Making sure your new startup doesn’t fail seems like something you should be working on when you are up and running. Did you know that 50% of businesses fail in the first 5 years? And those that run inefficiently can lose up to 30% of profits over a year?
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It can be shocking to see the figures in front of you before you have even started your new business, but knowing exactly where others have gone wrong before is a great way to learn. Learning from their mistakes could be the difference between you succeeding or joining them in the failed business statistics.
Research is Key!
Planning and prepping can only take you so far! You need to put the work in constantly and consistently to keep your business going and growing as you have planned it to.
However, it is important that you never dismiss the power of having a good business plan in place and doing all the prep work well in advance so you can feel confident that you are on the right track.
Tasks such as sorting out all your insurances, legalities like getting a tax ID, business bank account, and any legal permissions or accreditations you may need. If you are selling financial products, getting help, and advice from a compliance consultant such as https://www.scottrobert.co.uk/ can give you the peace of mind that you have everything covered ready for you to start trading.
Look for gaps in the market and see how you can incorporate this to give you a unique selling point (USP) and an advantage over others in your field. Factor in costs, how long this will take to set up, and how you can keep pushing forward in years to come. Keeping your finger on the pulse will mean you can stay in the game and keep up with changes.
Stay Efficient.
Regardless of if you are taking on employees or not, you want to make sure you are running your business efficiently. If you are a solo outfit, that doesn’t necessarily mean you have to do everything yourself.
Implementing measures to help you manage your time and workload, such as looking at automation apps and programs, can cut your workload. If a job can be done by other people and doesn’t need you to do it personally, then why not look at outsourcing?
Small business owners need to maintain a level of professionalism to help keep up with bigger, more established companies. Outsourcing tasks can help you do this. Instead of feeling calls and replying to voicemails from clients or even potential clients, why not outsource this to a third party who has expertise in this area and can help you maintain a high level of customer service and keep everyone happy.
Putting things like this in place before you open for business can mean you can give yourself a head start when it comes to managing your workload and making sure you are where you need to be and focusing on areas that need your attention more.