How can Startups become financially successful?

Nowadays, new startups are born every other day only to fall flat within a few years of inception. Every entrepreneur planning to start a company are aware of the fact that only 10% of the Startups succeed and the remaining 90% fail in the first few years.

Now, I am not here to tell you the reasons why Startups fail. Let’s save it for some other day. Instead, let’s concentrate on the positive aspects which can make a Startup financially successful.

Build a website that sells your vision  

First things first, if you are out to sell your idea to the world, then you need to have an eye-grabbing but professional website. A website is a billboard for your business which promotes your idea 24×7. Build a website which looks great and performs greater.

If you look at all the big companies, one thing common is a good looking and fluid website. Do not stop with the looks and make sure the content also adds value.

Foresee-Plan-Take action

In the initial days of setting up your company, it is hard to see into your company’s future. Having said that, with a little foresight and lots of planning, you can take preventive measures and not tread on the path leading to your company’s doom. After all, a wise man once said, ‘if you fail to plan, you are planning to fail.’ So, sit down, and write a business plan.

Lastly, all the time and effort spent in making a business plan will make no difference if you do not take action.

Do not ignore boring but indispensable business processes

Many Startup’s commits a grave mistake of ignoring their back-office processes. Processes like Accounting, bookkeeping, HR, Payroll and other back-office works are not given much importance as they are dull and not core revenue generating processes. However, these back office works are not to be taken lightly as these processes make sure that your Startup functions smoothly.

Like any other established company, startups also need to process a substantial amount of data and keep your records in order. Not taking care of such activities will only come back to trouble you later.

Make time to grow your company faster

A quick growing Startup is a sign of its success. The faster a Startup grows, the more people are going to notice your company. However, to grow your startup faster, you will need the time and liberty to work on your company’s revenue-generating operations undisturbed.

In order to create more time to concentrate on your business development, the most effective solution is to outsource all your back office process.

Keep up with evolving Technology

Studies show that outdated technology cost businesses and especially small businesses a lot of money. Older technology not only wastes your valuable time but also hampers your productivity. What could have been finished in days would take weeks. That is why it is essential that you keep up with the fast-changing technology. Business processes like payroll, HR, Taxes, and all eat into your valuable time. By using Enterprise Resource Planning tools, you can generate accurate and quick results.

According to a report by the NSBA, around 40% of small business owners spend up to 2 weeks of work time every year dealing with their payroll taxes. As your startup grows, tasks pertaining to Payroll and Taxes will get more complicated and time-consuming. Use services like Startup Business Accounting to automate your processes like payroll, HR, benefits and attain more time and peace.

Spend more time with your customers

A common thing with most companies and salespeople is that, once a sale is done, they forget their customers. For your Startup to grow faster and make more money, you need to talk to your customers and take note of their feedback along with being Data-driven. Another reason to spend more time with your customers is that, by developing a relationship with them, they empower you to go up against your competitors.

Make money by making a difference

For your Startup to make more money, you should first question yourself, ‘what difference are we making for the customer?’ instead of thinking about how to generate more money. If you are adding a value to your customer either through your product or service, you will automatically start making more money.

Do not give up on your Startup yet

Have you ever come across a person who has given up and succeeded? The answer to that is pretty obvious. If you give up, definitely there is no chance whatsoever to succeed. But, if you could just hang on for some more time, there just might be a chance to turn the tide and attain success. The same applies to your Startup’s success as well. You will come across a lot of challenges in your Startup journey and the key is to hang in there until you succeed and not accept failure.

For every challenge you face, try finding a solution which would ease the problem for you. If you are facing a burnout, share your responsibilities with someone and concentrate on your core activities or in the area of your expertise. Just remember that your competitor also faces the same problems and that’s why you should not give up just yet.

If you found this article helpful then you sure will find our article on accounting pain points helpful.

Leave a Reply

Your email address will not be published. Required fields are marked *