There are a million different ways to start your own business (maybe even more), but no single formula for guaranteed success. However, there are some tried and true suggestions used by successful entrepreneurs that helped them build better startups.
Here are 3 tips for entrepreneurs to build better startups:
1.) Focus on Your Core Business
Whatever you’re getting into business to do, make that your core focus. It may sound simple enough, but what many entrepreneurs fail to realize is the significant amount of time that they spend managing back office tasks like payroll, human resources, benefits and compliance. Your core business responsibilities can easily get pushed aside while you try to cover for other tasks. How do you combat this challenge? Consider outsourcing your back office management. Outsourcing is an ideal way to ensure that a critical part of your business is being managed by expert professionals and it will free you up to focus all of your energies on your core business.
2.) Take Care of Your Employees
For startups, employees are your most important resource. Take care of your employees and they’ll take care of you. Studies have proven that employees respond better when they are treated well. Understand that your resources may be limited during the startup phase. There are many cost effect ways to take care of the people taking care of your business. Consider building benefits packages that reflect your appreciation. Work with an HR professional or hire a PEO who can offer you the best options for your group.
3.) Manage Compliance and Risk
Many startups fail to anticipate the cost of compliance issues and mistakes. You know the saying, “an ounce of prevention is worth a pound of cure.” Well, that rings true in this situation. The best way you can deal with compliance fines and risk issues is to avoid them. Research all of the compliance requirements for your industry and be sure that you submit all filings on time and accurately. This can help you avoid costly penalties. If you want a more certain way to avoid these risky situation, hire a professional to manage your HR compliance and risk management, and ensure that your company is always up to date and on top of requirements.
Lightsource HR Helps Build Better Startups
Do you want to find out how you can manage all three of these tasks in one simple step?