What New Business Owners Wish They Knew When They Were Starting Out
Starting a business can be overwhelming in certain aspects due to a lack of experience in dealing with particular issues. Mentors are very important in a young entrepreneur’s journey as wisdom cannot come from someone that has not run a business before. People that have had traditional jobs do not understand the pressure of a number of people relying on them to keep the doors open. Lessons that are learned need to be applied in future situations. The following are things that business owners wish those that have just opened their business would know.
HIring Family and Friends Might Not Be a Good Idea
Starting a new business means that you are going to be asked if there are any openings by family and friends. You might have a close friend that you love that has the worst work ethic possible. You are running a business instead of a charity so if they cannot do the work, do not even consider hiring them. Family can be different as you might have a cousin or sibling trying to build their resume right out of college. You cannot tolerate slacking by anyone as this can hurt the culture within the office. Getting software that assists in hiring can be very useful. The utilization of data on a resume can help identify potentially great hires. Increasing the average quality of hire can allow a company to staff itself with top talent.
Get Professionals to Handle Accounting
The last thing that you want is an error to ruin your business when things have been going well. Expenditures due to not understanding your true financial health happens all of the time. Enlisting the help of an accounting firm will be necessary especially if you have a massive number of transactions annually. The last thing a new business wants to do is spend more money on taxes than it actually has to. There are so many expenses that can be written off when compared to personal income taxes. The added fact that business tax preparation can be tough makes this quite an easy decision.
Competitors Might Take Shortcuts
The unfortunate truth is that some competitors will do anything to get an advantage. This is going to include hiring employees that might have been let go. You need to put certain clauses in hiring paperwork as you do not want a former employee giving out company secrets to a competitor. Tarnishing the reputation of a business can also be done through fake reviews and threads started on social media. Do not respond to these things but rather try to get to the origin. If there is proof of slander by an employee of another company that was common knowledge, this could be a PR nightmare that no competitor could overcome.