According to Google’s Impact Report, over 280,000 UK businesses starting selling online for the first time as a result of the pandemic … and businesses up and down the country are having to adapt to the post-pandemic business environment. Which gives startup and smaller businesses a real opportunity! Because it is easier for small, agile businesses to adapt to the new normal. There are a few key parts to starting a successful business in 2022 – here are five of them:
1) Passion and commitment are standard
The only place you will find success before work is in the dictionary! In real life success comes after loads of hard work. Which means you need to be prepared not only to work hard, but to get back up again after the inevitable setbacks. Experience has shown that finding a business idea that you are passionate about helps. If you know your ‘why’, understand your passion, you can take the sh*t and come back again tomorrow and the day after. Remember, nobody ever became an overnight success – they all had to put in the hard work first.
2) Make online count
Online means more than just having a good website! Although that is obviously a good start. It also means capitalising on and using social media and online marketing tools. If you can build a community and get loads of followers, then you can sell to them. Usefully there are lots of ways to get ahead online. Discover the tools, training and support Google provides to help businesses across Britain grow at grow.google/intl/uk. What else? How can you use apps, forums, social media, emails, blogs, etc., to help drive your business?
3) Cash is King
A recent study found that 82% of small businesses that failed with the first 5-years of starting up, did so because of cashflow. More importantly because of a lack of understanding about cashflow, so they didn’t get it right. Cashflow and understanding your profitability, profit margins and what it costs to run business are essential to understand and get right. This is what makes the difference between a success and a failure in business. When building your business, it is really important to focus on making a profit, getting cash in the door and understanding where your business is financially. Cashflow doesn’t come naturally to most people and this is one area where a good accountant will really help you.
4) Get a Mentor
Being a business owner can be a lonely place and getting help to talk about your business really can make a difference. At JVCA the friendly accountants, this is a service we offer our clients. Not only are we a friendly face and business expert, but also we provide a fresh perspective, a sounding board for your ideas and a release for your challenges. With help from others, you can get where you want to be faster and better. The point is you gain from the skills and experiences of your mentors. They give you guidance, advice, problem solving help … and make your role as leader a less lonely one.
5) Use financial apps
There are good reasons for being organised and using financial recording apps to keep your business records. The biggest one is that keeping good records is key to understanding your business finances. If you don’t understand them, then you can’t be in control of them. If you are not in control of them … then you might be part of the 82% whose businesses failed! Also, the point about using business apps is to help get things done better. Better ways to collect money from your customers, or know what stock you have left, or connect better with your customers, etc., etc.
So there you have it, 5 key parts of creating a successful business in 2022. At JVCA the friendly accountants, we want to be there to help you do it. Get in touch and get some friendly advice to help with your business.