Starting a business is no easy task, and takes lots of time, commitment, and dedication. Oftentimes however, people will start a business underprepared, and will subsequently run into problems along the way, that may even cause them to shut down their business. One of the most integral keys to starting and maintaining any successful business is organization, and most problems stem from here. Here are 4 common problems and their solutions in order to make your business run more efficiently.
- 1.) Cash Flow Management
- The common problem with cash flow stems from the delay it takes for checks to arrive. Your pay arrives around 30 days later after the invoice is sent, but you still have to pay expenses like rent, personal bills, and employee payroll, and it can become easy to become lost in these payments.
- The solution to this would be to create a proper budgeting plan, and utilize a few strategies. The first would be to set up down payments for certain products/services, so that way this will be able to cover expenses used on that product, and you won’t have to worry about waiting to receive money for those bills. The second strategy you can implement is to require faster invoice payments, within 15 days usually, in order to give your customer an earlier deadline, that way if they are late, they won’t pay in the next month causing a delay.
- 2.) Time management
- A very common problem faced by many people daily, especially entrepreneurs, is time management. Time management is a critical skill to master, especially for people who have multiple activities in their lives, such as sports, school, or in this case running/starting a business. Improper time management can cause stress, and make them feel like they have less time in the day than they actually do. Here is how to combat this
- One of the most important things to do is to plan out your day. Using a digital calendar or an agenda, and write down the events or tasks you have planned that day, as well as the time that you are doing them from. Make sure to schedule in events like breaks, eating times, and of course, time to devote to your business. This will help keep you more organized during the day, show how much time you need to spend working that day, as well as help keep you focused and on a schedule. It is also important to note that certain tasks may have to be actively procrastinated by you, in order to make room for more important, pressing tasks. Also, be sure to delegate tasks to other groups or individuals, as they may specialize in them, and it takes a burden off of you. For example, you should use Brandarrow Agency to market your business, as they will do a superior job performing this task for a very reasonable price, while you can focus on other aspects of your business. It is important as well to set goals for yourself for the day, week, or month, to show your progress and success.
- 3.) Marketing Strategy
- Most young entrepreneurs will have a good idea of their business model and plan, but need to make sure that they set aside funds to market their business as well, especially as a young company. Oftentimes, extensive marketing is overlooked.
- Some of the best ways to market include endorsements, mobile or online advertising, and improving your SEO. With different aspects of marketing to handle and optimize, it is best to create a solid marketing plan. This way you are able to delegate enough time and resources on each aspect you want to focus on. A suggested route would be to use the marketing plans and services that can be created by Brandarrow Agency, for superior quality and a good price as well, suitable for a young entrepreneur.
- 4.) Hiring a Staff
- Oftentimes, it is very difficult to find qualified workers for your business, especially starting off as a small business, where each employee is a crucial pick and may need to help you out more than just being a worker. Good employees, especially for a small business, are a key part of the startup and success of your business, and you as the entrepreneur have to make sure they are qualified for the job and put out respected work. Here are strategies to accomplish that. The most important thing to do is to conduct complete job interviews. Make sure that during the interview, you ask meaningful questions, not just simply their statistics. Make sure that during this, you are able to figure out their work ethic, commitment levels, and overall people that fit your criteria. Make your long-term goals clear, and see if they are on board with it, or if they’re weary about it. Do not treat your employees like minions, but instead make sure that they feel like a partner to the business. By doing this, you are gaining knowledge about the type of person applying for your job, as well as establishing a good connection with them as well, which leads to better success down the road.
Brandarrow Agency is a digital marketing agency, dedicated to help you grow your business, and is especially suitable for young entrepreneurs. Most marketing agencies can charge close to $2,000 a month to market your business. This is not suitable for a young entrepreneur, and is better suited for a more well established company. Brandarrow Agency only charges $30 a month, or the equivalent of spending just a dollar a day per month on marketing your business, which is a big bargain. Marketing is an incredibly important aspect to any business. Now, you don’t have to skip out on this step because it is unaffordable, and can afford to grow your business. Please contact Brandarrow Agency for more marketing information and plans.