There’s nothing more exciting than starting a new business. However, in recent years the word “entrepreneur” has become a rather common title, and staying competitive can be quite difficult. This is why it’s so important to have the right tools and people at hand to provide some much-needed guidance. Technology is constantly evolving and new solutions are emerging every day. So, let’s take a look at a couple of lesser-known but helpful tips and platforms that can help you along the way.
Invest in a CFO
Ambitious entrepreneurs aren’t afraid of spending or even losing a bit of money. Having said that, when it comes to startups every dollar counts. Investing in a Chief Financial Officer can allow a young company to discover new ways to save and reallocate funds, however, this can be extremely expensive. An excellent alternative is platforms like inDinero and McKinsey CFO, which provide on-demand CFOs as well as useful tools to monitor company performance. The best part is that they can both be used from a smartphone.
Mastering the Art of Marketing
There’s no point in launching a company if nobody knows about it. Many new entrepreneurs may be familiar with the basic principles of marketing. In order to stay competitive, however, it’s also necessary to master search engine optimization (SEO) and online advertising strategies. Luckily, there are tools like Mangools and Hootsuite, which help with improving SEO, as well as managing social media campaigns respectively. Both tools also come with easily scalable plans.
Getting Advice From Industry Leaders
Coming up with an idea for a new business is an exciting journey. Making decisions regarding brand, employees, or raising funds can be, on the other hand, quite overwhelming. It is at this time when expert advice is the most valuable. Clarity and Midmeister are platforms that allow promising entrepreneurs to talk with experienced business professionals in real-time. They are valuable sources of advice that help startups avoid costly mistakes.
A Low Credit Score is Not the End of the Road
A low credit score can severely limit access to funding. In recent years though, multiple financial tools have emerged offering alternative ways to access credit. An AskMoney guide to Upstart talks about how this AI-based platform streamlines the process of getting a bank loan. What makes this type of service different is that it also considers aspects like studies and employment history when assessing the risk of providing a loan. As a result, many entrepreneurs that couldn’t access a loan finally have a chance to secure the funds they need.
Automation is the Future
There’s no substitute for the human eye unless we talk about analyzing enormous amounts of data without making mistakes. In our previous article on the advantages of automation for small businesses, Profit Guru’s marketing director Chris Taylor highlighted how technology can increase productivity and efficiency. A virtual assistant can help manage multiple processes while bookkeeping automation can reduce invoicing errors. Automation can also be applied to inventory management, marketing campaigns, and even sales; optimizing processes across industries.
Starting a business can be extremely overwhelming at times. New opportunities appear every day, but also new challenges. Keeping up to date with the latest solutions is essential to stay competitive. This might involve having to learn new tools and changing platforms, even if you have become very comfortable with them. This might seem like a tedious process. Nevertheless, it can make a huge difference when it comes to the survival of a startup, at least during its early years.
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