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
  • Best ERP Features and Benefits for Your Business

    Are you considering investing in ERP software for the first time? Or maybe you already have an ERP solution but you’re worried it’s becoming dated. If either of the above apply to you, read our latest guide on the top ERP features and benefits based on the size of your business. You may be surprised at how versatile and cost-effective it is becoming - regardless of if you own a small business or run a large enterprise. more

  • 9 Spooky Signs You Need a Contact Center Upgrade

    When was the last time you evaluated the performance of your current contact center and the software you are using? The results may be frightening! If it’s been awhile since you invested in contact center software, there is a good chance that your needs have changed or that there are better options available now. Fortunately, it’s relatively easy to determine if you need an upgrade or not. more

  • 7 Ways the Wrong Phone System Can Haunt Your Business

    The wrong phone system could be haunting your business - and we’re talking about problems more serious than ghosts and ghouls. From increased costs to issues with scaling, we’ve identified seven important ways that a less than ideal phone system could be holding you back. You’ll be surprised at how much of a difference this can make to your bottom line too. more

  • Ditch Your Fax Servers

    An in-house fax server gives an IT department centralized management and monitoring over the entire enterprise's faxing. This can help your company track usage and better maintain records for auditing and record keeping. However, there are serious drawbacks that come with utilizing an in-house fax server solution and these range from security to cost-prohibitive pricing. more

  • The IT Manager's Survival Guide

    As an IT manager, maintaining physical fax servers and infrastructure is not a high priority. However, fax capability remains a business need simply because chances are your industry is dependent on its security. What if there was a way to reduce the amount of time spent handling fax complaints and maintaining physical servers? And this way took into account security, cost savings, and freed up your IT resources. Would you be interested? more