Building a business from scratch is no easy feat. Some are lucky to be able to get past the infancy stage, but there are unfortunate cases wherein the business didn’t even last the first few months.
But do not take this as a warning. Instead, take this as a challenge. If you are dead serious about keeping your business afloat until you get past the critical stage, here are some tips that you can follow:
- Start the business right
One of the biggest mistakes of most businesses is starting their trade the wrong way. Yes, you read it right. There are a million ways to ruin your business during its infancy stage, one of which is not getting business permits and not applying for proper business incorporation. Without business papers, businesses will always be at risk of business closure. Back then, applying for business permits was difficult, but most jurisdictions today make it easy to do business setup in UAE. So there is no excuse for aspiring business owners to ignore this step.
- Be on top of your finances
As a business owner, managing your business money can be a headache, but it is necessary. More often than not, financial mismanagement cause sthe downfall of businesses, big and small. If you are a starting entrepreneur, all the more reason you should be involved in getting your finances straight. Try to set aside time to check your books and financial statements.
- Monitor your growth
The only way to know if you are moving forward with your business goals is through the numbers. Be sure that you keep tabs on your business progress. You can either do a weekly check or a monthly progress inspection on your profit and the progress of your other business goals.
- Put a strategic plan
Running a business without a solid strategy or plan could lead to failure. When starting or running a trade, you need to be strategic and wise in all aspects – from applying for a DMCC license down to the kind of office space that you will get. If you are having a hard time creating a business strategy, it would be best to hire an expert to help you formulate a plan that would help you to move your business forward.
- Take some calculated risk
Managing a business is not about staying on the safe side. If your aim is to grow, then you need to be brave enough to take some risks. But be sure to be wise about it. Before you venture into anything, be sure to get all the facts and data you need to make an informed decision.