So, you’ve decided to take the plunge and found your own business? Good for you! You are setting yourself up for one of life’s greatest, and most rewarding, challenges. Starting a business isn’t easy. You will find yourself having to make some very important decisions and often having to do so more urgently than would be ideal. Learning to think on your feet and adapt, therefore becoming more efficient in your decision making, is clearly a huge benefit in and of itself. Unfortunately, though, especially when you are a new business owner, even simple mistakes can be costly and money isn’t something most people have lots of during those first few years.
Consider an MBA
An MBA (master of business administration) is the gold standard for proving entrepreneurs know their stuff. The MBA is an internationally recognized business degree that teaches students all they need to know about managing and running a business. A number of reputable universities, such as Washington State University, now offer online courses which are not only cheaper than the on-campus versions but are flexible in their timescale. This means that, if you’re feeling brave, you can study your business degree while you are gaining some real-world experience running your new enterprise.
Automation is essential for new businesses. During those fledgling years, businesses are much more sensitive to lost revenue and downtime. Automation allows for simple, repetitive tasks to be performed automatically by a computer system. One common example is the ‘end of day’ routines that any business with a cash register and till software will need to perform. This means that when the cash is counted at the beginning of the next day, the person doing it knows how much money should be there, etc. It is worth investing money in automation and looking at it as a way of saving money in the long run.
Cloud services are a fantastic investment as they will make your business more flexible by allowing work and collaboration outside of office hours. Cloud storage is also much cheaper than physical storage when you factor in the automatic security and backups offered by major cloud computing providers.
New businesses sometimes make a fatal error in not prioritizing their IT systems as an area of investment from the beginning. A good computer system with the right software packages can make a big difference to the people in your business. If you are managing the finances and admin of your business yourself, you will want to ensure that you are able to remain objective and to be able to justify not hiring an accountant. Having the right software to manage and analyze your businesses finances will make things a lot easier for you.
When starting a new business, you have to make a number of tough, important decisions, chief amongst them is the question of where you invest your limited startup funds. Learning to think like a businessman comes naturally to some, so if you feel brave enough to start your own business you need to be bold enough to make these decisions for yourself.