Setting up your business could just be the biggest decision of your lifetime. Whatever your particular venture, you’re opening the door to a brand new world. This will be full of new challenges and unexpected rewards that will bring you to discover as much about your own character as well as the nature of the enterprise business.
However, the enormity of your project will often make it feel like a balancing act. Unless you want to find yourself bailing it out in a panic, like a sailor in a sinking ship, there are some key aspects to get right from the outset.
Automate before you Hire
Your business probably won’t feature fax machines, and your employees certainly won’t be carrying pagers. So don’t hire an accountant just because you’ve been told a business needs one. A whole lot of labor currently taken on by secretaries, clerks, and other ‘staple’ business employees is now on the brink of automation.
Don’t lose out where you really don’t have to. Establish what actually needs to be done to keep the gears turning in your business model, and research the most efficient ways to achieve this. Once you’ve consolidated a list of functions that actually need human input, you can make some sensible decisions about the job roles you need to hire for.
Hire Recent Graduates
This isn’t a ‘must-do’, and sometimes you’ll certainly find an experienced hand is more useful. But most businesses demandexperience from anyone who applies for work, and this can be quite a naïve move.
The cost benefits are obvious; you can hire a graduate at the bottom of the pay scale, and it’s unlikely they’ll come asking for a raise any time soon. Today’s young people face a tough job market, often finding themselves working in roles way below their capabilities. Give a graduate the chance to shine, and most of the time they’ll pursue it gratefully.
Additionally, there’s the fact that most people now leaving university are ‘digital natives.’ Adapting to new software is a lot easier for them. In fact you’ll find that in general, the greener your new employee the much more adaptable and open-minded they will be towards the way your business operates.
Mind your Utilities
This is one of the very oldest, and arguably most obvious business precautions, and perhaps that’s exactly why it’s so easy to leave it unchecked. Research suggests that at least 80% are overpaying on their business electricity deals, alongside similar errors amongst their other utilities.
Don’t let this be an unchecked financial ‘leak’ that gradually accumulates in the background. Find the right deals for all utility services from the beginning, and make sure you monitor this as the needs of your business change.
Claim your Expenses
Make sure you’ve got an outline understanding of your country’s tax legislation, and claim whatever expenses you can. You might be surprised at just how much you’re able to get back if you keep receipts and records through the year.