Of the thousands of start-ups launched in the UK each year, only a small number will survive beyond their launch year and fewer will discover long-term success. How can you launch a new business in the new year, and not only survive, but thrive in the years to come?
Here are some tips to help yours start-up be successful:
Clarity
Start your enterprise with a clear vision of where you want to be after your first year of trading. Although you know that you will face a number of challenges along your journey, be prepared and don’t be afraid to make mistakes, as long as you learn from them.
Manpower
Hire the right people to support you in your new venture. Business owners often try to deal with everything themselves, which is a mistake if you don’t have the necessary knowledge and experience. Outsourcing finance is one possibility, especially as cash flow is the backbone of a company.
If you have employees, hire those who share the same enthusiasm, vision and ethics as you so, that clients will be aware of what your company stands for. Building the company brand is crucial and everyone who is involved in your business should share the same values.
Open dialogue
Communication is key and you need to maintain contact with your workforce and clients. Make sure that the workforce is operating as it should by talking to employees and dealing with any problems as they arise. Clients also require communication, and offering information rather than always promoting goods and services will build trust.
Time management
Manage your time effectively. It is easy to become so embroiled in the sales side of the company that other essential duties may slide, like the bookkeeping. HMRC will issue penalties for business records that aren’t up to date, or if inaccuracies are discovered during a business check. If you don’t have the required time to deal with accounts and other admin duties, outsource to an established company
Appreciate down time
Although it is natural to want to work long hours at your new venture, take time out to relax and socialise. If you are finding it difficult to assign some leisure time for yourself, you may need to consider outsourcing some of the tasks.
Outsourcing can provide support and knowledge for a new company, helping to maximise revenues without spending all day at a desk. If you would like to know more about outsourcing, contact us today.