Cloud Accounting – One of 5 Key Steps to a Successful Startup

Recent statistics reveal that as much as 70% of South African small businesses fail within the first two years of operation. This is a sobering statistic and certainly one every entrepreneur or small business owner will want to avoid at all costs. Taking care of the basics required to ensure your startup’s success can aid you in keeping your business alive and well.

Consider the five basic principles of starting and maintaining a successful business:

  1. Understand your target market well
    Focusing on key relationships are a pillar to a sustainable business model but the most important relationship is that of your target market. Without your customers or clients, you won’t have a business, let alone a successful one. The key to understanding your target market is to constantly investigate and adapt to their needs. Evolving with your client base will keep you in business when your competitors are lagging behind.
  2. Differentiate your offering
    Find what sets your business apart from the competition and focus on that offering. Consumers are spoilt for choice and if your business doesn’t offer that something ‘extra’ they may not choose to spend their money with you. Excellent customer service, product delivery, passion or a unique brand promise can help you differentiate yourself.
  3. Work on your brand image
    Branding comes in many forms and is as equally important as delivering good service. Ensure your website, marketing materials, signage and branding aspects are professional and speak to the competence and skill your business has to offer. Leave a lasting impression with your unique branding that will bring your customers or clients back for more.
  4. Core competencies are critical to success
    Building on your key strengths and core competencies are essential to optimum productivity and success. If you are unable to focus on crucial aspects of your business, such as cloud accounting, hire an outsourced firm that can add to your success. You cannot be in control of all aspects within your business as you will drop the ball. Therefore, outsourcing experts where you need them is not only cost-effective, it is a cornerstone of success.
  5. Create a healthy office culture
    Creating a healthy and balanced culture within your workspace has many benefits. If your employees feel that they are looked after, you can be rest assured they will return the favour and work harder. Productivity, job satisfaction and teamwork will take your business far, all you have to do is actively foster and promote this type of culture within your business.
  6. If you require outsourced accounting needs, look no further than us! MMS Cloud Accounting in partnership with Xero Accounting offer financial cloud accounting solutions that are secure, flexible and fully supported. Email to discuss your outsourced needs today.