Plenty of businesses struggle in their first year. So, you probably won’t be too surprised to learn that 20% of them don’t make it past that initial twelve months. Whether they try to keep things afloat by filing for voluntary administration or they have no choice but to go into liquidation. Unfortunately, there are plenty of startups that never quite make it off the ground.
And, seeing as times are tougher than usual at the moment, it’s more important than ever to ensure the survival of your business. Here’s how.
Start strong
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If you want to future-proof your business, you have to start out strong. Fail to build a good foundation, and you’re immediately setting yourself up for a fall.
From the outset, set ambitious but attainable goals, and make sure you have everything you need to achieve them. That doesn’t just mean the products you sell or the location out of which you operate. To hit (and maybe even surpass) your targets, you should also consider working with an accountant and a business lawyer who can help you lay the groundwork for sustainable and consistent growth.
Plan ahead
It’s similarly important to plan ahead when setting up a business. Far too many entrepreneurs realize they’ve hit their initial targets and have nowhere left to go. But, there just isn’t much point in getting yourself properly established if you have no plans to get past the first stages.
If you want your business to succeed, you’ll need long-term goals and a selling point that will continue to attract customers for years to come with the help of business financial management services. You should also try to be savvy with your money, particularly in your first year. The future of a new business is never certain, so aim to only invest in ways that will help you last and expand such as investing for a BI analytics software. We recommend taking a look at https://www.func.media to improve your business strategy.
Look after your finances
Running out of money is one of the main reasons startup companies fail, so effective financial planning is crucial to sustained success. As such, beyond just being sensible with your money in the early days, it’s also a good idea to always keep funds aside. You never know when an emergency might hit and cause lasting damage, so have an emergency pot that you only dip into when times are really tough.
The events of 2020 were entirely unprecedented, and even companies that were doing well collapsed under the strain. Being smart with your money will help you avoid a similar fate.
Build a network
Even if you’re a solopreneur, you’ll need to have good connections. You might be running your business on your own, but you’ll still have to work with other people if you want to get your hands on necessary resources such as merchandise and production equipment. If you develop good relationships with these people, you might just get better deals.
Building connections with other business owners in your niche or local area can be really beneficial, too. For one thing, they’ll have useful insights that could help you avoid making rookie mistakes. Plus, you never know when an opportunity for collaboration might present itself further down the line. You can use a business phone to call your customers and get feedback or increase sales. If you’re interested in getting one, you can click here.
Put your customers first
So, you’ve got everything you need to start trading. Now, it’s time to think about your customers. Remember that these are the people who will assure the long-term success of your business. If you don’t target them effectively or convince them to buy into what you’re selling, then your business is all too likely to be short-lived. Find more tips at thepvlse.com/.
You need to think about exactly who your ideal customer is. Ask yourself what age they are, what job they do, where they live, and other such questions. You can also send out surveys to your target clients to make sure your offers speak to exactly what they want and give value in ways that other companies don’t.
Work with a team
Business owners who hire employees need to learn how to work with them productively and that is why it is essential to do a pre-hire process that includes personality test for jobs. However, this can be difficult for entrepreneurs who are used to handling everything on their own. Try using employee feedback software for employee hiring and retention.
While you might feel protective over the different processes involved in running your business, it’s essential to recognize that you can’t always do everything by yourself. If you find that you have too much to do or decide you want to start expanding your operations, you should consider taking on people like Treasure Valley IT – IT Services Hailey who can handle the things you don’t have time for.
While managing the products and dealing with suppliers might be your priority, that’s no reason for your marketing or customer service to fall by the wayside.
About Brandon Leibowitz
