Business tips to starting a business

Although you may have a great business idea, its knowing how to start it to give you longevity in an ever-changing climate and growing market.

Although the below tips may sound obvious, it’s easy to miss the simpler things, so having a checklist to follow is imperative

Don’t rely on profit alone;

Its simple, run out of cash and your business will go bust even if you are making a profit. Don’t assume the bank will continue to keep bridging the cash gap

Don’t be the cheapest:

This is important certainly for smaller businesses, if you obtain customers because you’re the cheapest, they will always be looking for the cheaper alternative. Don’t expect them to have any loyalty.

Write down your goals:

Be clear in your mind what you want to achieve and when by. Of course, things can send you of course slightly, but having a plan will keep you on track.

Speak to your team:

Share with your team how the business is doing, the good, the bad and the ugly. Devise how things can be improved as a team and implement together.

Remember your tax:

Be aware of how much you owe in VAT, Payroll deductions as well as your own taxes, set this aside, so you have the money ready for when it is required.

Stand strong on customer credit:

A customer than doesn’t pay is worse than no customer! If a customer can get away with late payment, they always will.

Don’t wear all the hats:

Understandably with any new business, you are going to be wearing several different hats but remember the ones that don’t fit! Sometimes you will need to speak to the right people, whether it’s a lawyer regarding the legal side of your business or industry professionals. Don’t be afraid to ask for help.