There is no single, perfect guide on building a successful business. Much of the job of starting and running a company is trial and error. If something works, celebrate and keep doing it. If it doesn't, hope the damage isn't too bad and change course. However, there are certain areas where most business owners could use some focused energy: not just serving their customers but making their business more efficient, especially when it comes to financial efficiency.
Could you be wasting your hard-earned revenue on things your business doesn't need?
Paying for too Much Space
Space is the biggest and most common waste of money in the small business world. Of course you want your business to have room to grow, but if you are renting that massive suite of offices right from the get-go, your huge space might be a huge waste of money. Get just what you need for where you are, with just a bit of growing room if you can't stop yourself. But rest assured that if you experience enough growth that you need to move into a bigger space, you will probably also have built a customer base that will move with you.
Chasing Around Customers on Social Media
Social media is a powerful tool, but it can also take up a lot of money and time (which, as we know, is money). Social media marketing campaigns are great if they're getting you results, but just publishing for the sake of publishing, without understanding the returns, is wasting your business's hard-earned revenue. Engaging with followers and customers is important, but make sure you know what customers you're going after and whether your efforts are working.
New business owners may be tempted to bring on a lot of staff quickly in the hopes that many hands will lead to many customers. Unfortunately, hiring a full staff early on is a big mistake. When you are still developing a young business, you need to do as much as you can to make it profitable, and this may mean working those long hours doing many jobs yourself until you have the revenue to support a larger staff.
Doing Tasks You Have No Experience In
Yes, over-hiring can be a big money waster, but a bigger one business owners make is trying to wedge themselves into roles that they are ill-equipped to successfully complete. Taking on tasks you don't understand may not only waste money, it could also cause dangerous mistakes. Sometimes hiring or outsourcing is the right choice.
Luckily, if you need help where most entrepreneurs do, in the accounting department, you can contact us today to see how we can support your growing business.