The feud for the oval office will imminently reach its climax as the US presidential election becomes a two horse race.
Tension and tantrums are guaranteed as American citizens choose the next resident of the White House. And looking ahead to 2017, eyes will be upon the new President, Clinton or Trump, to begin delivering their manifesto immediately.
Presidents have long been judged on their achievements during their first hundred days; a trend that began with Franklin D. Roosevelt’s New Deal. Four years away from an election, the first hundred days offer a new politician the chance to announce bold policies, win over critics and set a precedent for the rest of the term in office.
The idea has found its way to our side of the pond, now used as a measure of success within UK politics. But the idea of using the first hundred days as a yardstick has a life outside of politics, being just as applicable to new small business owners as for world leaders.
Much like a newly inaugurated politician, small business owners get one chance to make an impact. The first hundred days offer a unique opportunity to build value and establish the brand, cementing solid foundations upon which to grow the business.
First strategy
Strategy is key to making an impact in the first hundred days. Assuming that a great idea has been established by the official first day, there may still be questions that need answering: How will the business be commercially effective? Can any potential problems be anticipated? Which (as yet) unsolved problem does your business aim to solve for its customers?
With all the administration and excitement that comes with starting a business, it can be tempting to skip writing a plan and make decisions based on intuition instead. But taking the time to write a comprehensive plan will give you a handbook for your business, ensuring healthy growth and avoiding derailment later down the line.
However, don’t be afraid to amend and correct the business plan during this initial period: starting a business can be as much a test of agility as of tenacity, resilience and strength. Being able to spot and amend flaws in the strategy is a commendable skill in an entrepreneur.
First funding
The method of funding an entrepreneur selects can have an impact that extends way beyond the first hundred days, so choosing the type of finance that best suits the business is crucial to getting the firm off to a good start. Currently, just 3 per cent of businesses choose to pursue equity as a method of finance, however it can provide a beneficial avenue, offering access to the advice of experienced business professionals for a portion of the company.
The rise of equity crowdfunding as a method of alternative finance offers entrepreneurs new debt-free funding routes and access to a new pool of investors. Don’t forget that traditional methods such as VC, private equity and business angels can also offer the required funding without borrowing from the bank; it all depends on the requirements of your business. Of course, it could be that debt is the most suitable option, but it’s worth researching the options available beforehand to get the most value for the company.
First customer
One of the biggest milestones for the business will be the first customer and, given the network of feedback channels like Twitter, TripAdvisor and CheckaTrade, this relationship needs to count. A positive first customer experience can have a snowball effect for the business, increasing new prospects tenfold.
The key to initiating and maintaining great relationships with initial customers is acquiring knowledge that can be strategically activated. From identifying and understanding the current industry hot topics, to knowing how and where to target potential clients, gathering knowledge can help give the business the edge. To pre-empt the customer’s requirements, the entrepreneur needs to research everything and anything associated with their proposition. They need to know their offering, the market, their customers and their competitors inside out. A little research can go a long way.
First look
Think of any high-growth start-up that has made an impact in the last ten years; the Ubers, Deliveroos and Skyscanners of the world. All of them have an irrefutably recognisable brand, using quirky names, eye-catching logos and bold colour schemes.
The key to getting a business noticed in the first hundred days is making it noticeable. Entrepreneurs can learn from the precedents set by these hugely successful start-ups by considering brand and image when first introducing their business.
After all, marketing is as key during the business’s infancy as it is during any later stages.
On top of this, investment in digital can greatly benefit a small firm looking to give themselves a solid foundation in the first hundred days.
Websites, blogs and social media channels are now essential tools for small businesses, with 91 per cent of the SMEs that have social media profiles doing so as a channel to promote their goods and services. From an SEO standpoint, the sooner a small business can gain a web presence, the better.
Search engine indexing and link building takes time, so creating a digital identity as soon as possible means that the website will have achieved good traction by the time the business begins to take off.
Digital is particularly crucial for retailers. E-commerce is growing at a significant rate, with consumers spending 21.5 per cent more online in May 2016 than the same time last year. Creating an online shop can help to capture and convert customer interest.
Come January, the pressure will be on for the new president-elect to make an impact and history will be made by their achievements during the first hundred days in office.
In his inaugural address to the nation, Franklin D. Roosevelt famously stated that ‘the only thing we have to fear is fear itself’, a mantra that particularly rings true for new business owners.
Starting a business can be daunting, but pursuing a proactive agenda of action, rather than reaction, will guarantee the business attracts the attention it deserves.
Bivek Sharma is head of KPMG Small Business Accounting.
Further reading on early stage business
