The first few years of any startup are filled with highs and lows. Whether you’ve just secured funding from a major investor or are still struggling to find your customers, when you’re just starting out, your company’s future could change in an instant. That’s why it’s so important to take the leadership of your startup so seriously. A good startup leader has a clear vision and can communicate that to and inspire the team they lead.
That being said, there are a few areas where startup leaders across the board can make a demonstrable change in their business even if they aren’t the strongest communicator.
Here are five of the smartest moves you can make as the CEO or founder of any startup.
Invest your profits carefully and steadily
While you’ll likely want to be using some of your profits to re-invest in your staff and business, it’s a good idea to invest a portion of your profits in the market as well.
Especially if you’re wanting to establish a financially stable business, investing some of your profits allows you grow your profits with very little risk.
This gives you access to more cash ten or more years into your future.
Global investment manager Mark Wiseman advocates for a steady and sustainable investing strategy, rather than looking for a flashy way to get-rich-quick.
Doing so allows you to know that you’re going to have money in the future without having to worry about the ups and downs of the market on a weekly basis.
As Wiseman points out, “If you look at a chart of the Dow Jones over 100 years you don’t see any volatility.”
Keeping a long view can help you maximize your profits in a way that simply focusing on scaling your business won’t.
Outsource job responsibilities when possible
Startups are known for being lean for their first few years, but in order to stay competitive, you still need to get marketing materials created and deal with customer service inquiries.
As such, it’s important to find consultants and third-party vendors who can help you outsource different job responsibilities.
This can help you focus on larger big picture decision making instead of getting stuck in the weeds while keeping things polished thanks to the experts you hire.
Use a project management system to stay on track
In order to scale your business and stay organized effectively, it’s important to use a project management system.
Project management software allows team members to share files and collaborate more effectively, all while meeting deadlines.
Picking a strategy or philosophy and sticking with it allows you to get all of your employees on the same page, ultimately making it easier to achieve your goals.
Don’t count on social media for everything
Nowadays, many people are turning to social media as a way to reach their customers more effectively.
While it’s true that the ROI for social media websites can be quite high, it’s important to remember that personal social media profiles of company CEOs can quickly come under fire in this day and age.
Just as there are social media traps you should avoid when going through something personal like a divorce, as a startup leader you need to be careful with how you conduct yourself on online public forums, too.
Whether it’s your brand or your own personal page, be thoughtful in the ways you integrate social media into your business plan if you want to succeed.
Keep pushing yourself
Economic growth doesn’t come from resting on your laurels.
Whether it’s looking for ways to better engage with your online community of customers or searching for a new board member, keeping a mindset of expansion can go a long way in helping your business thrive.
Keep pushing yourself and you might be surprised by just how much you can accomplish in just a few years!