The Wise Investments To Make During The First 18 Months Of Your Business

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The pressure of a new business is unlike any other. The idea that you need to keep it moving forward is something that can overwhelm you. And it’s during the first 18 months of the business that we find our feet, but we also start to realize that we’ve been focusing on the wrong areas. While every mistake is a learning lesson, we must remember that during the first 18 months of our business that we’ve got to make wise investments. But what are these investments, not just in a practical sense, but a personal one as well?

Keeping The Books Above Board

If you started a business by yourself and you feel that you shouldn’t consult any small business accounting firms, then more fool you! Because we can think that we just need to have a sound system in place to look after our books when the business gets bigger, we will start to lose track of those little things, which can result in breaking the law without realizing it. If you make a mistake on your tax return, this can cause so many problems that you’ve got to stop everything. Instead, by hiring an accountant to keep you focused on the business, you don’t have to worry about those little things or learning how to cook the books properly.

Only Focus On One Area

A big mistake we all make it businesses that we have to diversify. By diversifying, we think we are spreading ourselves further out. In reality, we are spreading ourselves thin. By focusing on one area allows us to improve this. Learning our strengths and weaknesses is crucial at this juncture. You can have a SWOT analysis in place to focus on one aspect of the business and improve this. Gradually after a while, you’ll end up diversifying naturally because you’ve been growing every single area in an organic fashion. So many businesses feel especially in the marketing areas that they have to spread themselves further out to cover numerous targets. Spreading yourself further out means you’re spreading yourself very thinly.

Make Productivity A Priority

We can focus on processes so much, but when we start to improve productivity and focus on working smart instead of working hard, this is going to be one of the best investments you will ever make in business. There are so many different ways to improve productivity like the Pomodoro method, but also looking at the processes individually allows us to make things work a little bit better, not just the business, but for each individual. Sometimes a process to be so rigid that it causes us to make numerous mistakes, and it takes a lot longer to address fixing these problems. By making productivity a priority, we will then be able to give the business the attention it needs but also focus on other aspects of the business without a focus on unnecessary elements.

The first 18 months of your business is crucial, and there are so many different areas that you need to focus on but when you start to focus on these three components only then will you be able to realize just how much of a foundation you provide for your business to reach the stratosphere.

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