The world of business shouldn’t be entered lightly. Start off your career with the wrong deal and you might as well have made a pact with the devil. Before you know it, your finances will look like the dusty remains of a decrepit warzone, and your once gleaming business proposition will have the sheen of an old folk’s home.
The vast majority of small businesses collapse like a soggy house of cards within their first year, and there are plenty of reasons for this.
For one, failing business owners have a habit of biting off more than they can chew. Whether that means expanding their scope unnecessarily or diversifying their USP to the point of dilution, they’ll end their first year with only a shadow of their initial idea.
For another, the finances simply don’t add up. Either people won’t flock to your product or else it will be superseded by the competition.
This is the sod’s law of the budding entrepreneur – a lot of the time a business fails will be because of dumb luck.
But think of this article as a helpful croupier giving you nudge in the right direction on the roulette wheel of big business.
These tips will steer you in the right direction and put the odds in your favour.
Know the law
You’re no prime litigator. You’ve never screamed OBJECTION at the top of your voice then punched a judge in the mouth. You’re a respectable businessperson who doesn’t have time to pore over the nitty gritty details of corporate law.
So you’re going to have to consult with people who do. Legal firms like Switalskis Solicitors, amongst others, allow for such discussions, all told to you in plain English.
With a firm grasp of the facts, you won’t suffer a tricky legal dispute.
Know your finances
Whether you’re in the third sector or the corporate world, the crux of your business relies on one element – money.
But cold hard wonga is a nightmare to manage, and it can be difficult to think about clearly when you’ve got the day-to-day workings of a business to think about.
So, if you’re struggling under the weight of your receipts, it’s time to hire a financial advisor.
Not only will these monetarily capable employees be able to sort your tax return, they’ll be available for any discussions on the state of your company’s bank balance.
They’re a costly investment, but could help you out of a bind.
Know your staff
You can’t work alone to build a business to its fullest capabilities. This is a team effort, so knowing your staff and treating them well is vital.
Staff training days, work nights out, the option to work from home – these will all help build trust between yourself and your employees.
Creating and maintaining healthy relationships with your employees is one of the main signposts to success. Take care of your staff, and they’ll extend the same care and courtesy to your customers.
That’s our list! Got any ideas of your own? Then let us know in the comments below!