In our last column, we explored the vast opportunities within Fort Portal City  and emphasized that it’s never too late to start a business. Today, we’ll travel into a crucial aspect of entrepreneurship - managing start-ups like an established entity.

Often, start-ups resemble a bicycle repair business where the owner’s absence, due to illness or other reasons, leads to the business's deterioration. This state of affairs is too common and the consequences can be damaging. To prevent such pitfalls, start-ups must adopt strategies and structures that resemble those of mature entities.

Establish a Clear Business Structure Every successful business begins with a clear structure that defines roles and responsibilities within your start-up to ensure that operations run smoothly,  even in the absence of the founder. A start up should form an organizational chart that sketches key roles from management to support staff. This clarity helps everyone understand their responsibilities and the chain of command. Also, they should develop SOPs for daily operations with documentation that provides guidance for staff and ensure consistency especially during transitions or absences.

Implement Robust Financial Management One trademark of established businesses is their financial discipline.  Implementing sound financial practices from day one can help your startup up trigger long-term success. Startups should as well create tracking systems for their incomes and expenses. This will help them make informed decisions and avoid financial On a monthly basis, reviews of financial statements to monitor your start-up's  health is very key. This practice allows one to adjust strategies proactively rather than reactively.

Focus on Customer Relationships Do you know that established businesses thrive on strong customer relationships? Start-ups should prioritize building and retaining connections from day one and should regularly solicit for feedback from their customers to  use it to improve your offerings. This shows clients that your startup values their opinions and the commitment to nonstop improvement.

Invest in Marketing and Branding Just as established entities are devoted in their brand, start-ups must also prioritize marketing efforts. A strong brand presence can differentiate your startup in this competitive market. Startups should develop a solid brand identity, including a logo, color schemes and messaging that echoes with their target audience. They must exploit the new times of social media and online advertising to reach potential customers with engaging content and consistent posting that can help them build awareness and attract new clients.

Plan for Contingencies In these uncertain times, start-ups should also prepare for unexpected challenges. Startups must develop a crisis management plan that clearly shows steps to take in emergencies. This proactive approach can mitigate risks and protect startups.

Let me pen it off like this, managing a start-up like an established entity is not just about size or longevity; it’s about adopting the right structures and strategies from the onset. By establishing clear roles, implementing robust  financial practices, focusing on customer relationships, investing in marketing and planning for contingencies, you can create a strong foundation for your startup and graduate into an established business.

The writer is the CEO of Makeke Agencies