The infancy of a startup is exciting and can be stressful as small events can make a difference in the health of a company.
A startup during its infancy needs to be protected. Small events like former employee lawsuits being filed will impact the business more than that of a large corporation.
Being reactive to potential issues can cripple a startup while a proactive approach can help keep the business on the right track.
Businesses of different types will have aspects that influence a company more than others.
Below are common areas that need to be tightened up before it is too late when running a startup that has just launched.
Startups making the right hire time after time can allow them to become extremely profitable.
The wrong hires can increase employee turnover which can all but cripples a small company with limited cash flow.
Nailing down a hiring process can be done with technology as data can be gathered from the applicant’s resumes.
Certain hiring tools can also track patterns that have been identified for hires that produced at the top level.
The ability to identify these patterns can help increase the likelihood of an ideal hire.
Ideally, the hire will not only perform at high levels but also will be a great fit in terms of company culture.
Increasing the quality of hire at the same time as improving employee retention can have a huge impact on the bottom line.
Keeping Legal Representation on Retainer
The last thing that a company of any size wants is that of a lawsuit due to a workplace injury or wrongful termination.
Keeping legal representation on retainer might seem like quite a bit of money for no payoff.
The costs for hiring an attorney after a suit has been filed are going to be far more than that of the monthly retainer. The Barnes Firm is a great example of a firm that can be a huge help to a variety of companies.
These Los Angeles accident attorneys cover everything from ladder injuries to more serious cases.
They note that falls from scaffolds and ladders account for nearly half of all injuries on American construction sites.
Any height can be dangerous, and the risk of a fall is always present.
Tracking Time Usage of Employees
The time tracking of employees can seem like micromanaging yet it is important.
The lack of tracking can lead to rampant time theft whether it is checking personal email or going down the rabbit hole in a Subreddit.
Tracking what employees are doing also provides valuable data that can be used for future training.
Being able to view where top performers are spending the majority of their time can also help current employees improve.
Time theft is becoming more prevalent so mitigate this issue by allowing the company to see what employees are doing during company time.
Take a look at the different time tracking platforms to see which allows you to see the data you are really looking for.
Paid versions of this technology can usually provide more insight. Look up reviews time tracking software as they can differ significantly in quality.
Using Data to Create Marketing/Advertising Campaigns
Data has become far more important to the creation of marketing and advertising campaigns.
The ease of collecting this data with technology only continues to become more convenient. Collecting data from previous.
Campaigns can also help eliminate some marketing tactics that did not deliver results in the past.
The ability to allocate marketing/advertising budget to channels/tactics that convert.
Marketing with high ROI will help a startup get the most out of the money they spend quarterly.
Lack of data will lead to guessing what will convert which can lead to entire campaigns flopping.
A few quarters of failing marketing campaigns can dry up a sales funnel and cash flow of business simultaneously.
Scale Processes While Making Sure Current Customers are Satisfied
Building a business to enormous levels will take the scaling of current processes to handle larger workloads.
The one aspect to keep in mind is to keep the quality of the product/service the same.
Lowering this quality can lead to alienating the current customer-base. This base can be the most valuable asset a startup possesses.
Automation has become a part of daily life with technology making certain tasks automatic or far easier to complete.
Automating processes will also make staff more productive. Employees can spend time on tasks other than data entry or transferring information from one PDF to an Excel file.
Covering your bases as a founder of a startup can protect any personal or venture capital investments that have been made.
Do not get into the habit of trying to constantly clean up issues that could have been prevented in the first place.
Take care of the above areas of the business to help ensure the company runs as smoothly as possible for the foreseeable future.