Whenever you are launching a new business, you are going to be operating at an incredibly high level of stress. There are always going to be tasks that you need to take care of, emails that you need to chase, tests that you need to run, and meetings that you need to book in. From making sure that you do indeed have all the capital that you need to launch your company to keep up to date with the competition, the launch stage is always going to be one of the most stressful things that anyone could ever put themselves through. However, it is also one of the most thrilling. You are finally turning your concept into reality, taking the big step that so many people talk about but never do.
With that being said, it will not have escaped your attention that these are uncertain times for British businesses. The rising cost of living is impacting everyone, and we have yet to see the true impact when it comes to the marketplace. We know that we are still feeling the aftereffects of the last couple of years, and even though things look a lot more like the old normal out there right now, we are not there yet. We are also still feeling the impact of Brexit, and it is clear that there is going to more disruption in the months and years ahead. We all need to make sure that we are taking the proper steps to protect our businesses, and if you are launching a new company, this is even more important. Here are the biggest challenges that you need to be aware of this summer and beyond.
The Cost Of Living Is Going To Hit Hard
One of the biggest issues that every business needs to be actively thinking about is the rising cost of living. We have seen news stories about this for months now, but the truth is that the news is not getting any better. The forecasts are looking increasingly grim as the Bank of England is raising interest rates to combat the rate of inflation. You need to factor in that your clients and customers are going to have a lot less spare income to throw around. You need to think about what you can do to make sure that they continue spending it with you. Think about ways that you can keep costs down for your customers. You also need to work on your customer service. People are going to be significantly less likely to give you a second chance if they are unhappy with what they have been given, so ensure that you reply to any complaints or queries as quickly as you can.
You Will Have No Time To Lose
You will no doubt have done extensive market research as part of your business plan, so we are not going to surprise you when we say that things are brutally competitive out there. Businesses are going to be fighting incredibly hard to stay ahead of each other, and you need to think about how you can cut down on the amount of time wasted on unnecessary tasks throughout the day. However, it is just as important to remember that you cannot afford any slip-ups. Efficiency needs to be your watchword, so you need to look for the tools and software to help you.
Corporate spending can be one of the trickiest things to keep a handle on. We all want to make sure that everything is being accounted for, but it relies a lot on your employees understanding the correct processes for paying and billing, among many other issues. It goes without saying that the consequences for getting this wrong could be major, especially in the precarious position that comes after launch. This is why you should look at corporate credit cards that can help. Payhawk’s company cards make things so much easier for your employees and your finance team by using software that keeps track of it all.
You Will Need To Have A Strong Online Presence
One of the biggest challenges for any new business is going to be making an impact on launch. This is one of those things that will be keeping you up at night, and it is so important right now. When the world pivoted to online back in March 2020, businesses with huge amounts of resources started pouring everything they had into their digital strategy. It goes without saying that you will be working with less money, and you will have less time to devote to it, which means that you are going to need to work smarter. Start by putting together plenty of SEO-driven content for your website. This is one of the most effective ways to drive organic traffic to your business but remember that you need to avoid spam.
Think carefully about your branding and consider talking to a design agency to work on your logo and your website layout. People are not going to hang around on a dull templated website, especially for a new business. You are also going to have to be active on social media. This is where you are going to establish your brand identity and persona. Think about what you want people to see when they see your corporate page. Engage with your followers and answer questions politely. This is where you can demonstrate your expertise and experience, and where you can explain what it is that makes your business so unique. It is worth thinking about which platforms would best suit your business, so do your customer research before committing a lot of time to anything that could be a waste of time.
You Need To Have A Green Strategy
One of the biggest issues affecting everyone around the world, from business leaders to students, is climate change. We have all seen the increasingly dire warnings from climate scientists and we have witnessed the increasing numbers of extreme weather events around the world. It can be easy to feel powerless in the face of a challenge as enormous as global warming, but it is important to remember that as the owner of a business you are in the position to take positive action. You also need to remember that customers and clients are becoming increasingly discerning, and they are looking for businesses that can demonstrate that they are taking climate change seriously.
If you want to stand out and to attract business, you need to think about how you can build a green strategy into your business from the get-go. If you are going to be using a lot of packaging, make sure that you are using recycled and recyclable material. Plastic waste is a huge problem in the UK so look for ways that you can avoid it. You should be talking to any business partners and suppliers about what steps they are taking to go greener. You could also think about what incentives you could offer your employees, such as a cycle to work scheme or offering to pay for public transport to work. Finally, look at local green charities and initiatives near you that you could partner with.