What not to do when starting a new business


Author: Henry Ejdelbaum

Tags: SMEs Growth

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We always see articles about the things all new business owners should be doing to kickstart their ambitions, but what about things that you should be avoiding?

They could be pushing your business back, even if you are doing everything else right. Worry not, we’re here to help. Of course, this is a general list where not everything will apply to everyone but below are some ideas.

  1. Not employing staff (when you really should)– Even if you are on the earlier stages of setting up your business, one of your next steps should be employing staff, it will be a cost in the short-term of course, but in the long run it will allow you more time to focus on growth whilst getting some support with the day to day.
  2. Not delegating work – there are many areas that a business owner has to keep track on, but on other areas the work should be delegated to others. It is not possible to stay on top of everything, especially on time-consuming tasks such as bookkeeping, securing finance, or even simpler tasks as keeping your premises tidy. It would be best to focus on the most strategic and impactful tasks and distribute the rest to your staff or advisors.
  3. Not investing in the business/yourself – if you want to grow, you must always invest back into your business and yourself, and that includes all potential tools to maximise your results such as online courses (see Help to Grow: Management), an actual functional website which is maintained and updated (Check WordPress or Wix), and in the medium-to-long-term possibly purchasing your premises. Instead of paying rent for your premises and owning no property in many years, you could be paying a mortgage to own your business’ premises in a fixed time.

Lastly, not having online presence could be limiting your growth, such as a website, social media accounts, etc. Although every business is different and it does not always apply to all, the above could be a start.

Your local AIMS Accountant could provide other ideas on business support and technical advice, so get in touch today.