by Sharon Jones
As a new business, the odds are stacked against you. However, that’s not to say that you’re doomed to fail, and many businesses which are now some of the world’s biggest started from nothing! However you do need to be careful, and be aware of the pitfalls that could lead to your failure. Here are a few to think about.
Employee Issues
Your employees are so important to your business- as you grow and expand there’s no way you can deal with all of the work yourself. You need to hire people that are motivated and hardworking, who care about the success of your business and are good at what they do. You could use an applicant tracking system to make the recruitment process simpler, also consider things like your job ad. On one hand, you want it to come across as interesting to appeal to people but don’t make it out to be something it's not. The last thing you want after interviewing, training and finding an employee is for them to leave because they’re disappointed with the role. Other employee issues to be aware of in your business is workplace bullying and harassment. Implement a reporting system, and always take any suspicions or information regarding this seriously. You want to create a zero tolerance for bullying system in your business. Finally, employee productivity can be an issue. Keep spirits high by providing them with a pleasant place to work, and reward the good things they do. Treat the team to an occasional free lunch or invest in team building activities. You want your business to be a pleasant place to work.
Finance Fiasco's
If there’s one area of your business that needs to be especially perfect is your finances. Keeping bad records could lead to the wrong amount of tax being paid, landing you in serious hot water. Not paying employees enough or paying them incorrectly could lead to decreased mood, productivity and a high staff turnover rate. Invest in good accounting software to accurately record the day to day takings of your business. At tax time, hire an experienced accountant to deal with your return. You always have the option of outsourcing things like payroll to a third party professional company which can be a weight off your mind. You know everything will always be completed to the highest standard.
Be Meticulous With Marketing
One thing that can catch startup businesses out is marketing. It’s naive to assume you can launch your site or open your doors and the custom will start flooding in, with so much competition out there you need to stand out. You need to get your businesses name out there to the customers who are likely to be interested. You need to grab their attention and give them a reason to shop with you over your competitors. Advertising and promotion can be very expensive, be sure to price all of this up before launching to ensure that you have the funds that you need.