As a new business owner, it’s easy to become overwhelmed. To run a successful company there are so many plates that you need to keep spinning, and if you don’t have a whole lot of experience in managing lots of different areas it can be something of a struggle. However it’s definitely possible to learn as you go, just remember to keep these areas particularly in mind.
Finances include everything from payroll to accounting to taxes, and if there’s one area especially that you don’t want to mess up it’s this! If wages aren’t paid accurately and on time you’re going to have some very unhappy employees on your hands and risk people walking out and leaving if it happens too often. This can mean more money spent advertising roles, recruiting, interviewing and training new staff members. If your daily accounting is wrong, come tax time your figures can be wrong and you could land yourself with penalties, fines, even a prison sentence. If the government believes it has been done for the purposes of avoiding tax you can be in some serious hot water. One option you have would be to outsource your finance department, that way it’s all handled by a specialist company and it’s a weight off your shoulders. Another is to hire an able, reliable and trustworthy employee, and provide them with good accounting software. Not only is this more efficient than manual methods, but come tax time you’ll make things quicker and easier for your accountant. This means paying them for less hours which will work out cheaper, and you’ll be sure you’re paying the right amount of tax without running into any trouble.
Health and Safety
Another crucial part of your business, get this wrong and people’s lives could be at risk. If you have quite a dangerous workplace, be it a factory, manufacturing plant, laboratory or construction jobs then this will be something that’s always on your mind. Falling from heights, things falling onto people, burns from hot water or chemicals, injury from machines and vehicles and much more are all possibilities. To combat this, you need to make sure that everyone has the correct training and experience needed. You should also provide your own training and health and safety training, and make sure this is followed to the letter. Even in ‘safe’ workplaces such as shops and offices there are still hazards such as slips, trips and falls. Employees can also experience neck, back and eye strain if furniture, lighting and computers aren’t quite right. Make sure you’re aware of the particular hazards in your business and protect against them. Public liability insurance and employee liability insurance are both invaluable in case something goes wrong.
Pouring all of your funds into your products, employees and office might make sense- however if you fail to budget for decent marketing then you’re doomed to fail. You of course will think your business is the best thing ever, in your eyes customers should come pouring in because you know what you have to offer is fantastic. But in reality it doesn’t work like this, you’re a small fish in a big pond and you simply won’t make sales unless you’re connecting with the right customers. Marketing helps you to do this, with a mixture of SEO practices, blogger outreach, social media marketing and more your customers will be able to find you. Unless you’re a marketing expert, it’s best to speak to a professional company. They can guide you, and help you to create the right marketing strategy and materials. Find a company which has proven great results and see what they can do for you. You simply can’t leave it up to chance, the mentality ‘build it and they will come’ will not serve you well in business. Not only do you need to find the people who are interested in your business, but you also have to compete against your more established competition which is tricky for a new business at the best of times.
As a business owner it’s important to be aware of the pitfalls that could lead to the demise of your company. Many fail due to simple things and end up bankrupt before they’ve even really got started. If there are any departments that you don’t feel knowledgeable enough to deal with in-house, you always have the option of outsourcing, or hiring experienced department managers.