If you’re thinking about launching your own business, whether it’s a new fintech startup, a shoe shop or striking out on your own as a self-employed hairdresser, it’s useful to ask yourself if you have all the tools you need. Trying to go it alone, without this framework of helpful knowledge and levers to get what you want can make your life unnecessarily difficult, so let’s take a look at a basic list of the tools business owners need.
Whether you find a good business accountant or just some helpful software that makes logging and sorting invoices easier, dealing with payments, invoicing and tax manually really ought to be a thing of the past.
When you’re first setting up it can be really useful to talk to a human business accountant to make sure you’re putting in place systems that will save you time and money – and avoid penalties that can be costly both financially and in terms of reputation as well. In terms of day to day operating, different businesses have different needs, but many small businesses can save money by using accounting software rather than retaining an old fashioned accountant.
In the same way that not getting advice on your accounting needs when you’re setting your business up is risking problems and denying yourself savings down the line, not getting advice from a business lawyer when you’re starting out could well be a false economy. They can advise on constituting your business, hiring policy and more to make sure you’re not merely complying with all the important laws in your sector but doing so in the most efficient and effective way for your business.
A strategy is an important tool for the business owner – it’s not just a way to convince investors you know what you’re doing. It crystallises your decision making on your best day, giving you a blueprint that stops you making short term decisions with long term harm.
It’s an invaluable tool, but not an easy one to arm yourself with. It could be worth using business strategy consulting firms who have a deep experience of this specific task than trying to spread across multiple different areas of expertise which aren’t directly related to running your business and could distract you from crucial decisions in those early days.
Invest some resources in expert advice and you get a tool that can guide your business development for years to come.