Budding entrepreneurs are so worried about the capital and return on investment that they forget about the other important elements of starting a business. Sure, you have the capital and the products in mind. But what about the other things that can make or break a business? The first rule in a business is not to be consumed by a singular element. Why is that? Simply because there are far too many things going on in a business that focusing your mind on one thing often means neglecting the other elements of the business.
Legal
Believe it or not, but businesses need a lot of legal services. Whether it’s to incorporate the business, file the appropriate taxes, or apply for intellectual property rights, businesses deal with legalities all the time. Make sure you have a budget set aside for these needs. You may also work with a lawyer or an accountant for a retainer’s plan, so you always have someone to consult with when your business gets into legal predicaments.
Training
It’s not enough to hire the right people with the right skills. You should continue to guide them in their learning process. You have to make training resources available to them, as well as send them to seminars and conferences to upgrade their skills. Business owners often forget to invest in their people when that is one of the most important components of running a business. Invest in your people and see how it improves your business operations.
Technology
Sure, you have the latest technology right now, but what about five years or 10 years from now? Is your business prepared for new and emerging technology? Do you set aside a budget to upgrade your business’ devices and software? Technology often makes jobs easier for you and your employees. Make sure that you have money for the upgrading of your devices and software.
Insurance
By now, you should know that you need to renew your business’ insurance policies every year. There are different types of insurance policies such as general liability and workers’ compensation. When you sign up for one, don’t expect to renew it every year after. Make it a point to review your insurance policies every year. Find a better provider if you can.
Website
No legitimate business can survive these days without a website. It’s not enough to be present on social media. You have to legitimize your presence on the internet by building a website. Make sure the site is well-designed. Make it easy to navigate and update it regularly. Aside from that, post quality photos and content. You need to focus on the branding and marketing of your website, too.
Backup Storage
You need to protect your business data. Unfortunately, you can’t always rely on computers and laptops to do that for you. Think about purchasing backup storage on the cloud. You have to pay for the service monthly, but it will do your business good to have a copy of your data protected and stored somewhere. This way, even if your hardware is compromised, you are not going to lose important business data.
Mentorship
You should never stop learning. As a business owner, you have to seek knowledge from other entrepreneurs. You need to listen, read, and watch. Continue attending conferences, seminars, and networking events. That might be a bit difficult right now given the current situation but reach out to your business mentors. Learn to listen to your employees, too. If you believe they care about your business, then it’s worth your time to listen to their opinions and suggestions.
Contracts
You signed the contracts with your suppliers two years ago. When was the last time you checked them? Are they still valid? Should you upgrade the contracts? Since you’ve established your business, can you ask for a discount for the supplies? Maybe the supplier can offer free shipping since you were a solid client for the past two years or more. You have to make everything in your business work for you, and that includes using your good reputation to gain favors.
Balance
If you overwork your employees, they will not be as productive as they should be. Value work-life balance in the workplace. There’s nothing like a bad boss to make employees want to leave a company. Once in a while, evaluate how your employees are faring. Are they happy? Are they contented? Do they want something more from you as a boss? When they know you value their happiness, it is easier to gain their loyalty and trust.
You have to be holistic as an entrepreneur. You need your eyes on every aspect of your business. When your business is doing good, it’s easy to ignore these other things. But when you start neglecting the other aspects of your business, it becomes easier for it to fail.
