Remember when starting a business was easy? Back when it was a simple, straightforward task with no need to worry about budgets and strategies and everything else that goes into building a brand new venture?
Me either. Because starting a business has always been an uphill battle with a lot of obstacles and challenges to move past, but – despite the overwhelming amount of tasks that need to be crossed off the to-do list before “Open for Business!” can be declared – things can be a little less hectic if they’re properly prioritized and dealt with accordingly.
That’s the subject of a recent article from one of our favourite sources, the Intuit Small Business Blog. Entitled 6 High-Priority Startup Tasks for Entrepreneurs, it takes a look at a list of items on which new business owners should focus when they start their venture. This is an extremely important factor in the early stages, as minor missteps here could mean major problems down the road. Let’s take a look at one of the recommendations from the article:
2. Spend carefully. Review every expense before you pay for it. Look for opportunities to conserve cash at every turn: by bartering with suppliers, by offering equity to key employees, by doing work in-house instead of farming it out, and so on. If you have employees, remember that no one else has your level of motivation to keep expenses down, so think long and hard before you give anyone else access to your bank account.
This tip falls under our area of expertise, and offers some sensible advice. Those undertaking their first business venture may be tempted to spend, spend, spend, as much as they can in order to ensure expenses are covered off the bat. This can, however, backfire, and new entrepreneurs may find themselves in serious financial straits before their first year is over, something that is often extremely difficult to recover from. That’s why it’s key to pay attention to every single expense, weigh options carefully, and stay focused on anywhere you can save cash.
We’re always happy to share tips for startups. If you’re planning on building a new business, we recommend taking a look at this article to get a good idea on which areas to give the most attention.
What do you think? Have you started your own business and paid attention to these factors? Do you plan on moving forward with a startup and following this advice? Your thoughts are always welcome, so let us know!