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Five essential tips for streamlining your start-up business

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HomeLatest Platform NewsCovering Bases BlogFive essential tips for streamlining your start-up business

Making the decision to leave an often comfortable 40-50 hour per week career to follow your dream and create something new is both rewarding and a challenge. Once the start-up is operating, you need to concentrate on optimisation of processes and developing great time management skills.

New entrepreneurs often overlook the time cost of many of the tasks associated with running a business. The best bit of advice that can be offered is automation. Look for technology solutions to help you. Over the past 7-8 years SaaS solutions have become more common, with both new and traditional software vendors emerging to help you solve problems. Pretty much every task can now be automated in some way and then organised in another. 

If you are bootstrapping the business, one of the keys to operational success is in ensuring that your business is able to thrive after you have brunt through the initial cash investment, often your life savings and/or bank debt. With the majority of new businesses closing within the first 18 months, you need to do all you can to ensure that you don’t follow the same path. The key is to streamline as much as possible.

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Below are five tips that will help your business run smoothly:

  1. If you build a strong foundation for your business, you’re going to increase the percentage chance of success by magnitudes. As part of this, you need to know that your management team is solid. Once you are reassured of this, you can grow your business and know that everyone is on the same page.
  2. Improving your business technology is one of the best ways to streamline things. You want to keep up with the competition, and part of that comes with offering a comfortable working environment. With the right technology, you can do the best work possible. Choose software that will manage your customer service, for example, and you’re going to do much better
  3. Outsource the areas of your business that make sense for you. So, you may not have time for finance and payroll, which is why you’d use software like Cloudpay to help. If you can outsource the areas of the business that use your valuable time then you’re going to instantly streamline the way that you do things
  4. A streamlined business must always have a plan B. You will need to have backup plans for everything if you want there to be a smoother movement through your business. If you’re not familiar with keeping the books, then you need to pay someone who is. Use the right software to track it and you can pay your bills and keep an eye on the incoming and outgoing of your business
  5. When you choose to invest in your employees, you are instantly going to make your staff more productive. Offering the best wages and benefits allow you to be ahead of the game as people will want to work for you. If people feel valued, they are more likely to pay attention to what you are doing and they’ll work better and faster.
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There are a number of challenges when you are a business owner. You have to be able to keep your business competitive, otherwise you’re going to fail in what you’re doing. As mentioned earlier, the majority of start-ups don’t make it beyond the 18 months. You want to increase your odds for success. Insulating yourself against some of the risks is the best possible way to keep your business protected and streamlined.

Why not start now?