We’ve all heard the stunning 90% of startups fail stat. But there are many things you can do to make sure you’re not one of them.
The most important thing is to never, ever just bury your head in the sand and hope for the best. If you want to succeed, you must always strive for improvement and never stop learning. Salesforce offers enough tools to help businesses grow and thrive. Therefore we recommend you join Intellipaat’s Salesforce certification to grow your small business with Salesforce.
Today, we’ve compiled a list of our top seven business startup tips to help you thrive in any environment.
1. Plan to Succeed
It’s common for startups to start small and keep their overhead low. However, it’s also critically important that you plan for success.
Do you have at least a basic business plan in place? Something on paper (not just in your head!) that provides at least a skeletal roadmap for how you’ll get to where you want to go? If not, add that to your priority list and get it done in the next few days!
Also, consider what you’ll do if your product or service is a smash hit. Do you have the capacity to easily up your production?
The last thing you want to do is under-plan and find that you can’t meet demand. Fall into this trap and your customers will end up moving on to a business that can.
2. Stay on Top of Your Reputation
In business, reputation is everything. It only takes a few bad reviews to completely derail your company. That’s why keeping a close eye on your brand image is one of the most important business tips to follow.
Consider investing in a review management service right away. It’s much easier to be proactive with this than it is to try to fix damage after it’s already been done. This became very popular for pop stars and other to ensure their reputation stayed solid online.
3. Stay on Top of Your Legal and Tax Issues
While you’re busy focusing on how to make your business successful, it’s easy to forget about boring things like taxes. But, failing to stay on top of your legal and tax obligations is a surefire way to end up with serious problems!
Before you get too far down the road, consult with professional advisors to make sure that you’ve completed all the licensing and registration that’s required and organized your business structure properly. This will affect everything from how you pay your taxes to how much personal liability you hold, so it’s not something you can put off even for a little while.
You’ll also need to make sure you’re keeping good accounting records and paying any taxes owed when they’re due. While taking care of these types of things on your own may save you a bit on the front end, it’s almost always better to outsource these tasks to a professional. Which takes us to our next point.
4. Know When to Outsource
We get it, when you start a new business, every penny counts. It might seem like doing everything in-house is a good way to cut costs but do this at your own risk! When it comes to things like handling complex IT problems, keeping your accounting records, and filing legal documents, take an honest look at whether you really have the skills (and the time) to do it right.
When it comes to these types of things, one small mistake can lead to huge headaches, loss of productivity, fines and penalties, and more. Even if you find a mistake and fix it without a big problem, the hours you’ll put into it would likely be much better spent doing something else. For example you can check out the benefits of maquiladoras.
Seek out professionals who are willing to provide you with what you need now and grow with your company as you continue to succeed. Trust us, this is one investment that’s well worth it.
5. Always Have a Backup Plan
Now, more than ever before, we can see how important it is to have a “Plan B” in place. You truly never know when a major shift in the way we do business, a change in customer demand, or even – a worldwide pandemic – and wreak havoc on your business.
Do you have enough savings to get you through a downturn? Do you have a plan in place that allows your employees to work from home, or a way to switch gears and provide a different type of product or service if necessary?
It’s not possible to foresee every type of situation that could occur, but the current COVID-19 pandemic has certainly opened our eyes to the need to plan for these types of possibilities. The more agile and creative you can be, the more likely you are to come out the other side in a positive position.
At a minimum, you should have a disaster recovery plan in place. Make sure all of your computers, files, and other important information is backed up off-site. Make sure all of your employees know how to contact you (and each other) if a crisis were to occur.
6. Focus on Open Communication
Most importantly, when things do happen, whether it’s a small downturn in your business or a major crisis, make sure that you communicate openly and honestly with your employees and keep them in the loop about your plans to turn things around.
Happy employees are the backbone of any successful company, and a strong leader can get a company through almost any type of setback.
Business Startup Tips, Life Hacks, and More!
With these important business startup tips, you’ll be well on your way to keeping your startup afloat and coming out of this current crisis stronger than ever. But don’t stop there! Our blog is full of articles to help you grow your business and make your life easier!
Spend a few minutes browsing through more of our posts – you’ll be glad you did!