Startups can be challenging, especially when there aren’t enough resources at your fingertips. As a result, entrepreneurs and business owners have to keep learning tips and tricks that will make it easier for them to succeed. Managing startups requires keeping track of several things and this article focuses on five smart tips that every startup needs in order to make it easier to carry out the necessary activities.
- Automate how you keep track of what you learn:
Startups learn as they go and there is often a lot of learning that needs to be done. There are new structures formed, new lessons learned, reviews and advice from mentors, and so on. This beginning learning phase is important in order to keep the longevity of the business and move past the startup phase into a strong business. Therefore, entrepreneurs and managers are in need of a means of keeping track of what they learn as they go. It’s great that there are apps available to help keep track of things like this – such as Evernote, where you can take notes of things on the go.
- Make your business findable:
Startups need a lot more marketing and publicity than older businesses do because they are not as known. Therefore, as a startup, it’s important that customers can find your business when they need it. Customers have to know that a startup is an option when they are trying to find a related service. Making the business findable is achievable using efficient and targeted marketing in the necessary outlet. Social media is a highly popular and cost-effective platform that startups can use for help to get the word out for their business. Another option is the use of SEO tools.
- Accounting should be handled critically with the right means
Finance is an important factor to be considered by any startup. Accounting and keeping track of cash flow is important. Startups may not have many staff members or departments; therefore, they may not have a designated accountant. However, whatever the case may be, it’s essential that startups keep track of how their money is spent and how it’s coming in. There is software like Freshbooks, Quickbooks, or Sage that can help make accounting easier and help entrepreneurs keep track of their cash flow. It is important that entrepreneurs take care to pick the right software to use for the accounting from the start.
- Handling legal matters early on:
Startups often put off some critical legal parts of their business to deal with at a later time, but the truth is that it’s better to handle legal aspects of the business head on at early stages in order to avoid problems. This means tackling things like contract documents, formulating business structures, and taxing early on. It’s important to hire competent professionals to handle these topics and protect the business from any future legal problems.
- Keep it all documented:
It’s important to keep everything about the business documented – from the business plans to the objectives. Not only is this necessary to track growth and assets within the business, but it’s also necessary when seeking investors. Investors like to know exactly what they’re getting into and that they can trust you to handle your business. The only way you can show that is by showing your business timeline.
Startups need as many tips as they can get. These five smart tips can help startups be more decided and organized on matters concerning their business. So, get out there and work on your startup and build the business you have always dreamed of. If you would like to learn more about how to start and run an effective startup, check out the book The Lean Startup: by Eric Ries or Try Audible and Get Two Free Audiobooks, and use one of those free audiobooks on The Lean Startup.