Starting a new business is a tall order no matter the size or nature of the business. There are plenty of details to figure out, and big hurdles to clear. With all the planning, paperwork, and possibilities, hitting some hurdles is almost inevitable. While some difficulty is always expected, the road to a successful SME doesn’t have to be a painful one, and there are ways to smooth the path.
In an increasingly digital, connected world, entrepreneurs and business owners have access to extraordinarily powerful tools and solutions that previously would never have been possible.
Automation
If anything is true in business, it’s that paperwork is an unavoidable burden. Everything from stock control to employee management and everything in between requires an endless stream of paperwork that has to not only be safely stored but also searchable and accessible, often many years after a document was created. Many processes such as hiring low-level employees or replenishing stock can create mountains of repetitive paperwork. Making templates helps manage the repetitive use of such important documents but amending even a well-designed template to the needs of that specific use takes time that could be better spent elsewhere. Automation takes that burden off you and your employees so that you can focus on generating value. Multiple document automation systems are becoming accessible to SMEs. These tools can take templates and process flawless documents with minimal input. Got a new employee? Just tell the system to generate a contract for ‘X’ job title. The system can generate the contract, send it to be signed, and make sure everyone who needs a copy, has one.
Focus on Your Strengths
You can’t be an expert at everything, and yet the needs of a business are diverse. Not everyone is an admin expert, and not everyone can do what you do. While starting and running a business in its early stages requires a bit of juggling, be humble about what your strengths aren’t, and delegate where possible so that you can focus on doing the things that bring the most value to your business. Outsourcing can help lift the burden of the jobs you just can’t quite crack yourself. Outsourcing is becoming an increasingly viable way to get things done and with today’s technology, you can even be matched with experienced virtual assistants who will work with you, freeing you from admin and clutter, so that you can get to work where your talents and skills can help your business thrive the most.
Embrace the Power of the Internet
Managing a team, or even just keeping track of the mountain of tasks required to start and run an SME can be daunting, but there are online services that can make things more manageable. Project management services and apps such as Basecamp or Monday can make keeping track of all the goings-on incredibly simple. Know who is doing what, what their progress is, and stay updated on tasks with minimal hassle and ease of use. These services have seen a significant boost due to the work from home shift that Covid has forced on so many businesses around the world, but they don’t have to be used exclusively for work from home situations, even a business with physical office space can benefit from a more efficient way of delegating, organising, and staying updated with tasks.
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Consider Different Ways of Doing What You Do
The pandemic has forced many businesses to take a fresh approach to their products and services. Events like virtual wine tastings or renting goats to join virtual meetings were never thought of just a year ago, yet now they are here, and people are taking part. It’s common knowledge that a new business should exploit a gap in the market, but it’s worth taking that thinking a further step. Providing a unique product or service isn’t the only way to fill that gap, how you provide that service or product is another way to stand out from the crowd and provide the kind of service that gets people talking.
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