In the quest for financial freedom many people have launched businesses in haste, leading to a whole myriad of problems that could've been avoided with the appropriate planning and preparation. While some companies have gotten by winging it and making progressive changes as they go along, the majority of businesses that take the "go with the flow" approach wind up in distress within the first year of operation.
Thus, the best way to reduce the likelihood of becoming yet another failing startup is to take the necessary preliminary measures and precautions before the first transaction ever takes place. With that said, let's look at some steps business owners should take before launch day:
1. Choose an Ideal Accountancy Service
In order to grab a firm grasp on the performance and progression of the business early on, it is imperative to keep a thorough record of all expenses, revenue, income, and any applicable taxes. Choosing an ideal accountant beforehand will ensure that you're prepared to begin tracking and analysing profits and taking steps towards improvement from day one. Dealing with a reputable firm (i.e. - Crawfords Accountants) is preferable over using the services of an individual accountant, as having a team to rely on limits the possibility of error.
2. Review and Revise Short-Term Business Objectives
Although your business plan and model should already take into account what the company is aiming to achieve in the grand scheme of things, it is equally important to stay focused on smaller short-term goals, especially in the first few days and weeks of operation. Setting such goals and monitoring how well the business is meeting them is a great way to address operating deficiencies early on.
3. Ensure Management Staff is Well-Briefed
Unless you're running a one-man show, it is absolutely necessary to ensure that all of your managerial staff members are on the same page in terms of the quality control or protocol for the product or service you'll be offering. First impressions are paramount in any endeavour, and since your employees will be dealing directly with prospects and customers, they are the most important assets to focus on before launch day.
4. Plan and Prepare for Possible Mishaps
There is an old adage called Murphy's Law that states "anything that can go wrong, will go wrong." This doesn't mean that your business will instantly fall victim to the one shortcoming that you happened to overlook, but it does mean that such an outcome is certainly a possibility. Why leave your business vulnerable to premature failure unnecessarily? Sit down and make a list of every possible mishap that you believe could be a possibility, and immediately start planning ways to deal with such problems if they arise.
Planning Doesn't Stop After Launch Day
Finally, every business owner should understand that running a company successfully requires ongoing attention to efficiency and results. A great first month does not automatically equate to a great first year, so be vigilant in looking for ways to improve and correct business operations through detailed analysis and planning.