Even before you become an official business, this is something that you’re quickly going to come to learn. It’s not all smooth sailing, and it’s hard to even get an idea off the ground without running into a million and one problems. And that’s at the stage where everything is sort of relaxed. You’re not official yet, so you don’t have much to lose, and you most likely won’t have spent that much time and money investing in your idea. Well, the time might consume you compared to what you’re used to, especially if you’re someone who works full time as well. But everything we’ve spoke about is what will happen beforehand, it doesn’t even compare to what will happen when you actually set up your business. Like with anything that you have by your side for a long time, the good, the bad and the ugly will most definitely shine through. Every business will have a little snippet of each, and yours will be no different. It’s just down to you as to how you deal with the situations you come across, and what you make of the good times that you have! To try and help you with it all, we’re going to outline some of the good, the bad, and the ugly that you might have to go through, and how you can help yourself deal with it all!
- The Good. The good is something we want to start this article off with, because we really do feel like sometimes when you’re going through a bad time with your business, the last thing you’re going to want to hear about is the bad, so let’s highlight some of the good. When business is going good, it can feel like you’re on top of the world. You feel as though your business is going to go the full mile, which if you make the right moves, it will. Now, if you’re feeling the business high as it were, it’s probably because you’re making more profit than you thought you were going to be able to make, and that’s great. But you need to think about what you’re going to do with this money if you want to your business to carry on growing, and the number one thing that you can do is invest your money. It doesn’t have to be into anything that you’re not really sure of, you could simply invest back into your business in order to better some of the areas you have. You could invest into new equipment, a better facility, more marketing etc. Anything that you know is going to better your business is worth putting money into! But as your business grows and grows, and you feel like you’re pushing money into it more, you can start to think about investing into other areas such as property as a long term investment idea. Any way that you can grow your money is something you should be looking into! When business is going good, you’ll also notice yourself becoming more of a brand. You will have been a brand from the beginning, but you won’t actually feel like one until you get the recognition that you know you deserve. You start to feel like one when you have reliable customers, or you hear people talking about your business in the streets, or you see a poster that’s been put up. When it gets to the point where you feel like your business has a voice, you need to give it that voice. You need to go to things like trade events and conferences, because this is the best place that you’re going to be heard. You might turn into a little fish in a huge pond at an event, but you’re still a little fish who has the chance to share ideas, tell the world about your business, and showcase it in the best light possible!
- The Bad. The bad and the ugly are things that nobody likes to talk about, but it’s the elephant in the room that we need to address. It’s so easy to think that your business is just going to fail when the bad times come, but we know enough to tell you that if you ride them out, it’ll be like the bad times aren’t even happening. One of the worst times a business can go through, is that period after Christmas where nobody has any money to buy anything. You might think we’re crazy for talking about it now, but a lot of you will still be suffering from the losses you faced with it. When you take a financial dip, you have to make tiny little cutbacks to save money. It’s all well and good thinking that things will change pretty quickly, but you have to be prepared for them not to. You have to think about all of the overspending that you’ve probably done at the minute, and how you can cut back to funnel money into the more important parts of your business, such as marketing which should help to bring your figures back up. When in doubt, always talk to a financial advisor and a business advisor as well. It can be easy to ignore the help around you, especially when it’s concerning your business. But if you take the time to talk to the relevant people, they should have the information for you! Another bad that businesses go through, is failing systems that have been put in place to try and keep the company running smoothly. Standard things like IT infrastructure that help support the business can be an absolute nightmare to manage, especially if the company that’s helping you is not up to scratch. You wouldn’t believe the amount of companies who are suffering at the minute because of a poor IT server, leading to down time, a slow business day, and issues with customers. What you need is solid managed IT services that are going to support your business and all of the data and software it holds, and to use up to date equipment in the office. That’s also another related bad that we think people are suffering with, poor technology!
- The Ugly. The ugly is the parts of business that you really don’t want to have to deal with, yet you find yourself dealing with on a daily basis. One of the biggest, is employee management, Managing employees really can change you as a person, and it’s up to you as to how you go about it. But more often than not, you will find that this brings out the ugly in your and your business, especially when you have a team that’s just not working for you. But one thing you really don’t like doing… we hope, is firing. But sometimes you do have to make that decision for your business, and letting someone go to bring someone new in is the only option. When it comes to doing something like this, you have to think about their financials you’ll be putting up in the air, and their confidence you’ll be knocking, so try and be as diplomatic as you possibly can be with this. You also need to be diplomatic with how you treat your employees in a normal working day, because too many times now we’ve seen the office environment be ruined due to an ugly attitude from the boss. Try and remain and happy and as upbeat as you can, and actually connect with the people you have working for you!
Note: this post contains contributed content.