Starting up a business takes a great business mind, if you don’t understand your business then how can you expect anyone else to? To be a good business owner you need to have drive, enthusiasm and a great understanding of your market. If you’re new to business then you are going to know the very basics of what you’re going to need for your business. Below are 5 tools that all businesses need, no matter what they are, and why they are essential.
This can be funding from your own bank account all the way to a loan or even funding via a crowdfunding website. Funding simply means you’re going to need enough money from the get go. You’ll need to sit down and work out exactly how much money you’re going to need for your business. This is something that should really be covered in a business plan, something which you also need to ideally make (especially if you’re being funded by a bank). Think ahead and save more than enough money, more money than you really need to get your business off the ground.
This doesn’t have to be a physical premises, but it helps. Even online businesses need premises to hold their staff, so make sure you’re not forever doing business from your front room. If money doesn’t allow, then hold off on a premises until it is viable, but as soon as you can afford one you should invest in it. A business premises allows you to have a work and home life, rather than them being all in one. It’s important to be able to leave work at work every now and then, something which cannot be escaped if you work from home. A premises is also more professional, especially if you’re customer/client facing every so often.
Even from the very start you’re going to need staff, even if those staff members are your friends and family. These staff members all need to be trained for what their job roles are, if you don’t have that knowledge then you need to spend a little money on it by taking on a trained professional. Don’t let them teach themselves, give them the resources they need to be the best they can possibly be. You can find many articles and guides online which can help you, even online courses with certificates. If your business requires certain qualifications then you must abide by this. If you have a premises at least one member of staff needs an up to date first aid certificate as as well as a fire marshal certificate.
From the very get go your business needs to be able to provide customer service, so training needs to be given to any and all staff members. Good customer service is essential to growing your business, it’s what keeps people coming back to you for more. Make sure that anyone you come into contact with is greeted with a friendly hello and a smile, a good experience is key. Even when a customer is unhappy and using choice words, you must remain professional and deal with the matter calmly and with good reasoning. Ideally you should have at least one member of staff dedicated solely to customer service.
You must keep an eye on your finances when running a new business, with everything happening at once it can be hard to split your time. This is why you should consider hiring an accountant to help you sort out your company finances. They will be able to guide you through what you need to do to help them when it comes to looking through your documents. Never throw business documents away, keep hold of them in a filing cabinet and have the last 3 months worth to hand in a folder of some sort. An accountant can help with all aspects of finance, from VAT to tax and expenses.
Shared by: http://www.neilsmithaccountancy.co.uk/