5 Tips for Start-Up Businesses (and even those that have been around a while...)

Updated: January 04, 2011

You know this economy; it's downright ugly. As of this writing in February 2010, the stock market has gone up, down and up again. Health care is up, down, and dead! Government spending is at all time high, gold is through the roof, and gas is somewhere in between. Today, the careful business owner's that survived are not really hiring (according to recent small business studies). However if you are just starting out, we recommend you take these next 5 tips to heart in order to ensure you can be successful and sustain yourself in an environment similar to 2008 in the future.

  1. Borrow money now! The first thing that happened to small business owners in 2008 was that their credit line immediately disappeared, despite the fact that they had good credit. Take it out, pay the interest, and keep it under your pillow. It is always better to have the cash then have it missing when you need it.
  2. Short-term plan, long-term vision. Are you getting into the right business model for today and the future? Is your small business going to sustain itself in the downturn, such as it is today, and yet also thrive in a surging economy? With new money arrive new competitors, so put the plans in place now to defend your turf in the future.
  3. Offload & outsource. PEO companies offer some of the best outsourcing available; not only will they get it done, but they will get it done better. We know you didn't create your business just to do your own payroll and figure out benefit plans. One of the largest PEO's we know even works directly with venture capital firms because these firms want entrepreneurs focusing on growth, not the admin stuff.
  4. Love your customer. This is a no brainer, but we put this out there for the ones that ignore this simple truth. Get on a plane, make a phone call; connect with your customer. Since as long as we can remember we have seen more business from our existing clients then from the 1st sale from new ones. You will need them if the downturn hits, and of course risk losing them simply due to unpersonability.
  5. Love your key employees. Make them feel confident they are part of your long term success, develop plans, and programs that will keep them with you for the long haul. Good employees leave even when the economy is not good. One way to do this is working with an employee leasing vendor (PEO's) who you not only offload administrative tasks but provide you with consulting, access to reward & perk programs, compensation ideas, and general sage advice.
Featured Research
  • Contact Center Software on a Budget

    Although contact center software is necessary for a modern contact center, it can be outrageously expensive. Many companies find that their budget bloats during the implementation process. more

  • How UC Can Help Your Business Survive the Holidays

    The holiday season is filled with frenzy and excitement for businesses and consumers alike. Consumers prepare gift lists, compare brands and prices, and begin shopping with a vigor that is not present most other times of the year. For many businesses, the holiday season accounts for a large profit bump at the end of each year, and companies strive to exceed their goals and keep customers happy during this rush late in the year. more

  • [Infographic] Switching Phone Systems

    There are a lot of possible reasons you might want to switch to a new phone system. The old one might cost too much or be too troublesome to operate and maintain. It might not be flexible enough. It might not be reliable enough. Or it just might not have the kinds of features and capabilities that you need in today’s competitive business climate. more

  • Business Intelligence Software Cost Guide

    Your choice in a BI (Business Intelligence) provider can lead you to make better, data-driven decisions for your business, resulting in significant ROI. Or it can cost hundreds of thousands of dollars with mixed results. more

  • The New 2016 ERP Comparison Guide

    Selecting an ERP solution is no easy undertaking. You have to select and configure a system that fits your exact business needs. The right system can make operations more streamlined, efficient, and agile. But choosing the right vendor can be difficult. more