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Lessons of a Startup Part 1

 

Guest articles > Lessons of a Startup Part 1

 

by: Daniel Milstein

 

When starting a new business, carefully evaluate all choices and alternatives. With missed opportunity comes less efficiency and profitability.

There were several lessons during the start-up of Gold Star that could be added to a 'How-to Manual for Starting a New Company.' For example:

  1. Carefully evaluate all options before outsourcing critical operational functions, such as financial management. We initially contracted with a CPA to oversee the company's books. However, we missed having someone dedicated solely to our business and it turned out to be more expensive than an in-house financial officer.
  2. Constantly adjust your operational plans and maintain the ability to make quick decisions to expedite essential changes.
  3. Be conservative in hiring. We were extremely busy during those first several months, but hesitated to make additional hires until we were convinced production would remain at sufficient levels to ensure their long-term employment.
  4. Set money aside for slower periods. While many loan originators couldn't wait to spend their commissions on a new car, expensive vacations and other necessities, I knew I might have to eventually invest my own funds in the company's future.
  5. Develop business plans for achieving one, three and five-year goals. Modify the plans on a regular basis.

A successful salesman should constantly adjust, develop, and evaluate all plans and goals when beginning a new company. You must learn to adapt to each lesson and apply them to all future endeavors.

 


Daniel Milstein is the bestselling author of ABC of Sales. For more information, visit: http://amzn.to/ABCARTICLES.


Contributor: Daniel Milstein

Published here on: 26-May-13

Classification: Sales, Business

Website: http://amzn.to/ABCARTICLES

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