Often the first twelve months of business are the most difficult. During this time you need to promote yourself and find customers. One of the best ways to succeed is to use the business coaching services on the Gold Coast to help you. Most startups fail in the first 12 months simply because they do not have the financial resources and experience to keep themselves afloat. If you have been able to survive the first year of business, then you deserve praise and deserve to be proud of your achievements. You also need to position your business to safeguard your future.
Below are five tips that will help your business achieve longevity:
1. Understand your Intellectual property
It’s important that you realise what your intellectual property is and are able to claim ownership. This means that you should document all your creative discussions when initially planning your business venture, especially if you have original ideas that do not rely on other people’s creations. Then you need to patent it to protect it and stop another coping and stealing your plans
2. Keep proper records of all your financial transactions
Apart from the fact that you’re legally obliged to keep proper financial records they actually make knowing where your business is, possible. Without them you cannot have a costing or set of accounts, so you don’t know if you’re making a profit, standing still or going backwards financially.
You need proper accounts to make sure you’re paying the correct amount of taxes and claiming all the deductions you’re entitled to.
It’s also important when paying employees, so you are always protected if there are any claims about their wages
3. Move your business online
This is the digital age and all businesses should be online and virtual as well as land based, if you desire. Online you can expand your business and reach a much greater audience while still retaining your land based opportunities.
This is a must if you want to compete, as those who don’t, will be left behind and really not have a positive future.
The very least you need to do is have a proactive web presence and attractive social media profiles
4. Establish as many as possible useful business contacts
Business is getting very unpredictable with global financial fluctuation now playing a greater role in local economies, so it’s now becoming more important to establish as many useful business contacts as possible. By joining and attending functions and courses arranged by business coaching services on the Gold Coast you have the potential to meet and form positive business relationships with many people in the same or similar industries, for your mutual benefit
5. Value your employees
By putting in the effort to show your employees that they are valued and important to you, it will help to reinforce and secure their loyalty to you. When times get tough having a loyal team behind you can make the difference between success and failure
Safeguarding your business future is all about having proper records, securing your intellectual property and having friends in the industry. This is best done by attending programs and courses arranged by business coaching services on the Gold Coast enabling you to learn the best approaches.