Running a business can sometimes be difficult, especially on the financial side of things. We’ve decided to compile some of the best and most-implemented pieces of advice you’ll want to bear in mind when things get tricky.
Stuck for where to start? If you haven’t started your business yet, or if it’s just early days, it can be very nerve-wracking. Here are some tips to help you out, especially in term of managing your finances.
Research is essential. Research everything from the market you plan to go into, to any competition you may come across. The more research you do, the better, and it doesn’t have to stop after the planning stage is over!
Depending on which market you plan to go into, you may need to consider insurance. Business insurances keep your business and everything that comes with it safe from the unknowns. You simply can’t afford to skimp on insurances.
Get to know your legal rights and responsibilities – or hire a lawyer
Know the right legal structures for your business, as well as industry-specific regulations that may be in place. If in doubt, ask for help from employment solicitors or local solicitors, or likewise. Failing to take any of this into account could be detrimental to your finances down the line.
Start small, spend wisely
In terms of finances, start small. Never spend any more money than you have to on your start-up. Remember, planning and budgeting is key!
Ask help (advice and funding)
Never be afraid to ask for help with running your business – in term of advice or funding. Be it acquiring a loan from a friend or gaining advice from a solicitor, those can be some of the most beneficial things you can do when running a business.
Connect with other business people – and negotiate
Networking is also likely to be of great benefit to you and your business. Be it mentors, suppliers, or employees, surround yourself with positive, motivated people, who excel at what they do. When you’ve built a positive relationship, you may be able to get certain ‘perks’ that comes with it – i.e. special deal with suppliers, more fund from lenders and investors, get introduced with potential clients, etc.
Manage employees well
On the subject of employees; treat them well. Businesses that have a reputation for genuinely caring for their employees tend to see higher profits, and have the obvious benefits of a positive reputation. Recognise your employee’s achievements, and praise them for them. Make sure to offer opportunities for development and training, as well as team-building day on the side.
Step up with your bookkeeping
Another crucial aspect of running a business and managing its finances is organisation. It’s essential in all areas of the workplace, but the major area where organisation must be implemented is finances. Bookkeeping is vital; make sure to keep on top of it no matter what. If you find it difficult for whatever reason, software can be purchased that will make the whole process much easier. If you’re still struggling, enlist the help of another employee, or consult an accountant.
No matter where your business takes you, remember that you and your employee’s wellbeing comes first. Take breaks when needed, don’t pile all of the pressure on yourself, and reward any hard work.
If you need any advice on business or employment law, Clapham & Collinge solicitors in Norfolk are on hand to provide expertise and friendly legal advice on all areas on employment law, buying and selling a business and business support. For more information and advice visit the Clapham & Collinge solicitors website.