Trying To Run A Startup Without These Things Will Doom Your Business To Fail

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One of the things that a lot of people realize when they actually start trying to set up their own business is just how many different elements there are to it. Even the smallest startup is made up of a lot of different parts that all need a lot of care and attention put into them. Because of that, it can be kind of overwhelming to keep track of them all. However, there are some things that need more of your attention than others. With that in mind, here are three things that you startups is totally doomed without.

Employees

There are a lot of resources that your business can’t survive without, but if there’s one resource that’s more valuable than just about any other, it’s your employees. You might be at the head of the business, but they are the ones who can turn your ambitions into a reality. Because of that, you need to make sure that you’re bringing in the right people at all times. Using some applicant tracking system software can make that entire process much easier, without you having to divert all of your attention away from your business. And when you have the right employees, you need to make sure that they’re well taken care of because if you can’t look after your employees, you really can’t expect to get the very best out of them.   

An accountant

Accounting is one of those things that far too many business owners have a habit of neglecting entirely. This is often for two pretty simple reasons. Firstly, it can be incredibly complicated and frustrating to wade through hundreds of invoices in order to figure out what position your finances are in. Secondly, it’s just plain boring. There are far more interesting aspects of your business that you might prefer to focus your energies on. That’s why outsourcing them out to an accountant is such a good idea. It might seem as though you’re going to end up paying more than you need to there but the truth is that a good accountant is worth their weight in gold.

An online presence

It’s pretty much impossible to deny the fact that the modern world that we live in is ruled by the internet. Just about everyone on earth is online now, and most people have the internet in their pocket pretty much all day long. Because of that, if you ignore the internet when arranging your business, you’re putting yourself at a serious disadvantage. Everything from marketing to actually selling your products can be done online incredibly easily, and you’re much more likely to connect with many more customers if all they have to do is put a search into Google to find you.

Sure, these things might need to be right at the top of your list of priorities, but they certainly aren’t the only things that should be there. You need to make sure that you’re putting as much care and attention as possible into pretty much every aspect of your business from top to bottom.

Here’s Why Your Small Business Is Losing Money

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A business needs profit to survive: it’s a simple concept. Without generating a profit, your company cannot hope to thrive in their industry and will become one of many businesses that fail in the first year. It’s a difficult thing – building and then maintaining a profit – but it’s something that your business can be sure it can do before you get off the ground.

In business, there are a good few things that can eat into your company income and those may be small at first, but each of the small losses adds up to big ones that can often be quite difficult to overcome. The faster you work out where you are losing money, the faster you can fix the problem and keep things moving forward, the better off your business will be in the long run. There are some very common reasons your business is losing cash, and we’ve got some of those examples below for you.

  1. Bad Accounting. You don’t have to be a mathematical genius to run a business, but you do have to know where your money is going and how much is coming in. Be smart here and outsource your accounting to an outside firm that specialises in accounting. There is absolutely no room for financial slip-ups in business. Suppliers need paying, clients need paying and staff need paying. You could be losing money in late fines by not paying your bills on time, and you need to be on top of the accounts so that you can monitor any issues.
  2. Technology Mistakes. Security is so important for a business. By not updating your network security services, you are risking cyberattack and having your data stolen. This type of theft may not be financial on the surface, but it is one that could lead to significant financial demise if you haven’t got the right technological security in place.
  3. Poor Pricing. If you are offering a product or service, you need to make sure you’re charging what your service or product is worth. You could be undercutting yourself by hundreds each year, simply by underestimating how much your offerings should cost. If you advertise for too much money, you risk people not buying your product. If you advertise for too little, you lose money. It’s for this reason that market research and focus groups could be vital for your company!
  4. Lack Of Investment. You run a business, and you know that if you don’t pile money into it occasionally for marketing or upgrading your IT systems, you can fall behind in your efforts to beat out the competition. By investing cash into your business, you can ensure you get something back from it. Ensure that you put your money into things that will help your business grow, as this will mean you don’t waste your time or cash!

No business wants to lose money, nor do they endeavor to do what they can to make it fail. So, the answer for you would be to watch your cash and make it count!