Small businesses face their fair share of trials — and that’s putting it lightly. In fact, eight out of 10 small businesses fail within their first 18 months, according to Forbes. That does not mean startups should give up all hope, however. With some hard work and discretion, new and/or modestly sized businesses can beat all of the odds. Here is some essential tips:
Don’t Strike Out Alone
One of the most critical mistakes entrepreneurs and new business owners make is going it alone. Simply put, it is highly unrealistic to manage a small business entirely on your own — especially if you have any intentions to grow your business. “Make sure you are well networked and surround yourself by people who are best experienced to pass their relevant learnings on to your business,” Forbes recommends. A strong upper management team and good accountants can easily save your startup. Accounting tips and tricks and/or partnering with accountants for small businesses or small accounting firms is essential at at time when most businesses are still taking out loans — and taking other financial measures — to fund new businesses in any way that they can.
You’re Paying For Things You Don’t Need
Expenses are often tight for startups, and sometimes accounting tips for small businesses aren’t enough. Invest in reliable software — such as product lifecycle management software — to track the profitability of goods and services from introduction and beyond. The software’s detailed analysis will help you pay for what you need — and avoid extraneous expenses.
You’re Shutting Out Your Customers
“Your customer holds the key to your success deep in their pain, behavior, dreams, values, and the jobs they are trying to accomplish,” Forbes explains. Engage your customers in ongoing conversations. Customers can help you identify areas for opportunity and/or improvement, and make your businesses the best it can be.
Managing a successful startup business during its first year and a half — and beyond — is more than possible. Team up with strong managers, heed accounting tips for small businesses, and keep the conversation going with customers. Learn more.