Build a Better Foundation For Your Business
What do the construction of a building and the foundation for your business have in common? Not much, unless you are talking about how mistakes are made by either party. The benefits of hiring professional construction teams for your next project are quite self-explanatory. They have completed hundreds if not thousands of projects without taking shortcuts or making costly errors. Building a new home or office with inexperienced laborers will always end up costing more money in the long run.
Every entrepreneur dreams of grandeur when sharing their “perfect” vision of what their company would look like after 5 years time with friends, family members, investors, etc. Many entrepreneurs feel that once they get into business it will take care of itself, requiring little effort on their part. The reality is there’s so much more to starting a business than many people realize.
Trying to build a foundation for your company by yourself will cost exponentially more time, effort, and money than if you had professionals advise you from the start. Here are some areas where entrepreneurs commonly fall short:
1) Choosing the wrong legal status for your business – There are many different legal statuses available and each one has its own pros and cons. Choosing the best structure for your business can save thousands of dollars in unnecessary taxes or penalties over the course of just a few years. 2) Forgetting to register their DBA (Doing Business As) – Many times entrepreneurs think they do not need to register their DBA because they are the only ones who will ever use it, but registering your DBA with your state protects your business and its legal status. 3) Hiring employees who do not carry worker’s compensation insurance – It is imperative that you hire employees who carry worker’s compensation policies before having them start working for your company to ensure your business remains completely protected.
4) Not using a written contract when hiring professionals – Picking out prices and services from different companies can be tough and time-consuming. Don’t get yourself tangled in contracts and disputes by not having a written contract for each job you have completed.
5) Upgrading computer systems without any backup plan – Technology is constantly changing and so should the technology within your company. It is important to upgrade your systems gradually over time, not all at once when the budget allows for it.
6) Not having a plan B in place – The world we live in today holds uncertainty and no one knows what tomorrow will bring. Make sure you have a plan B if things do go wrong or if key employees need to be replaced unexpectedly.
7) Not planning financially for growth – Planning ahead and scaling up your business as needed is crucial in maintaining success and ensuring future growth.
8) Not using a software solution (ERP/CRM) designed specifically for small businesses – There’s much more to starting a business than just selling products or services. Businesses need tools that can manage everything from accounting, lead generation to payroll and taxes. Don’t waste your time trying to manage it all manually or you will be left behind.
9) Not using a professional’s advice – There are no knowledge limitations when consulting with a professional business advisor because for a small fee they can open up their Rolodex of contacts as long as you have the funds available.
10) Not delegating tasks properly – You work hard so you should reward yourself by hiring employees who can do the tasks that require little experience leaving the more difficult ones for you. This allows entrepreneurs to focus on improving productivity within their organization through implementing new technology, management techniques and expanding into previously untouched markets. These ten tips represent just a fraction of the professional services available to entrepreneurs, but they are all crucial in building a better foundation for your business. Enabling your business to run more smoothly and with less risk will allow you to focus on achieving success at work instead of wasting time trying to fight unnecessary problems. By following these ten tips mentioned above entrepreneurs will be empowered with the knowledge necessary in order to make educated decisions when it comes down to their business future growth.
What do the construction of a building and the foundation for your business have in common? Not much, unless you are talking about how mistakes are made by either party. The benefits of hiring professional construction teams for your next project are quite self-explanatory. They have completed hundreds if not thousands of projects without taking…