2020 has been somewhat of an unconventional year for many people, including business owners and entrepreneurs all around the world. The current climate we find ourselves in has, to say the least, been testing for many budding entrepreneurs who have had to steer their businesses through the incredibly challenging circumstances brought on by COVID-19. This is why new and aspiring entrepreneurs who are looking to break into the market need to ensure that they have mastered some basic skills and essentials in order to build the foundational skills that drive long term success. Today, we have a look at the 5 essentials that all budding entrepreneurs need to master in 2020, so read on to find out more!
01. Get All Your Financial Ducks in a Row
In order to ensure long term success, it is imperative that entrepreneurs ensure that they have all their financial ducks in a row from the very get-go. Familiarising yourself with issues concerning payroll, taxes and accounting is an absolute essential for anyone who is looking to pioneer a successful business. If you are working on your own and without an accountant, we highly recommend doing your homework and ensuring that you utilise tools such as accounting software, payroll software and the now mandatory STP software which will form the foundations of your business’ financial health. This is one aspect of business that shouldn’t be skimped on and should always hold top priority.
02. Grow Your Online Presence
With the hit that many businesses have taken due to COVID-19, it is now more important than ever for entrepreneurs to grow their online presence in order to market their products and services to the widest audience possible. Due to lockdowns and restrictions happening all over the world, most businesses have had to shift their focus to e-commerce. As you can imagine, the world wide web is both vast and not lacking in competition, which is why business owners should always prioritise social media and online presence. Never underestimate the power that social media and a great website or online marketing plan can offer your business.
03. Clear Focus On What Success Means To You
We don’t have to tell you how the idea of “success” is one that is incredibly subjective, based on your individual goals. In order to start on the right foot as a successful entrepreneur, one needs to have long term vision. It is important that you put effort into defining what you want your business to look like in 5, 10 or even 20 years. Clearly listing things such as what the end goal is, what obstacles are in your way and what you define as personal success is important in planning out the long term road map for your business. This may seem like a small matter, but having a firm and long term vision or plan in place is essential to the longevity of your enterprise.
04. Embrace Skilled Talent
Ever heard of the quote “None of us is as smart as all of us”? Building a successful business is something that one cannot simply do on their own. This is why it is important that budding entrepreneurs embrace the skilled talent that can greatly contribute to the success of the business. One of the great things about 2020 is that skilled talent is literally everywhere — you can simply hop online and enlist the help of gifted and talented people who may even live across the world from you. In this age of remote working, the world is your oyster. Like anything in life, try not to micromanage and attempt to control everything. Do what you do best, and allow others to do what they best too!
05. Fluidity Is Key
The one thing to know as a budding entrepreneur is that you will probably fail more times than you succeed, and that is completely alright. We’re not going to lie – you’ll need some thick skin and an enormous amount of patience and motivation to succeed, but when you do, it will be worth it. Being fluid and assessing your business often is key in ensuring its success. Did plan A not work well? Well, then it may be time to go onto Plan B. As a rule of thumb, if your product or service doesn’t seem to hit the mark, it is important that you remain open to modifying it in order to keep up with customer needs that are forever changing.
Being a successful entrepreneur who bills a long lasting and profitable business in 2020 is more challenging than it was a few years ago, but by mastering these essentials, you will find yourself jumping over that hurdle and never looking back.