I get many questions from people around SAFe SPC CERTIFICATION. Some of them are listed below but not limited to –
I have good exposure to Agile. In order to boost my career should I go for SAFe SPC certification?
It costs a lot and further $900 to be paid every year to renew it. Is it going to be worth?
How am going to utilize if my company is not on SAFe?
Is it easy?
What’s the process to start teaching? How do I become a trainer?
I am not at all technical and moreover don’t have much exposure to corporate world. What should I do?
Above all, the most important question is
Who is the best trainer? And where should I go and attend the training?
Let me start with the most important and most frequently asked question. You (or your company) re going to spend good amount of money hence you just want to ensure that you truly learn the concepts so that you can leverage. I have personally seen many SPCs struggling to teach because they did clear the exam but didn’t understand the concepts well. People pay the money to be on top in google search doesn’t always mean they are the best. Hence you should do though research before you go for your training. Trust me, the training what you are going to go through has higher weightage than anything else.
I have done good research and I can certainly suggest you the best trainers what I feel would make a difference in your learning based on your location. You can always send an email to me at email@example.com and I will guide you multiple options.
The SAFe exam is not easy as well whilst there are two ways you can crack
Be a smart candidate – Find the right trainer, understand the concepts well and further find a right mentor (Many a times your training org/trainer would play that role)
Be a hardworking candidate – You can’t avoid hard work but not focusing no training and just doing everything by yourself. The disadvantage is you may pass but mostly wont score high. Another limitation is you may lose confidence while teaching people.
I always suggest people to pick the first choice. Your hard-work should be to make your future and not just to clear the exam.
If you are not technical at all and don’t know how corporate world works, then I would say go for Leading SAFe instead of picking SAFe SPC. Or probably you can read details over internet or talk to people those who are SPCs and connected to real world problems solved by SAFe. You may find many institutes would lure you with job success etc but without the basics, it won’t add lots of value.
The majority of companies are building their own SPCs hence don’t expect lots of training requests are coming outside of the market. Although in past two years, SAFe has got lots of traction and probably they are the best when you talk about scaling Agile. If you have good exposure to Agile and feel that you are a good trainer, you can attempt SAFe SPC. The SAFe first principle says “Take an economic view”. I think that’s something you should do it as well.
You should always remember, the principle of product management flow – “While you ignore the economics, it won’t ignore you”.
The exam isn’t easy. In fact, I have seen many people failing the exam despite they scored 80 plus marks in Pre Test. Hence do not take it lightly.
You can always refer my other blog which talks about tips and tricks to score high
In order to start teaching within your company, you should complete respective enablement certifications. For instance you want to teach “Leading SAFe”, you should clear the exam for Leading SAFe post SPC.
The Scale Agile is very good in responding any of the queries hence for any specific questions you can send a message to them and you can expect prompt response. I’m personally a big fan of SAFe since it’s not just processes but it does have lots of leadership, and technology.
Another important point to note is that, if you are a good at technology and at the same time you got a good passion towards Agile, you could be a good trainer. The technology knowledge helps significantly if you truly want to be a trainer. Precisely the chances of success and ROI for doing SPC are quite high.
If your company is not using SAFe and you cant do training outside due to the restriction from your company, you should join SAFe forum and start learning more. With my experience I have seen many SPCs were out of SAFe in this situation due to limited exposure and further who would pay $800 renewal every year.
To be honest, this is just high level. The decision depends on many factors. You can feel free to drop an email along with your number. I would try to help you as much as I can. I am usually available for a call over weekend.
Thanks for reading the blog. Wish you happy and SAFe journey.
The SAFe (scaled agile framework) is getting lots of attention these days. Everyone is going for various certifications based on the role they are playing in the org. People aspire to get good job are opting for SAFe training and certification as well.
I get tons of questions from students, employees, trainers and career aspirants around how do they pass SAFe certification exam and what’s the way to get the maximum value out of it?
I would focus on various SAFe certifications and who should do in my next blog whilst I would focus on “Leading SAFe” or “SAFe Agilist” in this blog.
The Leading SAFe certification should be done by all the leaders and people aspire to play the leadership. I feel SAFe has lots of leadership content in addition to process and practices. I am sure what you learn post Leading SAFe would be must more powerful than many of the Leadership sessions to attend outside market. The leading SAFe focuses on basic building blocks of SAFe and how does leadership support in doing all the right things. Here are some points you must remember
There are no shortcuts hence if you are thinking you would just pass the exam and you would get all the value, forget about it. The real value is in the knowledge you gain hence choose your trainer (SPC) wisely. Don’t go and pick any trainer. Although passing exam is an important activity since that makes you to force yourself and revise all the concepts.
I would advise you to go with a trainer who has good technical background. In the midst for market value, many professional has become SPC certified. I have attended some of the sessions from non-technical trainers and I can tell you, they could not relate a lots of concepts to what we do day to day. Choosing competent, technical trainer is the half battle won. A good coach, and if you know basics of Agile, a 3 days – 6-8 hours study can help you to score 90% plus. It may slightly differ based on how fast or slow learner you are.
Once you are done with coaching, you should study the concepts in 1-2 weeks and go for a practice test. If your score is 85 plus, you can review the deck and go for the exam.
All the students must review the Study PDF received from the SAFe (or Download from SAFe website post enrollment), at least three times. There is another slide which talks about specific links (Chapter Wise), which every student must go through at least twice.
It’s good idea to write down the example given by trainer on each slide which would help you to revise the concepts
Aim to score at least 90 percent, not to show people but ensuring that you truly understood each concept.
You should attempt to do at least 400 to 500 sample quality questions to ensure you understood the concepts and you should be able to go for the exam
Never search questions and answers over internet. A lots of answers are correct on internet and moreover it doesn’t give you a feeling that you are attempting an exam
There is going to be approx. 10% repeat questions from pretest hence do ensure that you got answers for all the pretest questions
I am going to start community of practice on telegram. In case if anyone is willing to join to find
Who is the best trainer in your area?
Which certification I should opt for?
Should I do SPC certification and become trainer? What’s the step by step process to do that?
Any other question pertaining to SAFe?
1. What is the connection between feedback and optimum batch size?
A. Lack of feedback contributes to higher holding cost
B. Feedback and batch size are generally not connected
C. Small batch sizes enable faster feedback with lower transaction costs
D. Large batches reduce transaction cost and provide a higher return on investment 2. What is one key reason for keeping the test data for automated tests under version control?
A. For reporting and auditing purposes
B. Version control is required for quality standards
C. All enterprise assets must be under version control
D. If test data gets out of sync, automated tests may not properly execute 3. What is the primary goal of decentralized decision-making?
A. Reduce Cost of Delay
B. Resolve dependencies
C. Enable faster flow of value
D. Increase alignment 4. What does SAFe® Principle #3, “Assume variability; preserve options,” enable?
A. Better economic results
B. Specification traceability
C. Up front design of systems
D. Stronger Definition of Done 5. What is a result of shorter queue lengths?
A. Lower quality
B. Increased risk
C. Less variability
D. Longer cycle times 6. Which statement is most accurate about the Program Vision?
A. It expresses the strategic intent of the Program
B. It drives the allocation of budget for the Agile Release Train
C. It summarizes the team PI Objectives for the current Program Increment
D. It provides an outline of the Features for the next three Program Increments
7. What Definition of Done is required for the Iteration Review?
B. Team Increment
C. System Increment
D. Solution Increment 8. What is the primary purpose of Strategic Themes?
A. Determine the order in which Epics should be executed
B. Drive incremental implementation across the enterprise
C. Connect the portfolio to the enterprise business strategy
D. Define the sequence of steps used to deliver value to the customer 9. An Epic spanning two PIs was approved for implementation. What is the optimum implementation path from a Lean-Agile perspective?
A. Implement the Epic across the same number of PIs as it took to develop
B. Report the percentage completed to the key stakeholders at every PI boundary
C. Demonstrate the progress to the key stakeholders after two PIs and have them accept the epic
D. Demonstrate the progress to key stakeholders after first PI and make a decision how to proceed
with the Epic in the second PI 10. What backlog items are part of the Solution Backlog?
D. User Stories
The understanding of below concepts would help you to score high
What is business Agility?
What are 8 Kotter’s Principles?
What is the benefit of Decentralize decision making? Delivering value in shortest sustainable lead time, better control, high morale, empowerment
What is MVP? Minimal Viable Product which can prove benefit hypothesis
Who has the content authority on Team Backlog or Program Backlog or Solution Backlog? Product Owner, Product Manger and Solution Manger Respectively
What are two ART sync meetings? SOS and PO Sync
House of Lean
What is the most important item? Value
What is the foundation of House of lean? Leadership
What are the four pillars of house of lean? Respect for people and culture, Flow, Innovation, Lean, Relentless Improvement
Which of the core competencies of the Lean Enterprise helps align strategy and execution? – LPM
What are types of Guardrails – BO Engagement, Horizons, Capacity allocation, approve EPIC initiatives
What are core values of SAFe – Transparency, Program Execution, Built in quality, Alignment
How do you achieve Cadence based synchronization in SAFe? PI Planning
Who Facilitates ART – RTE, Who Facilitates Solution Train – STE
What decisions you shouldn’t centralized? Decisions with big economic impact and which are not likely to change
ROAM full form – Resolved, Owned, Accepted, and Mitigated
CALMR full form – Culture, Automation, Lean Flow, Measurement, and Recovery
To achieve a goal you have never achieved before you must do things you have never done before ~Stephen Covey
What is so inspiring? All of us already know that in order to do something new, we are expected to do something different.
Well, the answer is “FISH discover water last”. I will write a separate blog to explain why fish discover water last. Lets find out the relation between 4DX and the above quote.
The 4DX or The four disciplines of execution is designed to create a winnable game. Very simple and easy to understand while tricky to implement and sustain because this requires us to work differently than what we do.
Steve Jobs quoted “Ideas are worthless without execution”. It is easy to say that someone “stole your idea” but the truth of the matter is that ideas are worthless until they’re brought to life and executed
The 4 Disciplines of execution – A wonderful book written by Mr. Sean Covey where he talked about how focusing on goals that matter and further how to win the game by step by step process. You can be very well assured that this really works with more than 1500 organizations that have adopted it and seen wonderful results.
In order to understand the disciplines, let’s understand the two key concepts
A leader can influence two of the items when it comes to producing results.
Strategy and Ability to execute that strategy. Which one you think leader struggle with more – I don’t have to ask as it’s obvious.
The answer is the ability to execute the strategy.
In case if you are MBA or spend time in learning management – What did you were taught? “It’s Strategy”
No wonders great strategies fail – Now the question is why people fail to execute the goals – It’s because of whirlwind. Whirlwind – These are existing work and urgent tasks that need attention now. For example – Management reports, KPI, Status report, reviewing code, 1x1s, and the list goes on.
On contrary to that there is another concept called WIG or wildly important goals (WIG) which are nothing but “new activities” and “Innovation” which affects the future success
If you closely observe you would find whirlwind are urgent items because it affects today while WIGs are extremely important items that affect the future. When there is a battle between Urgency and Importance, obviously urgency will win.
Now, let’s understand the 4 step process to make a balance between your WIG and Whirlwind.
Discipline of Focus
Ask yourself if everything else remained the same, what is the one thing you could change that would have the greatest impact.
If you have 4-10 goals – you achieve 1. if you go with more than 10, you typically achieve none. Interestingly if you have 2-3 goals, the chances of achieving them all are very high. Sounds interesting, isn’t it?
To define a WIG; Identify 1. Where are you now, 2. Where you want to be 3. & By When
Or you define the starting line, finish line, and deadline
Focus on your wildly important goals
Focus on less to accomplish more
There are always good ideas than the capacity to execute
Focus on what not how
Inability to reject good ideas
This is the disciplines of focus and the first step for creating a winnable game
Discipline of leverage
The second discipline is to act on the lead measure. In order to understand this, we need to understand lead and lag measures
Lag Measure – Lag measures measure results towards your wildly important goal. They’re easy to measure but hard to influence.
Lead Measures – Most high impact things you must do to achieve your goal.
If we take the same weight loss example, I want to lose 10 kg by December. The 10kg is the lag measure. The lead measure would be cutting 100 calories a day and working our 5 times a week.
Using Lag Measures without Lead Measures is dangerous. They only measure the result of your goal. Lead Measures can influence the chance of success in achieving your goal. They are even predictive of success.
Keep a Compelling Scoreboard
Think of a bunch of players playing a cricket match on the ground
People and teams play differently when they are keeping score, and the right kind of scoreboards motivate the players to win. Great teams know at every moment whether they are winning or losing. They must know, otherwise, they don’t know what they have to do to win the game. We need to publish the score regularly and that should be visible to everyone. The Agile “Information radiators” plays a critical role here.
Discipline 1, 2, and 3 are nothing but a formula for creating a winnable game. Discipline 4 is how we play the game hence it’s the most important activity we need to focus on
Create a Cadence of accountability
Discipline 4 is to create a cadence of accountability – It’s all about regular and frequent team meetings that focus on the wildly important goals. You should remember
This should not last more than 20 to 30 minutes
The meeting should be held at the same time and same day of the week. Consistency is critical to have a sustained cadence of accountability.
The whirlwind never allowed in the WIG session no matter, how urgent it may seem.
The focus of the session is to make team members hold each other accountable. In this meeting, we would have answers to three things
What did we accomplish last week?
Did that move our lead or lag measure or need to course correct
What are 1-2 things we should do to push the lead measure which would push the lag measure?
The Behaviors play a critical role while ensuring 4 steps
Establish a sense of urgency (Kotter’s law of change) – The constant sense of danger to survive or innovative leadership can bring in urgency. Precisely you are expected to challenge the status quo and push employees to no longer be complacent.
Change is inevitable – We need to realize that change is mandatory but you don’t need to be perfect. Have you heard of leaders’ plans to plan and further plan – to achieve perfection but the same focus is not there in execution. Don’t be perfect. Perfection is a fallacy. Start with a good plan and move towards perfection.
Take an economic view – It’s tough to say no to good ideas. Use the Pareto principle which is 20% of ideas will generate 80% of success. Pick what is important and narrow your focus. The human brain is not programmed to multitask. Prioritize looking at the benefits of goal to the organization and not with emotions
Don’t make your Whirlwind to be a WIG – Don’t get so busy that you are 100% reactive. 20% of your time must be focused on doing WIG then only you can make a difference and that would result in organizational success.
The decision should go where the knowledge exists – Unless a decision is one time, makes a significant financial impact, move that to your team. That would help you to move faster and at the same time help your directs to grow in their career.
Intrinsic motivation – This is one of my favorites. This is from the book Drive written in 2009. If you want to bring the highest level of motivation to your team, you should focus on three core factors – Autonomy, Mastery, and Purpose.
Autonomy– people are trusted and encouraged to take ownership of their own work and skill development.
Mastery– people see no limits to their potential and are given the tools they need to continue to improve their skills.
Purpose– people are encouraged to use their skills to achieve a “greater” purpose – for instance, getting involved in a “good cause” that they are passionate about.
Money doesn’t motivate people though not giving enough money demotivates them.
Credit Game – Don’t fall into trap of getting the credit. Have you observed people want to sign up for every initiative just for “Face Value”? As a leader, you should discourage that and moreover lift people up based on the outcome they produce. It is very easy to develop bias because somebody has said great words about your people or your direct has taken up great sessions. Once you are focused on the outcome, people would start getting out of the credit game. Focus on the outcome and not output.
A good leader takes a little more than his share of the blame, a little less than his share of the credit.
Create short term wins – Remember principle #3 – Keeping a compelling scoreboard – It’s imperative to create short term wins. Celebrate your wins – Celebrate success and celebrate failure but ensure that you keep moving towards your goal.
Embrace the feedback – If you are wrong, accept mistakes. If you get feedback, listen, and act. Don’t shoot the messenger instead embrace your messenger. Feedback is the best way to improve faster.
Relentless improvement – Last but not least, continually improve. The relentless improvement is mandatory in the current competing priorities. You can go up the ladder or go down. You can never stay where you are today. Create an environment where people are encouraged to learn, read, and contribute. In fact, go back and read the book which will be given to you. Make sure the team read this before you start following 4 DX in your team.
SAFe Agile is extremely prescriptive, works only with command and control from the top management – Is this a Myth? – Let’s explore to know the answer
Before I share my thoughts, let me add a disclaimer
I have a strong faith in SAFe
I am very much inclined to SAFe values, principles, and practices
“If you are on agile, scaling agile becomes relatively easy”
Let’s say your company is running on broken agile processes or is on a waterfall methodology, you can still be successful with SAFe but the chances are reduced significantly. The SAFe suggests significant benefits in 3-5 years while you will hear from people that the magical outcome in productivity, quality, employee morale, etc would come in 3-6 months. Let’s explore slightly deeper:-
I think you would agree that most of the transformations begin with top-down command and control for the simple reason that change is not easy and it needs a real push if it’s not small. This would shift unorganized functions to be more organized, pushes people hard for delivery, teams start running on cadence and synchronization if it’s SAFe resulting in higher productivity, quality and so is the outcome. The KPIs, Metrics, and rigid processes make people do more. There is a forced innovation in the beginning as well. But remember that this would not go long run. The management started believing that we have showcased better outcomes hence let’s not stop. They go with 100 percent utilization which is a disaster (SAFe says so, and I completely agree). The fall begins within 1 or 2 years and it becomes very tough to manage it. The command and control is fine at the start but it should be strictly looked into in six months to a year. The management needs to focus on generative culture, autonomy, and decentralized decision making.
We need to have a relentless improvement in not just the outcome but employee well-being, morale, and learning. We should ensure that we stick to SAFe values and principles. One of the main reasons I have seen for SAFe failure is organizations do not invest much after little success or Org is not ready to move to SAFe but they want to be part of the rat race.
People talk about only success stories while there is a good number of failure stories as well which probably is not taught anywhere. I met many people who ask the interviewer whether the company they are giving an interview is on SAFe or planning to adopt in near future. If the answer is yes to any of these two questions, they don’t want to join the company. There is a myth and perception created while that doesn’t seem to be true. The management truly has to involved at ground level in order to break the myth and move their towards the real benefits of SAFe.
We should all remember that identification of value streams and ARTs, Identification of EPICs are core challenges while implementing SAFe while organization alignment still remains the priority.
I just read an interesting book The ONE Invisible Code – I loved every bit of it. Sharat has done complete justice to convey the message to rise beyond mediocrity.
In this post, I am sharing with you what I found to be interesting in the book. Firstly, this is one of the finest books I read in the recent past. The book is very practical and filled with exercises. This helps you apply the concepts you learn immediately.
The book starts with Joy and his struggles. A failed entrepreneur and an employee. He meets his Mentor in unusual circumstances. The book then picks momentum and is an interesting conversation between Joy and his Mentor. During the conversation, Joy’s mentor helps him get unstuck and makes him realize his full potential.
The book is divided into 4 sections:
Section 1: Orbit of Mastery Vs Orbit Of Mediocrity – Where are you?
Here is where the foundation of every great success is presented in an interesting way. The concept of Orbit Of Mastery and Orbit Of Mediocrity. When we give too much emphasis on safety overgrowth, comfort over the challenge, and short-term pleasure over long-term purpose, we get stuck in the orbit of mediocrity. Mastery begins with self-awareness is something that I really enjoyed.
Section 2: The 4 Mindsets
Knowing and mastering our mindset is the key to achieving all the success and fulfillment. The top priority of every successful individual, entrepreneur, or a corporate leader has been the power of mastering their mindset. When you know your mindset, you can consciously choose to change and sail through any adversity that life throws at you. Learn 4 mindsets and discover your inner potential.
Section 3. Owning The Truth
All high achievers own certain truths which help them create exemplary results. Many of these unconventional truths make you think beyond what you have learned. It’s time to challenge the conventional wisdom and learn to own these truths
Section 4: The ‘ONE’ Invisible Code All high achievers practice a pattern or a series of steps to achieve massive success. Do you want to know what are these steps? Do you want to decode these patterns and find that invisible code? You can discover these steps to breakthrough mediocrity and reach the next level of success in the book.
Both are very similar that are aligned with each other and complement each other. If you walked to a team then it very is very hard to recognize which practice team is using if they are using one of the above practices. XP is Scrum with technical practices. It’s mindset/behavior and a more prescriptive approach with a strong feedback loop.
The iteration is between 2 to 4 weeks.
The iterations are 1-2 weeks or less. For very aggressive teams, it can go up to a day.
In Scrum product owner prioritizes the product backlog but the Scrum team has a privilege to chose a lower priority item in a sprint to work on before the high priority
XP teams must always work in priority order as features to be developed are prioritized by the customer.
Changes in the sprint are not allowed
XP Teams are much more amenable to change within their iterations, but change can only be made if the team hasn’t started working on a feature and at the same time the change is of the equivalent of the swapped item.
The validation of the software is completed almost at the end of each sprint, (i.e. Sprint Review)
The software needs to be validated at all times, to the extent that the tests are written prior to the actual software.
Scrum doesn’t prescribe any engineering practices
The XP does.
The Scrum Master is responsible for what is done in the Sprint, including the code that is written
A developer can modify or refactor the parts of the code as and when the need arises.
The teams start with Scrum and move towards XP. There is lots of focus on Self Organizing teams and XP encourages that to a great extent. The Maturity model that we have prepared for CDK has more focus on Scrum up to level 3 and further, the direction is to adopt XP in order to get on to level 4 and 5.
The original XP is based on four simple values – simplicity, communication, feedback, and courage – and twelve supporting practices as listed below
The Planning Process
The desired features of the software, which are communicated by the customer, are combined with cost estimates provided by the programmers to determine what the most important factors of the software are. This stage is sometimes called the Planning Game.
The software is developed in small stages that are updated frequently, typically every two weeks.
All members on an XP team use common names and descriptions to guide development and communicate on common terms.
The software should include only the code that is necessary to achieve the desired results communicated by the customer at each stage in the process. The emphasis is not on building for future versions of the product.
Testing is done consistently throughout the process. Programmers design the tests first and then write the software to fulfill the requirements of the test. The customer also provides acceptance tests at each stage to ensure the desired results are achieved.
XP programmers improve the design of the software through every stage of development instead of waiting until the end of the development and going back to correct flaws.
All code is written by a pair of programmers working at the same machine.
Every line of code belongs to every programmer working on the project, so there are no issues of proprietary authorship to slow the project down. The code is changed when it needs to be changed without delay.
The XP team integrates and builds the software system multiple times per day to keep all the programmers at the same stage of the development process at once.
The XP team does not work excessive overtime to ensure that the team remains well-rested, alert, and effective.
The XP project is directed by the customer who is available all the time to answer questions, set priorities, and determine the requirements of the project.
The programmers all write code in the same way. This allows them to work in pairs and to share ownership of the code.
Ideas are worth nothing unless executed. They are just multiplier. Execution is worth millions. – Steve Jobs
How many of you ever thought of starting your own venture/business but could not really do it due to fear of failure or complexity or lack of knowledge? It is far easy than you ever though as long as you are committed to it and have a strong plan. Read the steps on how to form a llc in wyoming if you are planning to start your own LLC in Alaska.
Do remember that – “Opportunities don’t happen. You create them. The value of an idea lies in using it”
Everyone wants to be on top but most of them do not want to do anything about that. I am not encouraging you to start a business but if you want to do it or you aspire to do something big, go for it. The toughest thing is to take the initiative and get started – That’s a half victory.
Let’s look at the step by step process to give life to your idea and aspiration.
The research followed by initiative – Good research is core to the first step of your success. Please understand that there is nothing called complete research. You should look around and find out a few ideas – considering your interest, knowledge, feasibility, and outcome. Try reading some articles on ewa-ha for helpful advice on starting a business. Look for all the possible solutions you can come up need to be within the timebox period. You cannot go for research forever else your idea becomes just an idea.
Brainstorm ideas – I advise people to go for a DAR – Decision analysis and resolution. When you have more than one solution for a given problem, DAR would help you to decide the best option. This can be used in any situation including deciding your life partner … when you have multiple options. 🙂
Talk to business professionals like Andy Defrancesco about your ideas. If you want to open a restaurant and the investment is big, I suggest you take a job at a restaurant for a couple of months in any good restaurant. If you’re in the market for cheap pins and don’t know where to start, a guide from Pincious would be perfect for you. It would teach you enough to take your business forward. How many times your thoughts you could have done better when you attempted something. This would significantly increase your chances of success.
Building a plan – The basic plan should have been done during planning but that’s just the starting point. You should write down every possible step which you would need to get started. Prioritize them so that you know where do you need to give a focus. Don’t worry too much as you move along, you keep getting ideas. As long as you are learning from business experts like Robert K Bratt, success becomes simple. You never need to boil the ocean instead be ready to deviate the plan.
It’s all money game – Check your finances
This is something you need to start thinking from the day one. Every step should be directly or indirectly related to this, to get some help in this area, consider reading this investor guide. You need to understand how much you can invest. How much is needed for a business? There is always a myth among beginners that what you start with is what your investment is going to be but that’s not true.
You have to keep investing for the first few months/years. Even though I am a certified financial advisor, I would prefer to hire a CA or a Fractional CFO. Spending little extra money is worth it.
The more you spend, more you gain. Money attracts money. Every penny you spend, you should plan it well. Don’t consider the sunk costs.
Legal Needs – You need to register your business to Govt bodies. If you have a – shop that might a shop act certificate. The “current account” is important. If you have a partner, the partnership deed should be discussed. It took us a week just to close on the partnership deed. Do ensure to adhere to any other Govt needs and be aligned to that.
Branding and advertisement – Most of the people forget that branding is really critical in today’s Era. This is one of the extremely crucial factors in order to be successful which is often ignored. It all depends on what kind of branding you may need to do. For example, one can use pamphlets, just dial, Facebook, personal website and other mediums. You should also to consider looking for app development companies, like XAM Consulting, to really give you the outcome you are expecting for your business.
What you earn in the beginning is what you have to keep investing in. It is ok to have a bad or average start. Don’t get demotivated. One of the people whom we ordered stuff from China has taken our money and ran away. That was sunk cost and we just forgot about it though the learning was there hence we were more cautious about choosing the right vendors.
Keep looking around what else we can do it. For instance, you started a business to sell school stuff, you business may be down during holidays. You can add on corporate gifts, and other add ons.
This is very important. If you are risk-averse than chances of getting success in business are really fat. You need to keep taking a risk at every point. You should always have mitigation, contingency, and a fallback plan in place to manage your risks effectively. Be Agile, be adaptable. Don’t stick to one thing forever. If you find an alternate which is working, switch to it.