If you’ve recently started a business or are thinking about setting up a new company, there are some easy mistakes to make. Give yourself and your business the best chance of success by knowing which pitfalls are out there and how to avoid them. Here are some small business mistakes you should avoid during your first year in business.
Leaving finances to the last minute
If you’ve never run a business before, there is a lot to keep on top of. With new products to develop and launch, marketing to set up and employees to manage, it can be easy to let your business finances slip into disorganisation. It is so important that first-time business owners stay on top of their small business cash flow, and have everything ready with plenty of time before tax deadlines. Avoid the temptation to leave the numbers until tomorrow and set aside a time each week for business admin. Don’t be scared of tackling your business finances – stay organised and don’t leave your tax return until the last minute!
It can be hard to settle on your branding, especially if you’ve got a new business and you’re full of ideas. But mixed messages and confusing branding makes your business look unprofessional and amateur. In fact, many major companies have early marketing materials which they’re embarrassed by. If you’re just starting out, you need to spend time really crafting your brand, and making sure your business messages don’t contradict or confuse customers. You can avoid confusing branding by keeping things simple, cohesive and clear for new customers. Choose a few colours, a clear style, a font and a logo and always use them in your marketing and branding.
Relying on banks
Many first-time business owners assume that high street banks are their only finance option. This isn’t the case, in fact, there is a wide variety of leasing, funding and options out there. Many small businesses just take the first high street loan offered them, without considering other potential forms of finance which could suit their business better. Tower leasing provides a wealth of business funding resources, with flexible options that are great for new businesses with limited start-up funds. By having access to alternative funding sources, you can get the right startup loan for your fledgling business and secure some great benefits too.
Small business mistakes – where to find out more
Tower Leasing have supported the investment and growth of over 40,000 SMEs. No matter what your plans are, we have the business finance products in place and the expertise to help you see them through. Read about our business finance solutions or get in touch to discuss how we can help you avoid these small business mistakes.