Key Takeaways
- Build a competitive advantage by hiring skilled employees who are genuinely invested in your company’s success.
- Establish a clear path for growth by setting realistic SMART goals and maintaining a well-managed budget.
- Create a resilient company culture by investing in your team and developing your own leadership abilities.
- Protect your business from constant online threats by investing in robust physical and digital security measures.
If you are in the process of setting up your own business then congratulations, now the fun begins. You may already know that a high percentage of businesses fail within the first year of trading, this can be due to many different factors. Some run out of money while others just don’t have the knowledge or experience to keep the business going. If you don’t want this to be you and your business then you need to ensure you get everything right from the start. While it can seem like a pretty daunting process, know you are not alone and can ask people for help and advice whenever needed.
Check out the article below to find out how you can run a successful business that stands the test of time.
Hire The Right People
One thing you must do if you want to keep your business afloat is hire the right people. In doing so, both them and you will have your company’s best interests at heart. This means there will never be anything that is too much trouble. Some people like to hire friends and family members, while this is okay you need to make sure they are cut out to do the job they are hired for.
The last thing you and your business need is a high employee churn rate as this can bring all your hard work crashing towards the ground. This happens when employees come and go in quick succession leaving you short staffed and needing to take time away from the business to hire new people.
Set Realistic Goals
Next, consider which business goals you are going to set yourself. These ideally need to follow with the SMART goals acronym so you don’t lose track of where you are going and what you are doing.
Your goals need to be Smart, Measurable, Achievable, Realistic, and Timely. Without these goals in place you may be setting yourself up for failure. For instance, if you are setting yourself a goal of making a million in six months then this isn’t realistic at all.
Everyone should be aware of your business goals, including employees. That way you are all working towards the same end goals and achievements.
Improve Your Budget
Next, you need to make sure that you are focusing on how to improve your budget. To do this, we recommend that you consider hiring an accountant. With an accountant, you can easily keep track of how much you are spending on a daily, weekly, or monthly basis. You might be worried about the cost of an option like this and that’s understandable. The good news is there are cloud accounting services. This means that you can check your spending in real time and ensure that you never go over your set budget.
Do be aware that you should also make sure that you are exploring areas where you can save more money in your business model. There are lots of different options to consider here. For instance, you might want to explore sustainable choices which will help you greatly limit your overall energy bill. Another option worth thinking about is hiring people who aren’t going to cost you a fortune. The easiest way to cut the spending out of your recruitment process is to use a recruitment agency. They will help you find the best talent for your business at the right price so you don’t have to go overboard with spending in the future.
Focus On Marketing
Another important aspect of any business is marketing. Without this, people won’t know your business exists. This means with no customers your profits will fall or be completely non-existent. Marketing is an area of your business that will take the most money and rightly so, you need to show off your business.
When it comes to marketing you need to do your research and find the right techniques and strategies that suit your business. This could be absolutely anything from older methods including leafleting to newer methods of using social media to branch out.
If you don’t have much experience with marketing then you can explore two main options, in-house marketing and using a marketing agency. There are pros and cons to both of these options, weigh these up and decide which one is best for you.
Know Your Branding
Another point worth thinking about is your branding. By understanding your branding, you can create a consistent marketing strategy that works well to encourage loyalty purchases. The easiest way to handle this is to make sure that you think about everything from your tone of writing to your marketing content as well as your website design. Everything needs to be consistent whether on social media or in print.
Set Up Your Website
Now the time has come to set up your business website, this is how your customers and clients will place orders while your main doors are shut. You need to keep this up and running during peak times and only shut for crucial maintenance in the dead of night. It is common for online shoppers to do their scrolling and clicking between the hours of 7pm and 10pm. If they are finding that they need to constantly wait for pages to load then they may take their business elsewhere.
When it comes to designing your website, think about adding a search bar so products and services can be found with ease. You might also want to install a chatbot so customers and clients can get answers to crucial questions right away.
Security Options
Think about various security options you can have in your business. As a business owner your top priority should be to keep your company safe at all times, this goes for both physical and online businesses. There is a cyber attack every twenty seconds on businesses all around the world, and it only takes mere seconds for hackers to gain access to your vital and confidential information. They can then sell this on to other people, making a small fortune from your shortcomings.
You need to identify the best ways to protect your company, it might be that you hire a security team to guard your premises 24/7. It might also be a good idea to invest in a good quality CCTV system to monitor your building and offices. If you have people coming and going a lot of the time then it might be beneficial to use an access control system so you know exactly who has entered and left the premises.
When it comes to protecting your information online you can either manage this yourself or work with managed IT services. They will constantly monitor your business to ensure nothing is amiss and get on top of potential cyber attacks as they happen.
Outsource Where Possible
If you are eager to keep your business efficient and effective, outsourcing is key. There are lots of areas of your business that will be expensive if you don’t outsource from marketing to HR. You just need to make sure that you check the reviews before you commit to using the service of another business or company. It will impact your brand perception.
Legal Woes
When you are trying to open and run a successful business it is vital you follow legal procedures. This means having all paperwork in place in case anything were to happen on the premises. If you don’t want to be met with a huge lawsuit then ensure you have all the right insurances, this includes employee protection and public liability insurance.
Make sure you have a decent lawyer on your team as this will save you a lot of money further down the line.
Get Training
Finally, when you are a business owner you need to know how to manage your staff and get things moving in the right direction. Without knowledge on how to do this, you may find you struggle to boost your business to success. If you have never run or managed your own business before then it is vital you get yourself some training before taking this challenge on. The last thing you want is to set yourself up for failure as you don’t know what you need to be doing.
You can attend training courses to further your professional development. Attending a business leadership course will give you all the information and training you need to be successful with your new adventures.
We hope you found this helpful and it gave you some reassurance that starting your own business isn’t as tricky as it might seem. Once you get over the initial hurdles, it will be smooth sailing. While there may be obstacles and hurdles along the way, it is all down to how you handle this that speaks volumes as a business owner.
Don’t be afraid to ask for help or speak to other business owners along the way. They will be able to share their own experiences with you on how to manage different scenarios and situations.
Frequently Asked Questions
What is the most important first step in building a successful team?
The first priority is to hire people based on their skills and suitability for the job, not just personal relationships. Ensuring every new team member is qualified and shares your company’s vision is more important than hiring friends or family, as it reduces employee turnover and builds a stronger foundation.
Why do business goals need to be shared with the entire company?
When everyone, including all employees, understands the company’s goals, the entire team can work together toward the same objectives. This shared direction improves focus, increases motivation, and ensures that daily tasks are aligned with the long-term vision for success.
Is hiring an accountant affordable for a new business?
Yes, managing your finances is more accessible than ever for new businesses. Instead of hiring a costly full-time accountant, you can use cloud accounting services. These platforms offer real-time financial tracking at a lower cost, helping you control your budget effectively from day one.
What is the biggest mistake business owners make with marketing?
A common mistake is failing to invest enough time and money into marketing because they assume a good product will sell itself. In reality, a strategic marketing plan is necessary to ensure customers know your business exists. Without it, even the best products will struggle to generate profits.
Why is brand consistency important beyond my logo?
Brand consistency extends to your tone of voice, website design, and all marketing content. When every customer interaction feels cohesive, it builds trust and encourages loyalty. This ensures your brand is easily recognizable and feels reliable across all platforms.
When are the peak hours for online traffic, and why is website uptime so critical then?
Most online shoppers are active between 7 pm and 10 pm. Your website must be fast and fully functional during these peak hours, as any downtime or slow-loading pages will directly lead to lost sales when your customers are most ready to buy.
Should I be more concerned about physical or online security threats?
Both are equally important, as a single security lapse can be devastating. While a cyber attack can happen in seconds and expose confidential data, a physical breach can lead to theft or damage. A balanced security strategy protects all aspects of your business.
Is it always a good idea to hire friends and family to save money?
While it can be tempting, this is a common pitfall that can harm your business. The priority should always be hiring the most qualified person for the role, regardless of personal relationships. An unqualified hire can lead to high turnover and strain both business and personal connections.
What is the most practical way to start outsourcing for a small business?
Begin by identifying repetitive, time-consuming tasks that are not part of your core business, such as payroll, social media management, or customer service. Outsourcing these specific functions to a reputable agency can immediately improve your efficiency without requiring a large investment.
Do I really need formal leadership training if I already know my industry well?
Yes, industry expertise is different from leadership skill. Formal training teaches you how to manage people, motivate your team, and navigate challenges effectively. Investing in your own leadership development is a direct investment in your company’s ability to grow and succeed.
