For anyone that has started a new business, it would be fair to say that times are certainly challenging to say the very least. The economy has apparently ‘avoided a recession, but isn’t out of the woods’ just yet according to the Chancellor of the Exchequer. Another way of looking at this, however, is that the only way is up from here, right?
After all, the UK is often touted as a ‘nation of shopkeepers’, and it is that spirit that has often served as the backbone of the economy, especially in tougher times. Oftentimes, however, the secret formula for businesses is rarely available, and growth is a long and arduous process.
There are many ways in which this process can become a lot smoother, meaning you can grow and become profitable in the long-term. It is often said that short-term pain leads to a long-term gain, but perhaps there are ways around this for those that are particularly savvy in the business field. Without further ado, here are some tips that could help get you and your business on the right track.
1: Quality not quantity
The temptation might be to hire a sizable team to help you along the path to success, but try to focus on the quality of your employees rather than the quantity at this early stage. Naturally you will be able to hire many more of similar quality as your business grows and starts to turnover a profit, but bedding in the foundation first is vital.
2: Adapt and change
Things may not go to plan initially, so be prepared to change course whenever you need to. Never be afraid to ask for help and assistance along the way too – you’re just one person after all. Your mental health has to be a priority throughout too. Remember, you might have more chances to start a business, but life is short and shouldn’t be brushed aside.
3: Find the right space – or build the right remote/hybrid environment
Finding the right start-up space can be tricky, but there are plenty of flexible solutions out there. The overheads of an office can be an expensive consideration, but the emergence of more flexible solutions in recent years is certainly something to be thankful for, especially if you’ve only just started.
4: Think about the customer
According to Richard Branson, employees are the most crucial aspect of any business – even more so than the customer. If you take care of your employees, they will take care of the customers. Having said that, this is by no means a dismissal of the importance of good customer service, which can be a huge factor in your appeal in the initial stages. Never underestimate the power of word-of-mouth recommendations as you get things going.
5: Get networking!
Not only can social media be one of your best friends in the initial process of getting your startup rolling, but networking events can be huge in connecting with other businesses and spreading the word as much as possible. Insider insights from experts in your field can also be hugely beneficial as you look to make your own mark in the business sphere.
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