Although 80% of all new businesses survive their first years, many small businesses struggle for their first few years of operation. One of the biggest reasons why companies have to shut their doors for good is a lack of adequate preparation.
Sure, you may have the office, the staff, and the right attitude. But do you have everything you need to succeed?
Before you answer, make sure you’re not missing out on these five important business needs.
1. Market Research
Keep your friends close and your enemies closer. To compete to your fullest capabilities, you’ll need to gain a better understanding of how the market is performing and what your competition is up to.
Unfortunately, a lot of business owners get so caught up in the excitement of starting their company that they forget to do conduct this important research.
It might mean more work on your part or outsourcing to a firm who can conduct market research for you, but having research-backed evidence to enhance your marketing strategies can save you a ton of money in the long run.
2. Funding for Work Materials
New talent means new revenue! At least, in theory.
Bringing on new talent also means new expenses, such as desks, chairs, computers, software, and on boarding training.
The average cost-per-hire for a single employee comes out to around $4,129. It’s a lot, and if you’re not careful, these costs can catch you off guard.
3. Data Security
Handling a digital presence is a huge part of operating a modern business. It’s a bit of a double-edged sword.
On the one hand, going digital is more convenient and reduces paper costs and waste. But on the other, it’s all too easy for someone to steal your company’s data.
One of the first things you should invest in is managed IT services. An IT firm can spot any potential threats, update your data security protocol, and keep your business running smoothly.
Data breaches can cost thousands of dollars in recovery fees. But worse, it can shake the confidence of your customers, resulting in lost revenue.
4. Reputation Management
Speaking of digital presences, don’t forget to take advantage of online listing services. Sites like Google My Business and Yelp are a great way to organically spread the word about your business and make for a great supplement to your social media efforts.
Keep an eye on the conversation surrounding your business. What people say can have a big impact on others’ opinions.
5. Talent Management
A business is only as successful as its employees. It’s important to take care of your staff, whether you’re overseeing a handful of workers or an entire organization.
Give adequate time off, promote growth within the company, and create an environment where employees feel comfortable speaking up.
Don’t Ignore These Business Needs
Forgetting even one of these important business needs can lower the chances of your success. Make sure you follow these tips and implement these strategies.
