Depending on where you look, the stats for startup success rates vary with some sources citing the figure as being as high 90 percent. Although not all variables are within your control there are a number of things that you can do to keep from falling at the first hurdles.
Below we’ve listed our top tips to avoid failing at your first business attempt.
Know where your strengths lie
We all want to be brilliant at everything we do, but realistically its not going to happen! The sooner you get your head round that idea the quicker you can find someone that can help you. For example, as the founder of your business it’s more than likely that you have a vision and idea of how you want your business to grow and run. However, it may be that you lack the managerial or people skills to guide your team to this point. For the business to grow in the way you want it to consider taking on a partner that has strong skills in this area.
Cash is king
It’s great seeing the cash add up in the bank as you start to get more sales or work through successful funding campaigns. On the flip side, its also easy to become complacent and think that you’ll continue your roll of success. With cashflow arguably being the most important aspect of your business you need to keep on top of what is coming in and going out and make sure you regularly examine the outgoings. Once on top the books make sure you regularly reassess what is coming in and out for example, could you switch suppliers to save money whilst keeping the service or even improving it?
Invest in systems
At the startup stage it may seem that systems and supplies are expensive and you may not feel like there is light at the end of the tunnel, but don’t be a Scrooge when it comes to systems that will save you money in the future. Weigh up the costs of what you’re paying out and what you will get in return. This needn’t just apply to systems or tech but every stage and area of your business.
Get the best team possible
It may seem like a simple idea but teams change and so do people. Make sure you surround yourself with the best team possible at every stage of your business. In startups people need to be willing to wear multiple hats, make sure they know what’s expected going in and review regularly.
Time your take off
Being a startup you’ll be eager to show everyone how great your business is but don’t rush things. Think about your business and product then strike the balance between perfection and boot strapping.
