Surviving the First 90 Days as a New Business
In a dream scenario, three months would be all it takes to set up and start running a successful business, the reality is that it often feels like survival and nothing more. It is important to remember that success takes commitment, time , and knowing how to move on from failure. With that all said, here are some simple, effective ways that you can survive the initial ninety days following the initial move into business ownership.
Get an accountant to set up your books
Having an accounting software system, such as Xero, will ensure that your finances and customer accounts are tracked and systematised, which avoids many problems later on when it comes to gathering the data. Getting an accountant to help you will give you the peace of mind when it comes to submitting your tax return, and allow you to focus on your business during this crucial point.
Delegate where you can
Family and friends may be your only support at the beginning of your business venture, perhaps they helped you out with the initial financing, joined in with the labour, or helping with the thousand and one things that needed to be done It is also just as probable that you will find yourself taking on multiple roles, working all hours, and jumping the many hurdles that you come across during this often bumpy period of starting your business from scratch.
Even with the most careful planning in the world, you may still find yourself struggling to get by day to day, unable to see beyond the next couple of weeks, let alone months or years. Surrounding yourself with a good support system early on will allow you to move your business forward. During the initial start-up period you may not have the spare liquidity to take on a team, but it is worth delegating where you can, on a part-time basis if necessary, which will take some of the workload off of your already burdened shoulders.
Acknowledge your weaknesses
Doing everything yourself may give you a feeling of control, but that will only last so long before you find yourself completely burnt out. And as your business grows, knowing where your strengths and weaknesses lie, and where you need to place your focus, will allow you to build on the areas that may set your business back. Looking to the future by planning the first 90 days of your business will allow you to focus on achievable goals, that will in turn help drive you forward to your long term goals.
While there is no foolproof plan to secure the long-standing health of your business, there are certainly things you can do to give your business the best possible chance of success. The best take away would be to start with a good budgeting and marketing strategy, have a good accountant who can help you avoid the many financial pitfalls of new business, and make sure to utilise the support available to you, either in the form of handy software or tools, or by delegating tasks to someone else.