For any start-up owner, the beginning stages of setting up and running your own company elicits a tremendous amount of excitement and motivation, but can also be fraught with stress and uncertainty, particularly for those who have no previous experience in running their own business.
So how can you ensure that your start-up reaches that next level of success smoothly? Below we will take a look at just some of the things you can do to boost your start-up business.
Get to know your target industry
Whilst it may sound like an obvious point to make, getting to know your target industry inside out is essential to winning favour with your prospective clients. Understand their pain points, issues affecting the industry, any relevant news or developments, therefore when meeting prospective clients, you will show that you are an expert in your field.
Effective credit control processes
The hard work you put in to gaining new clients and providing your product or service means nothing if you are unable to get paid at the end of it. Effective credit control comprises a number of aspects, including promptly sending invoices, proactive chasing and maintaining the vital customer relationship.
Get your business off to the best possible start by creating a great company culture, that will not only draw prospective employees, but keep existing employees happy in their role. This can be done in a number of ways, from the more obvious points of efficient and accurate payroll, an appropriate pension scheme, and training, to regular social gatherings, bonuses, office treats and much more.
Make the time to focus on your core business
Of course, establishing your own business will be a huge jump from what you have known previously, with countless more responsibilities that you are unlikely to have dealt with before. Many start-ups will place too much focus on one responsibility or another, for example spending a significant amount of time on the administration involved in running a business to the detriment of seeking new clients and focusing on your core responsibilities. Bringing in someone early on to handle these vital administration tasks, such as payroll, credit control, HMRC admin and others, will provide you with the time necessary to run and grow your business.
The right financing
Financing any start-up can be a struggle, particularly if you are unclear as to the options available to you. Many only view bank loans and overdrafts as their finance options, however, invoice finance or discount, as well as asset finance can also be viable options for both start-up and established businesses.
Here at Zodeq, we provide both start-up and established businesses with finance and back office support, ultimately allowing them to operate efficiently and grow. Get in touch with our team today to find out more about how we can support your business.