Business
Start-ups’ most common setup missteps and how to avoid them
Global Banking & Finance Review®
Company
By Damian Hanson, Co-Founder & Director of CircleLoop
Starting a new business is an exciting time. Everything is brand new, and the options are limitless. However, you don’t want to fall into the trap of making a few poor choices, which might lead to serious issues later on.
We’ve compiled a list of frequent mistakes made by new businesses to assist you with your start-up strategy. The good news is that these stumbling blocks in the early stages of a business may be easily overcome with a little foresight and planning.
Business Communications as an Afterthought
Don’t make the mistake of putting company communication systems last on your startup’s priority list. If you treat your communications as an afterthought, you’ll end up with ineffective tools that generate unnecessary challenges for your staff to overcome on a daily basis.
To avoid this, develop a clear communications strategy that addresses your fundamental business goals. Do you need the flexibility to be able to work from anywhere? Or perhaps the ability to make conference calls is going to be a key method of communication? Ensuring your communication tools accomplish what you need it to do from the start will help to provide effective communication for your staff with minimal barriers that won’t impede productivity and most importantly, results.
The Chatterbox Matrix highlights the importance of phone calls for those doing business in the United Kingdom and why getting your communications tools just right can have significant benefits for your business. This does not, however, necessitate the installation of standard office hardware. Flexible cloud-based phone systems should be a top consideration as more individuals adopt remote or hybrid working. They allow you to keep the conversation running from anywhere, at any time.
Prioritising Cost Over Function
When starting a business, it’s all too tempting to see solutions that appear to be good value for money and acquire them right away, forgetting that they may not always deliver the features you require.
Upgrades to a modern VoIP system, for example, may be a smart idea, but does the platform you choose offer functions that will work seamlessly with your other business activity? To get the most bang for your buck, look for VoIP or cloud-based solutions that can be easily integrated with other applications you already use, such as Hubspot, which will remove day-to-day barriers and ensure optimal productivity.
Many tech systems may appear to be cost-effective at first look, but they will quickly become costly in the long term due to the time it takes to convert or upgrade to a system with superior functionality.
So, what is the answer to this dilemma? The risk of purchasing the wrong system and spending a lot of money is considerably lowered by taking the time to examine each potential system and how it fulfils your business objectives.
Short-Term Thinking When Creating a Tech Stack
When beginning a business, one of the most critical things to build correctly is a tech stack. Many start-ups overlook the importance of this, focusing primarily on getting their technology stack set-up quickly in the short term rather than considering how it will be used within their business in the long run.
Rapid growth and change are common in the early stages of a business. As a result, if your tech stack is implemented with a short-term emphasis, it may quickly become obsolete and be costly to update or replace in terms of both time and money.
Consider what you need from your business tools today and in the future to future-proof them from these issues. This foresight will enable you to choose phone systems and other communication tools that will adapt and develop with your business rather than becoming an expensive and time-wasting issue further down the road.
Last but not least
When you decide it’s time to start a business, there’s a lot to think about. Over time, you’ll gain valuable lessons that can help you improve your business and achieve the dream you’ve always wanted.
By noting these frequent blunders made by start-ups, you may check them off your list of things to be concerned about as you steer your new company to success.
A start-up is a newly established business, typically in the early stages of development, that aims to bring a unique product or service to market.
A tech stack refers to the combination of technologies used to build and run an application, including programming languages, frameworks, and tools.
VoIP, or Voice over Internet Protocol, is a technology that allows users to make voice calls using the internet instead of traditional phone lines.
A communications strategy is a plan that outlines how a business will communicate with its stakeholders, including employees, customers, and partners.
Cloud-based technology refers to services and applications that are hosted on the internet, allowing users to access them remotely without needing local infrastructure.
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