Starting a business can be a huge accomplishment but it is just the start of the hard work. Solving problems early in a startup’s life cycle is important so these issues will not arise again. Pushing off solving certain issues like failure to drive any traffic to the website via marketing will end up coming back to haunt you as a founder. Working with a mentor can be important as a person that has started a business before might have insight that you simply do not. Experience is a great teacher but having someone you can consult can be worth its weight in gold. The following are issues your business can face during its infancy.
The Quality of Hires is Poor
Startups might not be getting those top employees right out of college or from a related business. Hiring software needs to be used as it can help drive up the average quality of hire. Offering perks can also be a huge help in attracting top talent. In the past, offering work from home privileges was the ultimate perk for many. In today’s world though, there are so many people working remotely that this perk doesn’t carry the value it once did. Asking current staff for referrals of people they have worked with in the past can be a huge help.
Problems Getting Paid By Clients
There is nothing that is more frustrating than working with a client that demands all deadlines are hit then pays late or has issues with work done. The truth is that larger companies sometimes try to bully startups as they believe the startup needs the work they are giving them.
Handling this is quite simple though as the payment terms need to be direct and not all on completion. Asking for a certain percentage of the money at various milestones is wise and can keep cash flow healthy as the startup. Delaying the project is the last thing anyone wants to happen. Delays do happen when a client is not diligent on payment or always seems to find something wrong with completed work when invoices are sent.
The great part about the growth of a company is that these types of clients can be dropped in the future. The infancy of the company might be a little too early to be picky with clients. Finding a Raleigh CPA or other accounting professional like Busy Bee Advisors can clear up payment issues or do forecasting for the future months in terms of cash flow.
Trouble Establishing The Brand
The brand that you want to create needs to be consistent. The tone that is on the company website should be the same tone taken in offsite content being published. Attending industry events can be a great way to get the brand name out there. Digital marketing is a great example as small agencies can deliver incredible campaigns much like larger agencies. The beauty of these conferences is that they are fun and educational at the same time. A single meeting with the right person that makes decisions can lead to a business relationship your business sorely needs.
Manage all of the issues and make sure they cannot happen again. You would be surprised as to how useful a proactive attitude in business can be.