As all small business owners know, there are bumps in the road, many of which don't appear until AFTER launching your venture.
Whether its a fashion blog or an e-commerce site, here are some principles to set in place to ensure your biz stays afloat past launch.
Have A Staff Structure
If staff seem to leave pretty much as soon as they start with your company, you might have one of many problems. Whether your company lacks in motivation, direction, or even a pleasant atmosphere, you’re going to need to conduct an investigation to find the problem. It could be that you don’t provide enough structure within HR. This could mean staff aren’t sure of their job role or their prospects. By implementing a structure, you could save on high staff turnover.
Getting paid is pretty important in business. Without it, you technically have no money. So, you’re going to want to make sure that you iron out any cash flow problems and quick.
If you can’t resolve issues with the companies that owe you money for work or get hold of them at all, you may benefit from invoicing factoring. By buying those invoices from you, you could get paid fast and leave them to deal with your customer accounts teams. Take a look at some invoice factoring reviews first to help you decide.
Put Yourself Out There
Hire a Consultant
If you’ve got no idea where you’ve gone wrong, whether it’s with marketing, finance, or your product or service itself, you might want to take on a consultant. A consultant can benefit your business for a range of different reasons. And when you’re failing, hiring one could be the move you make to stop yourself from going under.
Be honest, did you scrimp on your start up? If you cut a lot of corners and got by just to get going, you may need to retrace your steps and do it all again properly. Do you need to redo your website? You work in tech, so if your website isn’t good enough, it will reflect badly on you. Maybe you have a bad product or just a weak one that needs a little more TLC? Either way, invest in a better version and do what you can to put things right
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