Considerations Entrepreneurs Should Think About That’s not In The Business Plan

Every aspiring entrepreneur has a well thought-out business plan. Surely you’ve formulated all those thoughts about goals, budgets and product marketing into a clear platform. Those are the elements you know. Now, what about the elements that you may not have thought about?

Take the following 4 tips seriously and you’ll be sure to be off to a flying start – business plan in hand.

Get a Good Accountant

Understanding your cash flow and tax liabilities is a vital step towards maintaining a successful business. Most people struggle with this if they try to do it on their own. If you do, you’ll run the risk of making mistakes, but you will also find that it takes up a lot of your time. However, not all accountants you might hire will provide the same level of help and experience.

A really good accountant will give your company a great boost in the area of finances. As well as handling the basic accounting matters of your business, they will show you how to save money and create sound fiscal planning for the future. This way you can relax a bit, as these are issues that might otherwise slip through your net.

A sensible way to look for an accountant is to ask any other entrepreneurs you know to recommend a good one to you. This may not be the most exciting subject in the world, but in the end you’ll be grateful you had a reliable accountant on your side, especially if he manages to save you some cash in creative ways. If he does a great job, his services will pay for themselves over time.

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Hire the Best People You Can

One can never overemphasise the importance of getting the right staff in place for any business. This is a massive issue for your plans as an entrepreneur, but not every business owner gets it right.

There are a few issues that could hinder you from hiring the high-quality staff you need. For a start, you might not invest the time necessary to do the research and get the right people. It certainly does take time to carry out a thorough recruitment process. Get it wrong, though, because you’re cutting corners, and you will discover that you’ll soon have to go through the exact same exercise all over again.

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You may also run the risk of setting a salary budget that is too small to pay for top-class staff. Or perhaps you fear getting in someone who’s more knowledgeable than you and who might end up running your show.

The truth is that hiring the right people is one of the areas where you really need to go for as much quality as possible. You might need to be patient to identify the right employees, and then you might have to be creative in figuring out ways to reward them. However, it will all be worthwhile if they end up making a big impact on your growth.

A good idea is to give them a chance to earn from their performance and the growth of the company that they help to catalyse. This means giving them incentives and commissions linked to achievable targets. If they meet their targets, you will all be happy with the results. This approach could also help you avoid paying a big salary with little return on your investment.

Choose a Reliable Lawyer

You might not even factor the need for a lawyer into your original entrepreneur plans. After all, you probably aren’t expecting to get involved in too many legal issues along the way.

Having said that, you could easily end up getting tangled up in legal matters for any number of reasons. It makes sense to have a solid established relationship with a lawyer you trust and can call on whenever needed.

It might be tempting to go for the cheapest legal advice, but if your business gets any legal matters wrong, it could prove to be extremely costly. Instead, you should always play it safe and get professional advice from someone you can trust in legal matters.

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Keep on Networking

It is easy to think that a solid business idea and a lot of hard work alone will lead to the  success you crave. Sure, these are certainly essential elements to any start up but you don’t want to overlook the fact that there’s lots of networking that you will need to do as well.

This can prove to be a particularly big problem for anyone who moves from a desk job or a technical role to running their own business. The time is sure to come when you realise that your entrepreneurial plans are only going to come to fruition if you start approaching the networking aspect with a great deal of enthusiasm. Getting started on this new task can take a lot of effort if it is something completely new to you.

Devoting time to networking will probably mean working far longer hours and might even lead to a blurring of the lines between your professional and private lives. However, this is one of the sacrifices business owners need to make. After a while, you might even find that you start to enjoy going to trade events, conferences and other networking opportunities.

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C.E.O @ The New Savvy
Anna Haotanto is passionate about finance, education, women empowerment and children’s issues. Anna has been featured in CNBC, Forbes, The Straits Times, Business Insider, INC and The Peak Singapore. She was nominated and selected for FORTUNE Most Powerful Women conference in 2016 (Asia) and 2015 (San Francisco, Next Gen). Anna has 10 years of experience in the financial sector and is currently a Director in Tera Capital. Her previous work experience includes positions at Citigroup, United Overseas Bank, a regional role in Business Monitor and a boutique private equity firm based in Shanghai. She graduated from Singapore Management University (Finance and Quantitative Finance).