of-all-trades mentality

Ensure that your employees have access to training, mentors, equipments etc. to help them take ownership of their work. Also, make sure everyone knows his or her own job parameters to prevent overwork.

  1. Get the digital word out

In this digital age, some of the business owners, surprisingly, are still defying the online trend. Now, a website is as important as an identity proof of any individual.

It’s common for a tech-startup to have online presence in the form of website or social media accounts, many companies have a misconception that online presence is a low priority or, not needed at all. But nowadays, customers check your virtual presence before the physical one, so as to ensure the right brand. So, entrepreneurs who aren’t boosting their reach through digital mediums are leaving a huge pool of potential customers untapped.

  1. Feedbacks/Suggestions

Always have guts to take feedback and suggestions from the customers. It will build you brand image and customer will always feel the essence of their value for the product.

In sum, more than becoming just a creator of the million-dollar idea, entrepreneurs have to have zeal to build their venture to some other level with keeping the nuts and bolts tightened.

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