When starting up any small business, there will be mountains of ideas building up about how to expand, develop and tweak the operations of this newly formed venture. However, it’s important to remember that, whilst it is an exciting time, many of these ideas may not be financially viable, whilst others may actually be damaging to the success of the business. However, there are some common sense steps that can be taken to put any new business on the path to success.
Increase credibility – Create a Recognised Brand!
This isn’t a case of making a new startup appear as though it is a multinational conglomerate. It’s a simple strategy of creating a logo and applying it to all aspects of the business operations, for instance, with inexpensive stationery showing the company’s logo and business address. Whether it’s pens, workwear or a batch of c6 envelopes, creating a recognised brand will increase credibility and exposure.
Reward Loyal Customers
Any new business knows that something just as hard as attracting new customers is retaining them. Loyalty works both ways; a customer wants to feel valued, and often a gesture of thanks is enough to not only retain them, but encourage them to tell others about the service or product they have received. A short term financial loss may be incurred by giving a discounted or complimentary item or service, but the reqards can be huge. It’s important, however, to remember that this needs to be reserved for truly loyal customers.
Set Up a Business Bank Account
A business bank account is either free or cheap from most high street banks. The temptation for many start up businesses is to simply use a personal account; however, when business picks up, it can be very confusing to track finances, and if an audit is required by a legal or government body, it can look very unprofessional and suspicious. Keeping personal and business finances apart is an inexpensive way to keep things on financial straight and narrow.
Outsource Non Vital Operations
A startup or relatively new company may be overwhelmed with the amount of roles and tasks that require doing. Accounting, HR, Health & Safety…the roles are diverse and many. However, in today’s ‘outsource friendly’ world, these roles can often be farmed out to retained staff or independent contractors at a fraction of the cost, without sacrificing quality of service. Thus, a professional company has a full complement of staff for relatively little cost.
Embrace the Non Physical World
Property purchasing and rental are often a company’s biggest cost. However, cloud basedservices such as VOIP telephone and SMS systems, as well as ‘en masse’ file storage, and even postal address and mail forwarding solutions, mean that a company can literally be run from one room, or completely ‘on the move’ if needed. Right away, property costs are slashed or can be removed altogether.
- Successful Brand Development: Branding Strategies for Your Small Business
- 8 Lessons in Managing Large Accounts
- Merchant Account: How to Accept Credit Card Payments Online
- The Enthusiastic Employee: 16 Myths on Employee and Performance Management
- What is Franchising?