Your First Few Years in Business: Tasks You Need to Prioritize

Congratulations on becoming a business director - this is an exciting time for you, although it’s probably equally stressful! Unfortunately, that’s just part of the package. Hopefully, over time as you become more established, you’ll be able to reap the rewards of being a business owner more than anything. So, it’s important as a fledgling business, that you pay extra special attention to certain aspects of your work. Let’s have a look at the different things you need to consider in your first few years.

Finances

The idea of sorting out your tax, payslips, invoices, expenses and all the rest is one filled with trepidation. The last thing you want to do is make a vital error on your official documents that you submit to the government. If you do, there could be serious consequences. So, it’s highly important that from the very start you’re on top of everything and as organized as can be. This will make it easier when it comes to compiling all your financial information such as your tax return or Income Statement when needed. Remember, ensuring you’re on top of all the necessary admin will give you more time to focus on other areas of your business.

As well as keeping track of all of your outgoings and income, you want to ensure you have a solid budget plan in place. This will allow you to forecast, set goals, and anticipate any potential issues. It’s always better to have a plan in place with your funds, so you know what to expect and have something to work towards. Get a budget plan in place early and it’ll allow you to maximize your finances throughout operations.

Target Market Research

As a new business, you need to clearly define the consumers you want to reach. You could do this through various methods - questionnaires, beta testing, focus groups, trial and error, etc. It depends on what your business is and the ideas you have. However, you do need to narrow your target audience down, so that you can cater your branding and marketing accordingly.

Marketing and Online Presence

Leading on from the previous point, your marketing and online presence is what is going to get you discovered in your first few years in business. That means you need to perfect it early on to instil a strong brand image, whilst also reaching the right people. To start off with, you’re going to want to build a strong website that states clearly what you do, what you offer, and how it will benefit people. You should also consider social media platforms to complement this. Then, Search Engine Optimization is something for you to look into. You want your website to be seamless so that it can bring you custom in ongoingly. It does take a lot of work, to begin with, but once you have something that works for you, it will flow a lot better.

Overall, you have a lot to think about but once you pick up the ropes, you’ll be fine. Try to enjoy it as much as possible!