When you’re starting out as a small business, it may take time to see a profit or progress in your first few years. Startup businesses require significant time and effort to be spent on them to ensure they are a success, with many challenges often seen and experienced.
Running a business is hard work, and comes with many bumps in the road, and problems that need addressing. As the head of a small business, you may struggle to manage everything – that’s why ensuring you have the best startup is essential, as you’ll make things easier for yourself and your business’s success in the long run.
Despite good efforts, in the beginning, many businesses fail due to their lack of knowledge in remembering the smallest and simplest details that a business relies on to succeed. Therefore, we’ve shared with you some important, yet simple, business tips for you to remember and consider when you’re starting up your business from the ground up.
1.) Know Your Customers & Competitors
As a small business, it’s essential to know your customer, and understand what they want – this, essentially, is the key to success. Reaching your customer in the right place, at the right time, is at the root of succeeding in your chosen industry.
Therefore it’s essential you spend some time researching and understanding your consumer before you even begin; by doing market research and talking to potential customers, you can get an understanding of what your consumer wants and needs from your potential business.
Throughout this process, you will also be able to analyse your competition. If your business is missing key elements or aspects which you’ve seen are missing through your analysis, you can then incorporate this within your businesses to ensure you have the edge on your competitors, and you’re offering something more than they do. In order to win over consumers, it is important to cast a wide net and offer more than what is already on the table – if you’re doing the same as those you’re in competition with, what’s going to make consumers purchase from you?
Ensuring you have a firm grasp on who your consumers are, what they want from your business, and how you can better your competition, are the initial questions you need to be asking, and serve as a perfect jumping off point before you rush into creating other elements of your business.
2.) Manage & Protect Your Finances
Starting your business in a clean financial state is really important if it’s possible. As a new business owner, you may reach many stop signs along the way, therefore you don’t need potentially damaging baggage holding you back and preventing you from moving forward. Keep your finances clean, and protect them and your business credit to ensure your businesses success.
If you’re getting financing – using credit, investors or family members – be careful. Using your own money is safest, as if you make a poor investment or something doesn’t go to plan, you’re the only person accountable. However if there are other stakeholders involved, it can become messy – so do your best to fund things yourself as much as you can.
Planning a path to profitability is important to discuss with your fellow colleagues – you’re likely to make a loss, or at best break even to begin with. However, it’s important to know when this will occur, with a business timeline. This allows for better investment, better strategy and overall better tracking of your business success.
Ensure that you’re making the best financial decisions you can, and when you can, use your own money – save the credit and loans for later down the line!
3.) Use Available Resources
Going it alone is admirable, but is normally a mistake when starting up a small business. Use the resources you have around you, so you can make sure that your business success is straightforward, and you have others to rely on to make sure things are ticking over.
Using tools for things like time management and salesforce is a great way to track progress and understand what works and what doesn’t. If you’re tracking what you spend your most time on through time sheets, you can allocate more resource towards what returns the most investment for your business, as well as understand where you’re over-investing and pull-back accordingly.
The same goes for making Sales – using tools like Salesforce are the optimal ways to track what sales your making, and how to best optimise your online experience to increase them. Based in a cloud format, this CRM tool is a great way to fully make the most of applicable data, by simply understanding what your customers are looking for, solve problems and identify solutions all from one simple platform.
Taking advice from those around you is also a great way to make the most of your applicable resources – working with a team with different backgrounds, experiences and expertise is a great way to get new viewpoints on your issues, as well as bounce ideas off and get a feel for what works, what doesn’t, and what can be improved.
Using intuitive tools and taking advice from those around you is the best way to ensure your business is progressing and making a profit.
At Purus, we offer small business support for those using Cloud service Salesforce, to ensure that as a business, you’re making the most of Salesforce’s specialised services they have on offer. For more information on Salesforce, and how to get started with Salesforce for your small business, please get in touch with our team to discuss your new project.