It is a well-known fact that up to 90% of start-up businesses will fail in the first year. This is most likely due to entrepreneurs not knowing their way around the business ropes. If you want to be in the 10% that succeed be sure to read below to find out how you can do this.
If you are too generous with your money then you are going to end up wasting a lot. As a business money is vital and you need to have a budget in order to know how much you have outgoing and incoming regularly. You should keep a record of both of these as if something goes wrong within your business you have records to check back on.
You could outsource and use a credit control service to keep control of your company’s cash flow. If it helps you could think about hiring a business accountant to help you better manage your money and give you tips on how you can make it go further. Ensure you budget for this in your business plan if that is the route you wish to go down.
You may currently be relying on word of mouth to make your business succeed. While this can be effective at bringing in the customers and repeat customers it will soon dwindle. The more custom and traffic your business gets the better. Think about what marketing strategies you are using and if there are any others you could take advantage of.
You could think about using social media to better your business. This is a sure fire way of gaining new customers. Advertise your services and products on your social media pages and watch as the traffic floods to your site.
Your employees could be the difference between your business succeeding and your business failing. You need to ensure you are hiring the right people for the job, you need to be on the lookout for hardworking employees who have your business at heart. Spending more to find the right employees may seem pointless and a waste of money but it will work in your favour in the long run.
If your employees feel valued and appreciated they will do a much better job and be happy to come to work. Happy employees tend to have more impact on gaining customers for your business. If your employees are miserable then this will turn customers away and you will lose business. Losing customers will end your business eventually so you need to be sure that your employees are doing everything they can to win your customers over.
Time equals money. This may seem like common sense but the more time and effort you put into your business the more you will get out of it. As the saying goes Rome wasn’t built in a day and your business will take time to grow. If you have a second job don’t forget about the other one, if you forget it will run itself into the ground. Be sure to hire managers and other team members to look after your business if you have other commitments.
We hope you found this article helpful and your business lasts a long time.
Image Credits: Lukas