Once your business is up and running, your next step is to establish effective business management practices that will ensure its viability for years to come. Now is the time to implement a few tried and true best practices. This means setting up a solid accounting system, aligning yourself with people who will support you, and taking advantage of smart tools like Timelo that will make your life easier. Let’s explore a few resources to get you started.
Hire the Right People
Having a great team of people behind you will allow your business to thrive in the face of your competitors. Look to hire a few talented individuals who will handle specialized tasks for your business.
- People who offer SEO services can help your business rank higher in search engine results.
- Professional social media managers will help boost your social media engagement and drive more traffic to your website.
- A digital marketing specialist can plan and run online marketing campaigns to further grow your customer base.
- Outsource your customer service and other simple tasks to freelance virtual assistants.
Leverage Key Business Apps
Comparing all of the different tools out there can be completely overwhelming. Focus on apps that solve key problems your business is currently dealing with.
- Time tracking tools make it easier to manage your team and keep your expenses organized.
- Online communication and collaboration apps like Slack and Trello will keep everyone on the same page.
- Customer relationship management (CRM) apps will help you manage your customers and support tickets.
Keep an Eye on Your Competition
If you want to stay one step ahead of your competitors, you have to keep a close eye on them. Knowing what your competitors are up to will help you plan your brand strategy.
- Start by identifying your competitors. Remember to include indirect competitors that don’t sell the same products as you but compete for your customer’s attention.
- Use competitor analysis tools to watch what your competitors are doing on social media.
- Use what you learn to make improvements to your business and offer your customers something they can’t get from your competitors.
Following best business practices will help you set your company up for success from day one. Whether you’re planning on hiring your first employees, exploring new marketing avenues, or making changes to your business to improve your competitive advantage, take advantage of all the resources available to you. Doing things right the first time will save you many headaches on your road to success!
Timelo is a cloud-based time tracking software that can help you manage business projects, track employee hours, and turn your billable time into professional invoices. Start your free trial today!