How To Stay Afloat As A Small Business

Written by Chloe Harwood

So, if you are running a startup, or perhaps you got past that phase, and you are an up and coming business, chances are you are still not in the most stable of positions. Funds are not excessive, and often both your money and your workers will have to be spread thin in order to deal with such circumstances. Such is life of a starry-eyed entrepreneur, full of twists and turns, big risks and even bigger rewards. However, sometimes it can get a bit too tiresome, and having to deal with constant issues probably won’t reflect too well on your mental and physical health in the long run. Now there is no way to absolutely avoid stress when running a business, that’s just the nature of the job, but there are ways in which you can make sure you don’t destabilise too often. Let’s have a look at a few which you can start making use of in the near future.

Money Management

Until you have more money than sense, you need to keep a constant eye on your spendings. You have to be completely in control of the cash flow, all the money coming in, and all the money coming out need to be accounted for, and managed properly. On a regular basis, you should see what is eating up the biggest amount of money in the company, and see if you can save on it. If not, go on to the next biggest offender and repeat the process. Before you can allow yourself for luxury, you need to streamline as much as you can and cut corners whenever you can. If you are old school, a pen and paper will do the trick, but if you want to keep up with the times, then most people keep track of their spendings on a spreadsheet in Microsoft Excel.

Risk Avoidance

Much like anywhere else, business has its fair share of risks that need to be taken sometimes, but some which can be avoided entirely. If you find yourself as a rather indecisive person and feel like you might have played your cards wrong in the past, or maybe your heart just can’t take the constant pressure, you should think about investing in hiring a risk consultant. Many companies such as Poms & Associates provide services which inform you about ways in which you could minimise your risks as a business owner. Not only will their experience and knowledge be huge to have on your side, but your profitability will also rise as a result. Highly recommended for the faint of heart.

Don’t bite off more than you can chew

If you are still relatively small, you need to keep that in mind while making all your business decisions. Got that one high-profile job which could be your company’s big break? Before you jump on the opportunity like there is no tomorrow, evaluate the situation and actually think if you can handle a task of that kind of scope. Failing to deliver on such a project will prove to be much more damaging to your business and reputation than just declining it and waiting to fight another day.

About the author

Chloe Harwood