Build Security For Your New Business On These Essential Foundations

There are many reasons why so many startups fail in the first year. Any business that is built upon shaky foundations is unlikely to survive. There are many ingredients that can help lead your new company to success. By making sure each one is secure as a footing for your business, you can reduce the risks that challenges may bring. Is your startup resting securely on these essential business foundations?

Reputation

Your business needs to have a good reputation before it even starts. As the company director or owner, your personal reputation should be squeaky clean. Any financial support for your company might be given based on your own history of borrowing. As for your product offering, you are the face and voice of that product. You are the brand, and you are the spokesperson for your product. Build a good reputation for yourself as that subject matter expert. This will generate a good following, ready for your product launch.

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 Security

Customers and suppliers will not trade with you if you cannot assure their security. There are many laws across the globe that are designed to ensure businesses protect the personal data that is shared with them. It’s essential your company has business class cyber security protection to avoid loss of data. As a startup, you can’t afford the lost man-hours while systems are compromised. Protection is prevention, and that’s a lot better than having to worry about the cure.

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 Financial Stability

Your suppliers will demand evidence of your financial stability. This might include credit checks or even a request to see your company accounts. Keep your spending to a minimum in the first year or so. Show care and attention to your purchases so that suppliers and lenders will trust your business decisions. Don’t forget, refunds for purchases are often legally enforced should your product fail to meet expected standards. You may also be required to meet the cost of repairs or replacements. These things can occasionally happen, regardless of the quality of your products. Make sure you can afford it.

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 Excellent Product

Of course, having an excellent, innovative product that is proven in tests, reviews, and focus groups could be the most important foundation of your business. You need a product your sales teams can believe in. And you need their belief to be passed onto the customer. Without a great product, you could fail in your business.

Impeccable Customer Service

Things can go wrong, and customers can become very upset about it. Every company needs impeccable customer service to survive those rocky moments. It needs to go far beyond the apology and the ability to withstand an angry rant. You need agents that are willing to take a case on and put things right. They need to be respectful, sincere, and apologetic. If you can make it right, that customer may even come back again in the future. Most importantly, they won’t be taking their rant to social media.

Is your new business built on these strong foundations? Check for weaknesses and continually strive to strengthen your company from within.

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