RACO Investment founder Randall Castillo Ortega discusses business development tips for startups

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Business advancement has been characterized by contrasting entities over the years. The core rules that lead to long-term worth formation remain largely unchanged. Although most business executives understand the importance of building a business, it can be difficult to achieve that goal. Randall Castillo Ortega is the founder of RACO Investment and a seasoned business operations expert. He shares some of the best tips to help your business succeed.

The production of individual and business systems is one of the most important forms of business that must be used as soon as possible. This should happen even before the business starts. Castillo says, “Over and again entrepreneurs are left out of what could possibly be called ‘characteristic business systems.’ They must be proactive in creating systems and then continue to maintain them.”

Entrepreneurs should take advantage of opportunities to network within their association and look out for ways to connect with people outside it. Attend events that are related to your interests, industry, or place of graduation and don’t hesitate to introduce yourself.

People enjoy working with people they like. If you meet the right people, your business and calling can be greatly impacted. Although only one person out of every ten will be of any assistance to you, it is possible to be more organized if you get to know more people.

The ability to trust your instincts and follow your inner voice can also help build a business. You must trust your gut instincts and pursue huge opportunities if they are correct, even in the face of great difficulties. Adds Castillo, “There will be a time – or more than one – when a thought leaves your mind, completely irrelevant to what you are actually trying to do.”

You need to know how to identify those minutes. If you don’t have the time to follow up, take careful thought and act as quickly as possible. If you don’t do it, someone else will.

Recent years have seen many critical events. The people who have achieved the greatest success in business have the ability to see beyond the current state of affairs, and are always ready to challenge dormant reasoning and suspicions.

The expansion of the workforce does not necessarily mean that the business will become more profitable or will experience positive developments. Castillo says that although the people in an association are undoubtedly the most valuable resource, adding more does not necessarily increase efficiency. It is much more effective to have the right people with the right aptitudes in the right positions. Also, ensure that employees understand the company’s goals and can offer their ideas.

Start organizing assignments at the right time in your business’s lifecycle. Time is an invaluable resource that can’t be replaced. It is important to streamline administrations and items in order for clients to understand what they are agreeing to, so that the business can be properly managed. Although many people believe there is never enough time in the day, those who manage their time and organize their schedules are much more likely to succeed.

We can achieve our most fundamental goals by focusing our attention on them and putting our efforts into those endeavors that will help us reach our goals. Castillo concludes, “When you are deciding on a conference call, a telephone call, or any other event, think about the cost of the open-door option and compare it to other undertakings in order to be more productive.”

About RACO Investment 

RACO Investment is a financial investment firm serving small- and medium-sized companies in Panama and Costa Rica. It was founded by Randall Castillo Ortega, an expert financial adviser who has his roots in the import and export industry in Latin America. The firm has helped numerous startups find the financial support they needed to get off the ground. It has also contributed bridge loans to assist those looking to restructure or improve their operations.  

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