Business As Usual

The Most Pressing Problem for Startups Today

 Going into business for ourselves is a dream that many of us aspire to. Who wouldn’t want to be their own boss, set their own working hours, and work to make themselves rich?

The reality, though, is that dreaming of running a business and actually getting one off the ground are very different.

Startups, in today’s economy, face many challenges. There’s a lot of competition, and the barriers to enter in some markets can be quite high. Of course, there’s also the fact that it normally takes some time for the business to gain traction and start turning a real profit.

But of the most pressing problems for startups today is incompetence. In fact, this issue is actually the reason that 46% of start-ups fail.

Ineptitude Could Cost You Your Business

Ineptitude, either in yourself or in your staff, can kill your business faster than a lack of resources.

Not using the right marketing tools, for example, could mean that you miss out on essential sales. A simple accountancy error could land you in hot water come tax time. A staff member who gives a client bad advice could cost you a lot of business.

These are all things that could kill your business, and they all boil down to one simple error – not hiring the right people for the job.

To be fair, though, it can be difficult when you’re just starting out.

When do you choose to spend money on a professional agency, or accountant, and when do you try to tackle the job yourself?

Expense or Investment?

That’s something that every business needs to think about carefully.

Doing everything in-house might be seen as a cost-saving measure if you’re looking at it purely as an expense. Maybe instead we should consider it as an investment.

Let’s take a look at the marketing, for example. If you’re hiring a professional agency, it’s going to cost more than it would if you handled the marketing yourself.

But let’s consider this from another angle. How much do you know about your target market? What sites and social media platforms do they frequent? What marketing angle will work well for them? When is the best time to post?

It’s the answers to questions like these that might take you a while to find out on your own. In the meantime, you might make some serious gaffes when it comes to your posts and campaigns.

These might not kill your business outright, but they could make it so you miss out on a lot of business.

When you Look at it from that point of view, seeking professional marking help is actually an investment, rather than just an expense.

Now, clearly, you’d have to choose the company that you’re working with carefully. If you do, though, you could be giving your business a competitive edge.

Final Thoughts

While new businesses do need to manage their finances carefully, there are instances where it pays off to use a professional service. Ask yourself honestly whether or not your team has the skills to handle the task at hand, or if they can learn them fast enough.

If not, it’s worth considering hiring someone to assist with that task.