Let’s assume that you have acted on an idea, you have a business model that makes that idea profitable at some point, and you have just started to operate the business. You are in post-launch phase and you are, understandably, not yet stable. What are the top three (3) issues to address now? We spend a lot of time talking about ideas and business plans. However, the most sensitive time, where every second counts, is just after the launch. This is where good businesses die for poor reasons.
I will be using an aviation analogy throughout this article. If you ask a pilot when the airplane is most vulnerable, he or she will tell you “takeoff”. Why is that? The airplane is full of fuel, clumsy (not very maneuverable), has minimal speed, has no altitude, is very vulnerable if an engine is lost, can be affected by weather, and reaches a point of no return and must burn 105% to launch. Is startup business any different? No.
So, if you are off the ground, just barely, it’s critical that you concentrate on these three things. Once you have gained in these areas, you are ready for the next phase of business startup.
ALTITUDE:
What is gained with higher altitude in flight? Those advantages can include:
• More time to react to a disturbance
• More coasting ability at higher altitude – saving fuel
• More possible destinations and course corrections
• A better view of the geography, the terrain, the weather/environment
• More exposure to viewing what other aircraft (competitors for same space) are doing
• Ability to fly faster
• Ability to engage autopilot
So, how do you gain ALTITUDE for your business?
SPEED:
• Excess momentum
• Cannot be overtaken by slower aircraft
• Requires/encourages longer-range planning
• Allows for longer flight plans (bigger goals)
COMPASS CERTAINTY:
• Saves energy because alternative courses are not distracting
• Aligns everyone to the destination, eliminates confusion
• Tailors the planning for only a specific destination (determining culture, unique value delivery, etc.)
• Allows for revenue discipline (sales discipline to not take everything)