Starting a business can be so rewarding but it comes with a number of responsibilities. Far too often entrepreneurs focus on the wrong areas of their startup. Employee number is not as important as employee empowerment and productivity. Ego can get in the way of decisions that are being made which can be challenging to get into check. The ego can be an entrepreneur’s best friend and worst enemy but it depends on how they leverage it. You need to create a plan then stick to it with certain modifications that are made with data supporting the change. The following are areas of your first startup that you will need to focus on.
Accounting
Small business accounting can be so important for a startup. There should be no issues with cash flow if projections are relatively accurate. You do not want to have to make the choice between two important aspects of the business due to a lack of cash flow that could have been managed. Organizing expenses is always going to be important when it comes time to file taxes. Do not underestimate the usefulness of apps that help take photos of receipts and file them in certain areas. The days of having to save every single receipt are gone.
Nailing Down Hiring Processes
Hiring for your startup is going to be so important during a company’s infancy. Each employee has far more of an impact on the business as a whole than when the business has grown. The infancy of a business is the time to hire versatile employees that can thrive in a number of positions. Hiring software can be a founder’s best friend that is limited on time. Making those first few hires can set the tone for a business for the coming years. Building a team that works well together will also require hiring those that are culture fits for the office or remote work setting.
Freelancers can be such a valuable tool when it comes to scaling projects. An employee that has worked extensively with freelancers in the past can be very useful. The right pool of freelancers can generate quite a bit of revenue monthly. Take the time to utilize freelancers and hire some of them full-time as this can be a great way to save money.
Digital Marketing
Handling digital marketing can be a full-time job in itself or multiple jobs. Finding the right digital marketing agency can be difficult as there are a number of components that are marketing-related. An agency might specialize in content marketing but do not have the staff to handle important PPC campaigns. Take the time to ask to see other results that have been generated for similar businesses. Finding a great digital marketing agency can allow a startup to grow in a consistent manner.
Areas you can control should be dictated by the choices that are best for the future of the startup. Do not get discouraged due to the growing pains that are present at all startups.