Starting a business is hard enough, but keeping it going is even harder. The majority of small businesses fail in the first five years, mostly because of cash flow problems and a lack of relevant business experience. However, if you have a great idea and a strong work ethic, there is no reason why you can’t make a success of your small business. But, to maximise your chances of building a successful SME, you need a few professionals on board to provide help and guidance.
Most small business owners wear multiple hats. They can’t afford to outsource many tasks, but if there is one area where you need to stay in control, it’s the bookkeeping and accounts. A qualified accountant is worth his or her weight in gold. They can set up a bookkeeping system, advise you on matters related to taxation, and file your accounts with the IRS. A good accountant will save you an inordinate amount of money. Sure, they charge for their services, but if you hire the right person, they will become a valuable member of the team in no time.
Legal problems are no joke, and the last thing any business owner needs is a lawsuit from a customer. It’s always sensible to have a lawyer with experience in all matters related to business on your team. You can call them for advice, utilize them when you have problems, and let them guide you on your journey to building a successful business. An experienced law firm business development advisor is someone you need on board.
Hiring the right personnel can be tricky. There are resumés to comb through, interviews to conduct, and references to check. A bad hiring decision can cost you dearly, so it’s important not to make mistakes. However, hiring – and firing – is often something that small business owners tackle on their own, even when they would be better off outsourcing the job to a professional recruitment and HR agency.
A mentor is someone who can guide you, offer helpful advice and a shoulder to cry on. Unless you have tons of experience, it is worth looking for a mentor when you start a business. Some mentors want a share of the business in return for their help and guidance, but others are happy to help out for free. If you need help, reach out to more experienced businessmen and women via LinkedIn and other business platforms. There is no shame in admitting you need extra help.
Online Marketing and SEO
You probably don’t have much experience in marketing and SEO, yet your business will almost certainly fail if you don’t get to grips with online marketing and SEO. Make hiring a marketing/SEO professional a priority in the early days. Their skills will be invaluable in today’s online world. If you don’t know any suitable candidates, ask your fellow businessmen and women for recommendations.
Starting a business is easy, but turning it into a successful and profitable venture is a very different kettle of fish, so make sure you follow the tips above.