Running a business is filled with trial and error. Some mistakes can be avoided.
A recent Inc42 article titled How To Kill Your Startup In 10 Quick Steps listed mistakes that can ruin a startup company. When running a business in the start-up phase, there are certain no-nos. However, we found that some of the tips mentioned can easily ruin established businesses. Here are the things that can destroy your established business:
You may not be hiring frontline workers. Many entrepreneurs are pitched by business to business salesman and bring in new staffing expenses. Maybe a local attorney convinced you to subscribe to a fixed-fee legal service. Perhaps a local cleaning company baited you in with a “clean rooms for free special.” Now you have a weekly cleaning staff. Either way it is important for you to see whether you need all those hands in your business.
Sit down with your account (this tip might make you question whether you need them) and figure out what staff members may not be necessary. On another note, if you need funding to pay the staff in slow times or for expansion, let Silver Rock Funding assist you. We have access to millions of dollars in investor capital to help you fund your staff.
Decorating and Re-decorating
If you have a brick and mortar operation, you want to impress your customers. At the conception of your business you may spend tons of money on furniture and paint. You might even reach out to an interior decorator to invest in your ambience. Running a business is about more than having a fancy waiting area. The longer you are in business, you soon figure this out.
Established businesses find themselves expanding their decorum. After you have been in business for a few years, you might feel that you need an update. Many want to compete with the layout of larger non-customer based corporations such as Google. Although some experts claim having a well though-out office environment lends toward productivity and creativity, it is still important to budget. If you have a less than fashionable company, do not go above your budget to decorate. If you have a business that is appearance-related, such as a hair salon or a clothing boutique, decor is worth the investment.
Silver Rock Funding has funding solutions for business renovations and decorations. In fact, funding can be made available in just 72 hours. What are you waiting on?
For those of you just starting out in business, building a website is a no-brainer. Most experts agree that anyone running a business needs a website. If you have been in business long enough, you may not have needed a website. Well, you do. Stats have shown that 9 out of 10 customers search for a business online, before visiting a business or making a purchase. The mistake that you do not want to make is going broke while building an expensive website.
As it is, hosting a website can cost you up to $100 per year. This does not include other costs such as shopping cart, web security, and website creation. In 2016, the an average website can cost you anywhere from $7,000 to $40,000, depending on your needs. Cover as many costs as you can on your own. Use simple web building platforms such as GoDaddy. If you need a more complex website, Silver Rock Funding has partnered with dozen of investors. These private investors have millions of dollars to lend to small business owners. Don’t go broke building a complex website. For more information on funding for your web presence, check out this piece.
You do not want to lose your business due to making amateur mistakes. Those of you running a business learn that it is easy to get lost in unnecessary business expenses. Make smart decisions. When you need additional funding for your small business, let Silver Rock Funding assist you. Get started on your customized funding opportunity, today.