SME Toolkit Logo
Partner Logo
 Share  Print Version  Email

Dealing with Start-Up Problems

Provided by Visa, Content Partner for the SME Toolkit

Starting up a business requires a great deal of energy and navigation. Here are a few tips:

  • Have a strategic plan.
    There's a difference between a business plan and a strategic plan. A business plan is cold and it's a collection of facts, forecasts, and assumptions and risk assessment. A strategic plan is your vision, your core values, your purpose in having a business and its goals. Your vision and your plan have to match. In other words, the strength that will get you through those initial challenging months comes from a personal vision, not a business projection.
  • Check your forecasts regularly.
    If you have prepared a business plan and financial forecasts, don't put those in a drawer and forget about them once you've gotten funding. Your plan is a living document. It's a fluid document and you need to evaluate it at predetermined times and ask ‘Am I on target? What adjustments do I have to make in order to succeed?'
  • Make sure you're capitalized.
    The biggest problem for start-ups is undercapitalization. They don't start with enough. They never planned for start-up costs and the day they open the door they're in trouble. They're worried about bills and they devote their efforts to that instead of to marketing.

Copyright ©2016 Visa Inc. All Rights Reserved.

 Share  Print Version  Email
Comments & Ratings (1) Overall  
  • Currently 0.0/5 Stars.
If you are a human, do not fill in this field.
Click stars to rate.
   Comments are truncated at 1000 characters
What Others Are Saying
Sort by
  • Currently 0.0/5 Stars.
Curtiz Morgan  |  June 14, 2016
GOOD DAY Dear valuable customer Calvary greetings to you and your family today, on behalf of this great company members and senior staffs and the entire board of trustees of this firm i just want to know why have you decided to be silent towards the loan you requested from this company?, you also have to got back to me right now so that i can fully understand the prime reason regarding the sudden silence you have developed concerning your requested loan from this firm,do get back to me right if you are still interested or not, please your swift response will be highly appreciated by the governing body of this firm to enable us proceed further with the loan process Do stay blessed James Walton Loan Consultant