Entrepreneurship is continuing to grow in popularity. Thanks, in part, to globalisation but to a greater level technology, it has never been easier to start a business. In some respects, this can be safer than having a full-time job but stats show that a whopping X% of companies fail in their first year. Here we’ll look at some tips for surviving 2017 as an early stage business.
Research and pivoting
Whether you are currently developing a business plan or you’ve been in business for a few months, research and pivoting are integral to improvements. This includes market research, buyer personas and business structure. Whilst it’s important to have this in stone before diving in, launch can’t be held back for too long and they also need to be tweaked as time goes on.
Nail cash flow
Cash is king. You’ve likely heard that before – and it’s not surprising really – but keeping an eye on the money is integral. While a common problem can be a lack of business, another issue is running out of money through not focusing on cash flow. Keep an eye on small business grants to see if you can sneak any funding and get a few hundred pounds cash flow bonus.
Focus on customer service
A professional, and quick, response to any issues can help you to both gain immediate customers and clients but it will also work as a way to retain them, which can be even more important. This can make all the difference and give you a competitive advantage by delivering an unmatched service whether you need courier Ireland services, delivery in a certain region or the option for sending worldwide.
Knowing your strengths helps you to streamline exactly what you should be working on. By putting the majority of your efforts into these areas, you will be able to make the most progress. This includes things like web and graphic design, copywriting, SEO and even sales.
If your business has packages to deliver then it may also be useful to take a look at courier services. Some are able to deal with this just through a small van or car but the more parcel deliveries that are needed then you will be best looking into using a courier to help you. Their professional service is often cheaper and more flexible than traditional posting to meet your requirements.
Everyone who founds a company has the ambition to grow from strength to strength. But, there will be tough times for sure and having a support network can both help you keep going and see the bigger picture. Look for peers or experienced entrepreneurs to help and find a dependable lawyer or accountant for any help you might need.
These five things will put you on a good foundation to not just survive but also thrive during 2017. It’s also important to keep your eye on progress but you can’t be overly risk averse and need to be ruthless across the whole business with payments, invoices and suppliers.
This post is in association with Irish parcels