by Kirk Waldfogel, CEO of Model Match
Since we’re all trying to stray from the 2020 roller coaster, it’s always good to look back when we look ahead. At Model Match we were fortunate enough not only to weather the social, political and economic turmoil of the past year, but also to flourish and even expand our business.
But as much as we feel lucky for this achievement, it certainly wasn’t a coincidence – and the principles we used to get there apply even more if you’re looking to start your own business this year.
First, get SMART with your goals.
When we talk about setting goals for a new business – or any other business – there is an old school exercise called SMART to make sure those goals are:
- In time
Whether you have quarterly goals, annual goals, or other short- and long-term goals, these goals should be relatively specific, but also rounded enough so that you and the company improve simultaneously – financially, physically, mentally, and emotionally. Either way, it’s important to make sure these goals are tangible so that, whether you’re successful or not, you can take something away from the experience.
Next measure twice, then measure again.
Regardless of what goals you set yourself, the one part of the process that should definitely be highlighted is how you measure its success or lack of it. We use metrics in every industry within Model Match, including on the development side. We have a very specific scale that is checked every two weeks. If we need to optimize it, we optimize it, and so the team has continued to grow. The same goes for the sales team, business development team, and recruiting team: every goal we set is tied to metrics, but it’s also about whether or not they will ultimately be achieved. If you don’t have that as a base in retrospect, you’re going to get into trouble.
Lastly, you bring the right people to the right places at the right time.
As an aspiring business owner, you definitely want to be in business as much as possible. But that also means trusting the right people at every opportunity and making use of their specialist areas. That of course starts with choosing the right people, which can be a challenge in these unprecedented times. Hiring people without meeting them in person means relying largely on technology to get to know people, which can make their personalities difficult to read. You need to learn how to use this technology to reach out to and interact with people in a way that allows you to read whether they fit your culture, even if they may not even be in your office for the foreseeable future work . In addition, you can of course interact with different personality types based on the different segments of your business. Ultimately, it’s about building and maintaining relationships and partnerships.
Starting a business is always a challenge – even under normal circumstances – but you always have enough confidence about who you are and what you do to make that leap regardless. With these tips you are a few steps ahead.
As CEO, Kirk Waldfogel defines his vision and drives the overall strategy for Model Match. He was recently named a Top 10 Talent Management Solution Provider in 2018. Kirk’s former companies were VentureNet99 winners and won the Most Innovative Product Award at CES in 2003. Awards include winning the 2014 CTIA Startup Lab, selected as Silicon Valley’s 2014 Telecom Council Most Innovative Product, and the Winner of the CES AppNation Garage 2014.