The walk to work this morning was testing, to say the least.
A storm has hit the UK and I wasn’t prepared for the bitter cold despite the weather warnings that have been broadcast over the course of the last few days.
This change in climate is comparable to the development of your business.
There will be times where the market isn’t as predictable as you thought it might be.
Sometimes, you’re going to be hit with unexpected costs or obstacles that prevent you from achieving your goals.
But you mustn’t stop.
You have to adjust and figure out how you’re going to make it work.
Whilst starting a business during a slow economy is not ideal, there are certainly still ways for you to turn a profit.
It’s about survival
Business is, arguably, always about survival but never more so than during a slow economy.
In order to improve your chances of making through a cold winter, you should have a firm grip on your finances.
Learn to be prudent; maximising income and minimising outgoings where possible.
Check out Freshbooks for easy online cash flow management and financial administration.
With little difficulty, you’ll be able to clear up any uncertainty you might have regarding your business expenses whilst simultaneously gaining valuable insights into business performance, time tracking, payments and more.
Freshbooks are not the only cloud-based accounting service but there’s a reason they’re held in such high regard among self-employed professionals and agencies, firms and consultancies alike.
Efficiency is key
The best use of your time is making sure that your clients get the highest quality of service as possible from you. If you’re spending time chasing around invoices, focusing on repetitive or unessential tasks and procrastinating then you’re not spending that time on delivering value to your clients.
The more time you waste on the above tasks, the less efficient your business becomes.
Maximise your efficiency by automating as many tasks as can be automated.
There is a tonne of software out there, specifically developed to automate the majority of your workflow and plenty of cost-effective VA’s willing to complete repetitive tasks in order to allow you to focus on the shit that really matters.
Automation isn’t about eliminating tasks altogether, though.
It’s about freeing up time and energy that you can use to further grow your business.
Focus on quality
In order for your business to survive in the long-term, quality has to be your #1 concern.
Many businesses that fail do so because they put too much focus on reducing costs and whilst reducing costs in necessary during a change in the economic climate (see above) this shouldn’t be at the detriment of your product or service.
Rather than solely placing focus on growth, consider how you can provide more value to your existing customers.
Investing time into improving the quality of your product or service will allow you to charge more than your competitors and your clients will be thanking you for it.
It’s important to be ambitious when starting your business but pure ambition is not enough if you hope to survive through the winter.
You have to deliver on your promises, you need to be unique and you must provide value.