5 Things Your Business Start-Up Can’t Do Without
The business arena has never been more competitive and with tech start-ups emerging on a daily basis, only the fittest survive. We talked to a team of business gurus and asked them for things that a winning business should have and here are some of their answers.
(1) Vision & mission statement – Every business needs a solid identity; an idea that morphed a concept, with a clear mission statement that defines you are what your organization is all about. All employees should feel like they are part of a big family and be fully aware of the values and direction the company is taking.
(2) Managed IT services – The best IT solutions in Pittsburgh are only a mouse-click away; cloud networking, VoIP communication, cyber-security and IT hardware support are all under a single umbrella. It is vital that all employees are on the same page and with wireless connectivity, people can communicate effectively, with real-time video. Once you join forces with a local IT support company, your IT worries are over and as your business grows, so will your IT infrastructure.
(3) Customers – A dynamic digital marketing plan implemented by a leading SEO agency will ensure that you carve out your market share and with staff that are customer focused, retention rates are high. Every organization should focus on improving the customer’s experience; there’s always room for improvement and with regular meetings and some training, your workforce will be customer oriented. Service with a smile goes a long way and adopting a ‘can do’ culture should be a goal.
(4) Accounting & bookkeeping – A small business can outsource bookkeeping and accounting to a local 3rd party provider; simply give them access to the required data on your cloud and the work can be done remotely. If you are planning a start-up, don’t make the mistake of stashing receipts in the drawer and promising to enter the data when you have the time; it won’t be long before you have a real mess on your hands. The accountant can give you an easy-to-follow routine for recording all transactions at the very outset, so nothing is overlooked. Without up-to-date books, you won’t know if you are making a profit. Avoid these accounting mistakes.
(5) Funding – The number one reason for a start-up failure is lack of money, it doesn’t take much to put a strain on your finances; a couple of big customers are late paying their invoices, then your best technician has his van stolen, along with all his tools. If you are in a B2B environment, the first thing a company in trouble does is halt all payments and many businesses have folded since the start of the pandemic. Make sure you have access to emergency funds and if you are struggling to launch due a limited budget, take out a business start-up loan, which you can repay over 6-12 months.
The US government offers a lot of free resources to people who want to set up their own company and with a good business plan, your great idea can become reality.