The document provides 11 survival tips for businesses in their first year that focus on key areas such as executive leadership, product, sales, marketing, customer service, finance, human resources, IT, operations, purchasing, and research and development. The tips emphasize having clear goals, quality products, effective sales and marketing, strong customer loyalty programs, adequate funding, a good company culture, practical technology systems, efficient operations, reliable vendors, and planning future products. Following these tips can help new businesses avoid common first year mistakes and take advantage of growth opportunities.

1. FIRST YEAR OF
BUSINESS SURVIVAL GUIDE
Get your new enterprise off to a strong start with clear, specific
objectives for each part of your organization. Planning ahead allows
new businesses to avoid first year gaffs, protect their assets and
take advantage of every growth opportunity. The 11 survival tips
below help you focus on the areas where you need to plan in order
to successfully navigate your first year of business.
11 FIRST YEAR OF BUSINESS SURVIVAL TIPS
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EXECUTIVE
Consistently emphasize 1-3 clear, measurable, and exciting company goals.
Implement a system to track progress of your goals.
PRODUCT
Insist on quality and direct your energy toward
perfecting the production and design of your product.
SALES
Hire talent, teach them about your product, set clear goals, and hold sales
reps accountable for results. Set achievable goals within a reasonable
time frame to give your sales staff the motivation and time to develop, and
provide guidance and support to give them the best chance at success.
MARKETING
Get your name out there. Focus on lead and/or
e-commerce revenue generation.
CUSTOMER SERVICE
Create a simple, powerful loyalty program and address any
customer concerns quickly and professionally. Be proactive about
communicating with and listening to your customers.
FINANCE
Secure enough cash and lines of credit to fund operations, support growth,
and survive worst-case scenarios. Don’t wait until you are cash starved to
obtain funding or you may be locked into a bad contract because you didn’t
have time to select the right lender or to shop for or negotiate the best terms.
HUMAN RESOURCES
Developing a good staff and good culture requires balancing
discipline with patience. With people, the output often reflects the
input so you get out of people what you put in to them. If you
train your employees effectively, they will work effectively. If you
take care of your employees, they will often go beyond the
call of duty to take care of you and your business.
IT
If your funds are limited, prioritize practical operational competency
over fancy workflow and CRM systems. Implement systems to prevent
phone and internal computer problems. Make sure your website
looks good and operates smoothly.
OPERATIONS
Increase efficiency without sacrificing quality and safety.
Keep your eye out for technology that can help streamline
processes throughout your business.
PURCHASING
Select vendors you can trust to deliver quality product on time. Reduce
costs without delaying payments or alienating vendors. Where possible,
negotiate open terms to reduce potential cash flow gaps.
RESEARCH AND DEVELOPMENT
Prepare one blockbuster product
and service for year two.