Survival of the Small Business
Beyond personal beliefs regarding human evolution, factoring in the Darwinian process of evolution actually makes for a pretty stellar business plan. Every entrepreneur goes into a venture with the knowledge of the present and speculation for the future. Understanding the evolution of your market to date and then applying those concepts to your own business can help you make better business decisions and draw more accurate blueprints of the future.
Like everything else in the world, you have to start somewhere. Create a minimum viable product. Produce something with growing potential instead of something grandiose. This will get you to market faster and leaves room for innovation. Big, intricate plans run a higher risk of falling flat because, to grow, you must change. It's easier to build upon something simple than something clunky and inflexible.
Establish Your Pace
Changes to your business plan should happen, but not sporadically. If you move too slowly, you might be left behind at a curve. If you move too quickly, you might lose control. Consider the ebbs and flows of your progress and productivity. Changes should coincide with the growth of your individual business as well as the market as a whole. Your pacing can and should evolve too. With longevity comes reliability, efficiency and (hopefully) bigger, better products. Don't rush new ideas, but don't be the last to join the proverbial party every single time. Establish a pace based on real data and move forward from there. This leads directly to the next point.
Measure Constantly & Consistently
Use analytics to track your progress and evolution so that you can better predict when to make moves. Observe these measurements often and you will have a new perspective of your company. This will help you determine which areas need attention and which areas are self-sustaining. There are a million ways to measure these analytics. Read one of our articles about tracking and marketing apps HERE.
Never Stop Innovating
Variables will be introduced into your business and marketing plans daily; if not professional variables, then personal. Surely you can think of products that no longer exist because of a lack of the necessary adaptation. Remember palm pilots? Move forward with fluidity and don't become too rigid. The end of evolution is extinction.
Growing a start up is a very delicate process. Velvet Cartel is here to blog about our own successes, failures, tips and tricks so that small business doesn't die off.