Moving from employee to small business owner is one of the more difficult tasks one can undertake. There are many things that new business owners can easily overlook or be unprepared for. There is a wide range of issues to look out for if you are thinking about going into business for yourself. After all, when you move from working for a company to running your own, you become the worker and the CEO. You are also your own HR, finance department, IT help desk, and more. There are a number of mistakes that can create potholes in the road ahead of you, and many of them are avoidable.
Your new business is going to need a clear objective and mission statement. Going too broad with your message and trying to help everyone is one of the first avoidable mistakes you need to keep in mind. Successful businesses have an ideal client in mind. When building any business, your focus should be broad enough to reach prospective clients that may not know that they need your services but narrow enough that you can lead your business with certainty, clarity, and specificity. This will save you money initially as you won’t be funneling funds into an unnecessary element of your success.
As a business owner, it is important to be able to focus on the growth of your business simultaneously with the growth of your clientele. There will be times when the amount of business can be overwhelming, making it very easy to lose focus on moving your business forward. There will also be times when business will slow down. It is key that you do not freak out and lose your focus during these times. The business will come and go.
As a small business owner, you must navigate through these times without losing sight of the goals you have set for your growth. If you can use the slow times as a chance to reimagine and retool, rather than a reason to get nervous, you are going to be better off.
Being the boss does not mean that you are required or expected to be an expert in every facet of the business. This is where hiring and delegation are key. You can only be as successful as the team you build around you. Financial experts need to be brought in to manage the money that comes in and goes out and ensure that it is being utilized properly.
ORT Consulting specializes in business and accounting consultation. This makes the experts at ORT an ideal addition to your team. Not only do the professionals at ORT Consulting have the experience and expertise necessary to avoid the financial pitfalls that can come along, but they can also help teach you and your staff about ways to avoid problematic financial situations in the future.
Mistakes are meant to be learned from. Sometimes we need to make these mistakes on our own in order to properly learn from them. ORT Consulting has learned enough to ensure that the avoidable mistakes that other businesses have made are not made by you. For more information, please visit www.ortconsulting.com.