Starting a B2B company in 2023 is an exciting but scary prospect. On the one hand, the business world is rife with opportunities, with more avenues to build customer bases than ever. On the other hand, the world is currently fighting off inflation, and the financial climate is getting increasingly difficult to navigate.
With the right mindset and a strong game plan, however, there’s nothing stopping you from having a strong first year. Not to mention, there are plenty of other companies to learn from and an encyclopedia of information to glean from the internet.
And we’re here to add to this information! To help you out with a few tips, we’ve listed out the five things we think you need to do to ensure a smooth first year and kick off your business journey in the best way possible:
1. Remember Who You Are
Remember, you are a B2B company, not a B2C company, so you should funnel your research when it comes to building toward success. What a B2B company calls success might not be what a B2C calls success, and vice versa. Make sure you look into the right areas and, better still, learn from competitor B2B companies and how they have navigated the landscape over their lifespan.
2. Don’t Fret On Small Numbers
As well as this, you shouldn’t fret about small numbers. As a startup company, you’re likely to have invested in multiple b2b marketing channels, but the success of these channels shouldn’t come down to how many clients you have collected. Instead, focus on the fact that you have collected them and then work to retain them with loyalty programs and a heavy emphasis on forming relationships.
3. Refer To Your Business Plan
This might sound like an inane point, but the amount of first-time business owners who deviate from their business plan is high, especially when they are hit with unexpected circumstances. Of course, a business plan can always be altered, but if you can stick as close to the plan as possible, then you will know you are on the right track.
4. Prioritise Your Mental Health
Speaking of unexpected circumstances, things aren’t all going to go swimmingly in your first year. You will be hit with complications. When that happens, don’t panic and overwork yourself – or your team. Instead, try to take a step back, understand where the problems might be originating, and do your best to counteract them. This is an important point, as a recent study showed 50% of employees feel burned out at work, which can easily lead to poor mental well-being and disengagement from the work itself.
5. Build Your Digital Hub
Lastly, the success of your company is going to largely depend on social media. This is one of the most popular avenues of digital marketing, but the benefits to the business world are still barely being touched. If you put the work in to make social media your digital hub rather than just another marketing tool, you will find new ways to connect with customers and employees alike. This is one of the early moves you can make to level up your business and put you in good stead for your second year.
