Posted in Business
Roadblocks to Updating Your Business
There are many things that prevent you from upgrading your business. The most obvious is money, but there are others such as ignoring the business side of your enterprise and failing to adapt to modern trends, such as social media and the Internet where sites with interactive and informative web design are key drivers of business. Outdated equipment such as old phone systems and computers, dated office furniture and software can also prevent your business from moving with the times.
Money – it is the biggest hurdle for every business. More to the point, it is managing your money that sets the scene for your ability to upgrade. Sound financial skills are imperative to make sure you have the capital available for the future, so it makes sense to ensure you have the services of a good accountant to help you on what can be a difficult path.
If you don’t have the capital available to modernise your business, you will need to look at other sources such as loans. It is something that needs to be considered carefully as you will need to repay that credit, along with interest, which could actually nullify the potential savings or profit generated by an upgrade or update. Seek professional financial advice signing any loan papers.
Failing to plan
The saying ‘Failing to plan is planning to fail’ may be common, but it certainly rings true when it comes to business. Failing to plan for the future can have serious consequences on your ability to grow or manage your business years down the track. Every business should have as its cornerstone a business plan, which forecasts costs and potential profits over a period of up to 3 to 5 years. This should take into account everything, including the possibility of modernisation.
Business owners may often be very good at their trade but their business skills prevent them from making the most of their talent. A plumber may be great at fixing a leaking tap but if he is ignoring the business side of things – and this can be everything from finances, billing and taxes to marketing – then he may find himself in a big hole down the track.
It is a good idea to pay attention to how your business manages its money and attracts clients by using a business mentor or other free advice from government agencies to prevent your enterprise from suffering. Update your own skills when possible as well – there is plenty of help available for business owners of all types.
We live in a fast-paced world and it can be hard to juggle our time, especially when it comes to running our own business. Quite often we are so focused at doing the job at hand that we don’t have the time to think about anything else. Effective time management is essential, especially if you are a sole operator. If you have employees, empower them to do take responsibility for other parts of the business which can free you up to consider all of those other aspects that would otherwise be pushed to the back of the queue.
It is a competitive business landscape and failing to market yourself appropriately will lead to less business and in the process hand your competitors the advantage. It is important that you move with the times, especially when it comes to the Internet and social media. You simply can’t be without an effective online presence regardless of the type of business you are with. In today’s digital society it is an easy way to update your profile. Don’t worry if terms such as SEO, page ranking and blogs don’t mean anything. Use a marketing professional to help guide you through the process – it can be money well spent.