Starting and growing a business is hard. It’s a huge investment of time, money, talent, and other resources, yet we are willing to sacrifice this in order to see our dreams come to fruition. However, because of the huge strain it has on business owners, many are tempted to take a few shortcuts to get further faster. And though sometimes it works out, it can often backfire and leave more damage than benefit. Here are some of the main corners business owners like to cut when starting out which end up being more of a hassle in the end than anything.
- Implementing a Bookkeeping System
Bookkeeping is usually most business owner’s weak point. No one like doing the drab paperwork, trying to make the numbers work, and keeping track of all the receipts. However, neglecting your filing can come back and seriously give you a kick a few months or years down the road. Though bookkeeping software might seem like a frivolous expense when you still make so few sales, having the entire thing set up and ready for growth will save you time detangling and piecing together items later on. Not to mention, it translates to savings on the accountant bill at the end of the year. They usually charge per hour, so the more organized you are, the less time they need to get you all sorted out for tax time.
- Get Fitted for the Right CRM
Before long, you’ll be needing a CRM, or else known as a customer relationship management system. You’ll use it to track orders, prime your sales pitches, control communications and more. However, with so many options on the market right now, it’s hard to get a grasp on what it is that you need now and will need from your CRM in the future. This is when it’s important to bring in cloud solutions experts who have experience in simple CRM setups all the way through complex Salesforce-based ERP implementation. They will be able to guide you through the selection and implementation process, helping you customize everything to your unique needs as necessary. Choosing the wrong one and transferring data down the road makes for a painful and expensive process, so it’s worth the research and proper setup in the first place.
- Have a Marketing Budget
When you are making such low profits (or none at all), it’s easy to say no to marketing. However, it’s an investment like any other, and you need to put some money into it in order to gain exposure with your target audience. If you are looking at ways to make you dollar stretch further, consider digital marketing over traditional streams, however don’t give into the temptation to axe marketing all together. Not making the effort to get the news out can mean more months of low sales, and smaller profits in general.
- Invest in Branding
Branding is everything to the millennial generation. Aesthetics, clean design, and an appealing tone speaks louder to this audience than even the best quality product. At the beginning of many business ventures, some owners decide to try their own hand at design or “borrow” elements from other businesses. Not only can this result in a product or service that looks unappealing, it could potentially end in a copyright lawsuit. Investing in proper branding off the get go can mean more business coming through your door, even in the early stages of business development.
Cutting corners hardly ever works, and especially not in the business world. If you are ready to commit to starting your own company, you need to be prepared to deal with everything and give it your all- including bookkeeping, choosing the right CRM, and investing in proper branding and marketing. Build a good foundation and watch your business grow…