Sink Or Swim: How To Navigate Stormy Waters As A Business Owner

Monday, June 26, 2017


If you run a business, you’re probably aware of the statistics. The outlook for startups is not good. Nevertheless, hundreds of ambitious entrepreneurs try and make a go of it every year. If you’re one of those people who is desperate to be in the minority of bosses that makes a success of a new business, there are ways of navigating stormy waters. Here are some tips that may make the difference between sinking or swimming.

Be Prepared
Sometimes, running a business can seem like the dream job. There’s a rose-tinted vision of being in charge of your own schedule and enjoying all the financial fruits of your labour, but in reality, steering the ship is actually really hard work. Be prepared for everything that may be thrown at you from the start. Being the CEO isn’t just about getting that product from a page to a shelf. It’s about being aware of legal issues, ensuring you can cope with a growing workload, and making sure bills are paid on time. You’ll need to juggle several things at the same time, and for the first few months, it may seem like you’re swimming against the tide. It pays to come up with solutions before you’ve even encountered problems. This way, you can react immediately, and minimise the impact of obstacles and barriers. Take a cash flow problem as an example. If you’ve got an eagle eye on your books, you’ll know that a shortfall may occur in a couple of months time and you can prepare in advance. 

Seek Help
If you are finding it tough to get your business out there, to bring in money or to manage your team, seek help. There are so many experts you can turn to if you’re finding life difficult. It can be incredibly hard to get everything going and maintain interest in the business after an initial peak. Whether you’ve got legal concerns, you’re worried about financing your next stage of growth, or you need input when it comes to your accounts, there are people who have expertise in helping companies stay afloat. If you are in danger of going under, the sooner you seek advice, the better. There may be solutions you haven’t tried yet or ways of doing things that could keep you on the right track. Try not to bury your head in the sand, even though it may seem like the most appealing option. 

Walk Before You Can Run
If times are tough, think carefully about trying to expand your business. Every entrepreneur wants to develop and grow their business, but timing should always be a consideration. If you’re struggling to pay wages and bills, now isn’t the time to borrow more money unless you have guaranteed income that will cover the cost of expansion. You may consider taking the next step if you have a confirmed order, for example. If you are toying with the idea of refinancing or trying to expand, see a financial adviser first.

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