There are many hurdles in the race to business success.
In this piece, I’ll help stop your business from stumbling over them.
Here are some key things you need to be aware of, to stop your company from stumbling:
The Staff You’re Hiring
Did you know that high staff turnover causes a small business to stumble?
Staff/employee turnover refers to the amount of workers that leave your company and get replaced. If this happens a lot, it can mean bad things for your business.
Hiring new people can slow down productivity levels in your business. You will go through a period when you’re short on staff as you look for new ones.
So, you can’t get as much done as you’d like. Then, when you do find new staff, you have to train them and get them up to speed.
Once they’re trained, they need time to settle in and get used to their new job. It can take months before things are back to normal and you’re at your peak level of productivity again.
And, this is when you have to find one new member of staff. Imagine this happens multiple times in one year. For low-turnover rates, you have to be aware of the staff you’re hiring.
Don’t rush into it and hire the first people you see. Take your time and hire people that truly fit your company. They’ll work for a company that fits them, and have less reason to leave.
Hire the wrong fit, and they’ll be gone in weeks looking for a more suitable job.
The Way You Manage Your Contracts
Plenty of business owners don’t pay much attention to contracts before they start their business.
But, they soon find that a small company ends up with a lot of contracts.
You have your commercial property tenancy contract. Then, you have contracts with suppliers, and other companies/people your business needs to work for.
The way you manage your contracts is very important. Improper management can lead to a loss of money and will cause your business to stumble.
There are companies like ContractWorks who provide contract management software for businesses. This kind of software can help you stay on top of all your contracts.
So, you know when renewal dates are coming up, and ensure no problems occur. As a result, your small business doesn’t stumble, and keeps moving forward at a steady pace!
The Way You Handle Your Business Accounts
For many newcomers to business, this is the thing that causes them to stumble.
The way you handle your accounts is essential if you want your business to survive. Remember, you have lots of things to be wary of.
You need to keep track of all your spending, and the money that comes into your company. Expenditure is important as there are many things you can note as a business expense that is tax deductible.
Too many small companies overpay on tax as they don’t claim any business expenses. Hire an accountant to handle your accounts for you.
They’ll make sure nothing gets missed out, and you can manage your finances better. Improper finance management can lead to issues like missing tax, and ending up bankrupt.
Is Your Business Stumbling?
Keep all these things in mind, and you’ll prevent your small business from stumbling. I know for my business these things have all been stumbling blocks for me. (No Pun Intended)
However it always amazes me how much I learn as I run my business every year and just when you think you know it all something comes along to test you again.
So what are some stumbling blocks your business has dealt with? Feel free to share you thoughts and comments below this article.