The outlook for new businesses is not good. Eighty percent of new businesses fail within their first 18 months — and some don’t even last that long! How and why does this happen? Nearly all entrepreneurs and startup businesses are making the same mistake. Entrepreneurs are taking on too much responsibility, and ultimately falling flat on their faces. Here are some area where entrepreneurs may want to consider getting a little help:
Go To An Experienced Accountant For Strong Financial Leadership
Going it alone can be a grave mistake — for several different reasons. First, “startup teams need experience thinking, acting, and operating like a startup,” Forbes writes. “Investors do not want to back a person, they want to back a complete team, in case you get hit by a bus.” In other words, entrepreneurs — for the most part — do not and cannot possibly have experience in all areas. Don’t sink your own ship by assuming that you can take on everything. Hire a good accounting or account team for concrete financial counsel and advice — something that’s likely to prove invaluable during your first few months and years.
Once you have a fair share of employees, it may be a good idea to outsource company payroll services. Payroll processing can be timely and complicated. Professional small business payroll solutions tackle all aspects of payroll for you — leaving you free to focus on the goods, products, or services at the heart of your company. That way, you also do not have to worry if you lack a financial and/or payroll background.
Chances Are, You Don’t Need (And May Not Be Able to Afford!) Your Own Server
Hosting your own server space can easily get expensive. “Data space can be a huge issue for small businesses. But you don’t need to purchase [an] expensive kit to get around this. Many small businesses are opting to outsource data storage,” The Telegraph reports. Cloud computing technology is a cheap and resourceful alternative — and it takes a lot less time and effort, too.
What is the biggest mistake entrepreneurs make? Going it alone can easily be one of the last things a startup decides to do. Know when and where you need help. Consider outsourcing payroll solutions, enlisting the help of an experienced accountant, and choosing inexpensive cloud computing technology for ongoing success.