CRM 2 ABN Blog Banner

5 Helpful Tips on Starting & Managing Successful Business

Starting a business is like taking all the responsibilities you can avoid working for someone else. But the excitement of owning a business is so exciting that entrepreneurs forget the terrifying sides. With so many operations to handle, it’s no wonder why most start-up fail in the first few years.

The first thing that most brands lack is a proper plan. The prize is yours to claim if you can identify the market and opportunities differently. Fast forward— here are 5 tips on running a successful startup.

Tip 1: Plan Ahead

Make a detailed plan about your business and your contribution to its growth. Don’t just devote yourself to the business by saying— I’ll do everything required. Plan out a business structure and assign responsibilities accordingly. Define your level of engagement and consider regulatory obligations. Do your best, follow the plan, and you’ll be there no matter what. But don’t forget to make the plan based on realism; otherwise, you will regret it when there is no time.

Plan Ahead

Research shows that on average 44% of startups fail in the first three years. However, it depends on the business category and IT companies have around 63% failure rate while 53% of retails don’t make it past the first three years.

ABN Infographic

Tip 2: Stay Motivated

Don’t expect profit right from the start. Every business passes through this stage where uncertainty clouds over the growth. Don’t alternate your plan drastically only to satisfy the current scenario. Actually, this part is supposed to be covered in your initial plan, including market risks and probable remedies. If you are in bad shape, evaluate the situation from a different perspective— a spirited one! Stick to the goal but change the course.

Stay Motivated

Tip 3: Manage Funds

Cash flow is a major concern for most startups. New entrepreneurs often suffer from inadequate funding to overcome the hurdles with rent and operations. If you have no financial backup for a certain period, the chances are you will have to push yourself to the limits; if not, shut it down eventually. Since new brands struggle with sales initially, it is wise to have a backup plan. It doesn’t matter if your products are the best in the market. First, you have to make the consumers aware of your products. And it takes time as well as money— surely, CRM software and necessary expenses aren’t cheap.

You can arrange business funds in different ways, including—

Manage Funds

  • Personal Savings:

Only a few businesses have this sort of funding. Starting a business is not tough if you have other businesses from where you generate a significant amount. On the other hand, it’s more than challenging for freshers to have personal savings worth running a successful business for freshers.

  • Bank Loans:

One of the most popular options out there. Yet, it requires you to comply with specific criteria. In some cases, startups get grants from government support programmes. Nevertheless, small businesses prefer bank loans as other options are often rare.

  • Angel Investors:

Private investors can help entrepreneurs embark on their dream without worrying about paying the loan back too soon. Besides, it doesn’t have too many regulations to comply with. However, there are risks of loan sharks or similar investors. Many investors are willing to invest in your business to share the profit. Consider such investors to avoid mental pressure afterwards.

Interested in making your Zoho CRM more productive? Look into our repository of state-of-art Zoho integrations and find out if you are missing out on any potential growth opportunity.

Tip 4: Register Your Business

Registering your business is an important part not only for the legal issue. It also helps you stay motivated, even if it’s downtime for your business. If your business is not registered, you may not even be granted certain benefits that many governments do.

For example, registering your business in Australia and getting an ABN or ACN details will help you pay the minimum rate of GST. Also, it’s the most professional way to do business. Having an ABN number will boost the confidence of your investors and customers, no doubt.

Register Your Business

Tip 5: Streamline the Work Process

Streamline the Work Process

Running a business smartly pays off. It’s not the workforce you may sometimes need to tackle unwanted situations but the necessary skills and tools.

For example, you can input your clients’ info directly from ABN Lookup when invoicing using the ABN extension to Zoho CRM. Otherwise, you will have to manually input the information— wasting valuable business hours and effort. Use automation wherever suitable. You’ll have a healthy work-life balance this way.

CRM 2 ABN Infographic

End Note:

Only the entrepreneurs can enjoy financial freedom. But it comes with a high level of dedication and effort. From planning beforehand to  executing the operations accordingly, business owners have to go a long way to attain success. Various factors that facilitate the growth could be including but not limited to business registration and adopting tools (ABN for Zoho CRM) that make the work more efficient. So, it’s all about assessing the situation and taking necessary initiatives.

Working smarter always pays off. Try our data automation tool ABN number extension to seamlessly import credentials from ABN Lookup in a click and verify data instantly.