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The company I founded as a startup ten years ago has grown over the years into an international software company that receives orders from $100,000. Now our offices are located in six different countries and the number of my employees has passed one hundred. How did I achieve this? I’ll share the six tips I’ve learned along the way and leave it up to you to use or ignore them.
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1. Start with a well thought out plan
Before starting a software company, I thoroughly researched the industry and target market and seriously evaluated my financial capabilities. And while “learning-by-doing” adherents evoke improvisation and change, my past entrepreneurial experience has convinced me that nothing would come of it without a concrete, accurate, and prudent business plan. That’s why I thought about the strategy and accurately calculated the revenue, revenue and expected profit for the coming years.
Related: 4 Things Every businesskinda.com Should Consider Before Launching a Software Startup
2. Delegate Authority
As the company expanded, we realized it was high time to scale. The “anyone can do anything” approach is reasonable, especially when starting a software company. I believe that multitasking is relevant and works well for startups, but it significantly reduces the productivity of medium and large companies.
I came to the conclusion that there was no need to go to this extreme effort to control everything; what I actually needed was to make sure the workload was expertly delegated. Now my company has over a hundred people, and each of them does a great job.
3. Overcome the urge to quit
Have you ever heard the expression? “Survival of the Fittest”? This also applies to building a software business. It is morally difficult to get through the most difficult period – the birth and evolution of a company, and it can easily lead to burnout. At one point, I also had to fight the urge to quit. How did I manage to deal with it? I tried to sleep at least eight hours, had little vacations with my family, and read a lot. I firmly believe that productivity is driven by the little things that make us genuinely happy.
4. Continuously develop your team’s skills and techniques
One of my main goals was to create a work environment that supports high individual and team productivity. So in my opinion talent should be valued more than skills. You can easily learn to be competent, but it is impossible to make someone talented.
That’s why I’m always looking for talented people. However, relying solely on talent is certainly not enough to form a team of qualified specialists. Its main value is the constant updating of skills and methods. The focus of technology changes every year and we have to adapt quickly to these changes. That is why we are proud to be a company that provides innovative products to our customers.
Related: All entrepreneurs face failure, but the successful ones haven’t stopped
5. Trust is more important than money
Setting up a software company is not just about making money. This is a long game, which makes it clear that financial profit cannot be the only measure of a company’s value. Trust between employees, customers and the community is also very important in a successful software company. So I do my best to be open, honest and consistent in all aspects of my business, from products and corporate culture to partnerships.
6. Invest in business growth
Additional investment, in my opinion, should be an essential step for business growth. What do I mean by that, you ask? I started investing more in projects and departments in the company that were producing great results. However, this did not mean that other units were neglected. In the long run, this method proved to prevent my company from getting into trouble in the future. Keep the balance, but tilt the board if necessary.
Related: 6 Tips to Drive Sustainable Business Growth
Although the possibilities are almost endless, setting up a software company takes a lot of effort. But if you develop a sound business strategy, attract the right people, and build a responsive corporate culture, you are expected to succeed.
Looking back, I realize that I did everything right by following the tips above. As a result of my decisions and choices, we managed not to lose momentum during the pandemic and were able to pass the tough test with dignity.
I’m not sure I have any wise advice for other entrepreneurs, but my experience has taught me one important truth: You don’t have to be an Ivy League alumni or have deep pockets. You just have to believe in yourself against all reasonable logic, no matter how corny it may sound. And never give up, even if there are seemingly insurmountable obstacles in the way. We all have to deal with it, but those who believe in themselves will stay at the top.
Janice has been with businesskinda for 5 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider businesskinda team, Janice seeks to understand an audience before creating memorable, persuasive copy.