Our business tips to stop your company from scaring you this halloween
As Halloween approaches, there’s only one type of scare you want to experience – the fun kind! The last thing you want is for your business to come to an unexpected crisis, which can come completely out of the blue and could even spell disaster for a fledgling company. However, a business scare can be avoided – you can start by following these 10 top business tips for success:
Never underestimate the importance of a good business plan.
A clear and well thought-out strategy is a key ingredient for success – without it, your business could be facing tough times. You might have a rough plan of how your business will run in your head, but you really need to get it down on paper. Include every detail, however small, and spend time on it so you can figure out how everything will work and anticipate any problems that may crop up.
Don’t try to run before you can walk.
In the excitement of starting a new business, it’s easy to get carried away. This can lead to mistakes such as rash hiring policies and expanding into new office space before your business is ready for it – this is one of the most common mistakes start-ups make, as we outlined in our blog. Business tips for beginners should include focusing on strengthening your business and perfecting what you do best before you consider growth and expansion.
Consider long-term growth alongside short-term savings.
As a small business with a tight budget, it’s understandable that you’ll want to save money on big expenses. However, if these savings in the here and now aren’t the right choice for your business in the future, you could be making a mistake. If you’ll have to shell out again in the future because you’ve bought a shoddy product or paid for a sub-standard service, it’s a false economy. It may be better to bite the bullet and pay a little more now, for the future health and growth of the business.
Be careful of long-term commitment that may not suit your business as it grows.
A potentially disastrous, money-draining business mistake is to sign up for a long-term commitment, such as a long lease on office space or a contract with a marketing company, when it might not suit your business for very long. You’ll end up paying for services you don’t need, trapped in an expensive contract when it’s no longer the right option for you. What you need are flexible approaches that can adapt and change as your business does. Check out our blog on whether to lease office space or consider more flexible options such as serviced offices or co-working spaces.
Trust your gut instinct, but do your research and seek advice too.
A killer instinct for business is essential when you start your own company, but it shouldn’t be the sole thing you rely on. You need to have a degree of self-awareness and recognise that you need to do research or consult an expert if you have a gap in your knowledge. She also recommends having someone to bounce ideas off, and warns against trying to do absolutely everything yourself. So, the ideal combination is knowledge, research and the right advice, alongside an instinct for what is best for your business.
Take the time to understand your market and your customers.
As they say, knowledge is power. Having knowledge of your market and your customers, as well as understanding your company’s place in the market and amongst its competitors, can be a powerful weapon. Do your research, figure out your company’s USP and you’ll be armed with enough data to make informed decisions.
Get the legal stuff right.
Business tip for small businesses should always include getting legal stuff right from the offset. Legal mistakes can sink a business faster than anything else, so it’s important to understand your responsibilities and take them seriously. You need to be clued up on everything from employment law and business structure to data protection, intellectual property and tax.
Measure performance and set achievable goals.
To work out whether your company is doing well, you need hard data to analyse. Without this data, you can only guess at your company’s performance, which can be very risky – especially if you’re given to a spot of ‘bury your head in the sand’. Get the data, use it to measure performance and set realistic, achievable short and long-term goals that you can come back to in the near future. Achieving these goals can be very satisfying, as well as helping you stay on track and move forward as a company.
Focus on the business as a whole, rather than getting obsessed with a perfect product.
As seasoned entrepreneur Andy Yates writes on thisismoney.co.uk, some business owners get obsessed with tinkering with a product until its perfect – meaning no sales and no money coming in until the product is ready for launch. For the health of the business as a whole, Yates recommends sending the product out there for customers to test and try, and improvements can be made over time.
Be prepared to adapt and change as the market demands.
Another important point to remember related to small business tips is that you should be prepared to adapt and change as the market demands. Businesses that are resolutely stuck in their ways, unwilling to embrace new trends and technologies, will soon be left behind their competitors. This isn’t to say that you should jump on-board every new trend, nor should you panic at a slight change in the market. However, you should be open to new ideas, keeping a close eye on changes in the market and ready to adapt to keep your business ahead.
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