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Running a business is a large step to take for even the most business driven people around the world. How can we ensure that when we do decide to take the step into being an entrepreneur, that it will work out? Statistics show that many start up businesses fail within the first year of trade. Follow this advice to ensure that you beat the odds and come out on top.
- Employees. If your business has employees, it’s a good idea to think about how you can be a good boss to your staff. Many organisations fail because the manager is unfair to their workers. Create a good working atmosphere for your employees by providing an area to work in that’s safe, the right temperature (wherever possible) and also clean. Giving your staff an area to take break is also a great way of showing them that you care for them. Remember, happy staff work harder than those that resent their job and their boss.
- Equipment. Among one of the many things that business owners have to think about, one very important factor is keeping equipment and machinery up to date and passing through the safety tests. Ensuring that all parts are regularly serviced is important for yours and any employees safety. Make sure you go for trusted brands and companies to deal with your equipment. For example, specialist companies like Donaldson filters make multiple types of filtration systems for machines. Industry-leading suppliers like these will ensure that you’re getting quality equipment that you can rely on (and won’t disrupt your business when it fails!) You may even be able to offer them something in return from your business.
- Place of trade. Not only do you have to make the working environment safe, if you run a store or area where you make your trade you will need to ensure that the area of trade is safe, clean, and an attractive place to be too. Visuals within a business make all of the difference when a potential customer is making the decision on whether to buy from you or not.
- Business plans. Having a business plan is also a great way of keeping on top of things because you will then have a goal to work towards. As mentioned earlier, the first year of business is where the future of your company will be determined, and although you may not make a considerable amount of profit in the first year, you will by the end of it know whether there’s going to be a business to continue with. If you have a plan to stick to and organise work flows, then your business should thrive.
Although there are many other things that you should be thinking about when it comes to a start up business, if you nail these four points, your business should make it through the first year and mark the start of an incredible business journey. Remember, making sure that everyone involved in the running of your business is as passionate about it as you are! Good luck with your enterprise!