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The first twelve months are arguably the most exciting part of running any business. The whole task of finding your feet, the veritable rollercoaster ride of getting everything up and running, the many issues, the exhilarating ups, and the very low downs, but it’s all grist to the mill. And once the honeymoon period is over, and every single teething issue appears to have been resolved it’s time to get down to the real work, but this is where things can really cause hassle and leave you in the lurch. So, what can crop up?
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Problem: your employees leaving
Yes, after working your fingers to the bone and constant reassurance to your colleagues that the business is in ascendance, they may jump ship at the worst possible moment. They could leave for various reasons, better pay, a stable work/life balance, and there is nothing you can do about it. It can leave you in a precarious position.
Solution: provide more “security” for them
The real reason anybody leaves their job is because they don’t feel secure enough in the position, either emotionally or financially. If you can provide that metaphorical blanket in one way or another, either by providing more detailed contracts or by appealing to them in a more personal way, it is likely to keep their minds at ease. It’s all about give and take, and you will need to find the right balance, but they need to feel that they are being given enough by you.
Problem: your finances
Finding ways of cutting back on your overheads will always pose a significant problem, and during that first difficult year, it will consume your thoughts. You could throw money at a situation and end up spending too much on that one problem when your finances could have been better suited to solving another problem. You can easily end up firefighting certain problems by throwing money at it, which can leave you in a quandary.
Solution: hire an accountant
Organization is key to getting your finances in check, and you won’t be able to look after your finances properly while you’re busy looking after the business, so you’re going to have to bite the bullet and get an accountant. It’s an expense, but an essential one for peace of mind. A dishonest tax return, regardless of how little the mistake, can result in severe penalties. And if it’s too late and you’re in the middle of trying to sort the issues yourself before a tax deadline, you can speak to a lawyer for taxes for some additional advice. With something like finances, it’s not advisable to try and muddle through. Get professional help.
Problem: the business is not taking off “fast enough”
The first year will always be tough, but you can get frustrated by the lack of impact on your sales and funds and the feeling that you’re not where you want to be can loom large in your mind.
Solution: have more grassroots promotion
Never underestimate the importance of what word of mouth can bring. Have more events, make a bigger splash with one-offs, or actually have a proper business launch. You’ve done the graft, now it’s time to spread the word.
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