Nobody ever said that starting a new business should be easy. Or that transitioning from startup to small business status would be a walk in the park.
The reality is that driving growth and achieving sustainability at small firms is tough but with the right approach and ambition, there is no reason these goals can’t be attained.
Here are 5 finance-related ways in which you can look to give your startup a better chance of success:
1. Be obsessed with sales
Unless your business is selling its products or services to paying customers then it is difficult to claim that you really have a business at all. That might sound harsh and there will always be important preparation and promotional work to be done but unless you are succeeding in closing sales then it will be impossible to establish healthy cash flows or keep your company afloat for long.
2. Measure everything that moves
Financial details can be hugely revealing about how fledgling companies are developing and where they are going right or wrong.
By measuring all incomings and outgoings meticulously, you can equip yourself and your new business with what can be invaluable information reflecting the progress you’ve been making or the missteps you’ve been taking.
3. Be ready for anything
For startup companies in any industry financial difficulties and cash flow problems can emerge as if from nowhere and start causing serious problems very quickly.
These issues can all-too easily lead to disaster unless certain contingency plans and alternative financing options are in place to guard against the worst potential impacts.
4. Focus on invoicing/payment procedures
It can be easy for passionate and ambitious entrepreneurs to overlook the importance of what should be straightforward processes around invoicing and getting paid by clients and customers. After all, there are likely to be far more interesting challenges to be found elsewhere within the context of a startup operation.
However, any attention paid to the business of ensuring prompt invoicing and pursuit of payments is well spent and can make a major difference in keeping your cash flows moving.
“You don’t close a sale, you open a relationship if you want to build a long-term, successful enterprise.” – Patricia Fripp
5. Keep costs down and build the right relationships
Our final tip is perhaps quite an obvious one. We all know that keeping costs down can help to balance our finances but in the context of startup operating it bears emphasising and the goal should always be pursued with real determination. A key way of achieving this aim is always likely to be by establishing strong working relationships with trustworthy suppliers and partners.
Hopefully you’ve found these tips useful. Financial management and operational prudence might not be the most glamorous of subjects but every startup has to start somewhere and healthy cash flows will always be essential to success in any enterprise context.
How to Launch Your Startup in 7 Easy Steps
We all want to manifest success in our lives. It fuels our desires to attain something. People perceive success differently as we have different desires. Some go after enriching themselves with material things to get financial freedom. Others study further to advance to the next level in their academic career. (more…)
3 Questions Your Startup Needs to Answer in Order to Maintain Focus
When I was a second lieutenant in the United States Marine Corps at 22 years old, one of my captains at The Basic School was a rugged Marine who’d been awarded the Bronze Star for defending an isolated combat outpost from repeated Taliban attacks. (more…)
3 Startup Workplace Trends You Need to Carefully Consider
One of the most notable parts of startup culture from the outside looking in is trends. You know the stereotype of the startup CEO — he’s wearing a hoodie that probably cost hundreds of dollars and running meetings from a bean bag chair. However, trendiness isn’t always the right choice for your business. It can be good for your startup to branch out, but some risks aren’t worth taking. (more…)
How Your Startup Can Effectively Collaborate With Influencers
As a startup, your priority is to attract, engage, and turn potential clients into lucrative, long-term consumers. And the optimal way to make this possible is by incorporating startup influencer marketing.
Most consumer brands these days collaborate with influencers to grow their business. Why? Because these individuals have built a lot of trust behind them, they can promote your product or services to their audience and get them to trust your brand. This is a huge sales-driving strategy, especially for new and upcoming businesses. (more…)
The Four Ps That Influence Effective Negotiation
8 Traits of an Effective Business Leader
Drawing Boundaries is an Essential Skill for Getting What You Want
5 Keys To Success In All Relationships
Why Body and Mind Harmony Are So Necessary for a Successful Life
55 Inspirational Quotes That Will Change Your Life
(Images) 52 Motivational Picture Quotes For An Epic Year Of Success
30 Famous Quotes That Will Inspire Success In You
72 Positive Thinking Quotes For More Inner Strength & Growth
40 Rare Motivational and Inspirational Picture Quotes
3 Prince EA Videos To Change Humanities Path To Greatness
(Video) What Is Success? An Entrepreneurial Story To Inspire You
(Inspirational Video) What If Today You Knew You Were Going To Take Your Last Breath?
How To Make Enough Money From A Blog To Quit Your Job – Kate McKibbin
How Finding Your Passion And Becoming An Entrepreneur Can Lead To Happiness – Chiquita Searle
- Motivation4 weeks ago
11 Success-Boosting Motivational Tips You Need to Hear
- Success Advice3 weeks ago
16 Everyday Habits to Boost Your Creativity
- Life4 weeks ago
5 Stress Management Techniques to Find Bliss in Life
- Life3 weeks ago
5 Essential Tips for Dealing With Uncertainty
- Life3 weeks ago
Read This If You Are Tired Of Finding Excuses For Your Inconsistency
- Life3 weeks ago
8 Ways A Digital Detox Will Increase Your Productivity
- Success Advice4 weeks ago
4 Reasons Why Teachers Make the Best Salespeople
- Success Advice3 weeks ago
How to Plan Your Day for Peak Performance