Startups are high-risk, high-reward scenarios, and most startups succumb to the risk part. It is said that 90% of startups fail. However, they do not explain the reason why startups fail. The major culprits are unsustainable processes and sub-par cash flow management. Lack of proper guidance leads to improper business process management. Most startups believe that continuously improving their product quality would lead to more progress. While that might be true, but there are other things that are vital to a startup’s survival in its nascent stages. Here are some of the services you could induce in your startup if you are just starting out.
- HR Services
HR or human resource services play the most crucial role in your business. You might be the hardest working individual in your company or on the plant, but it will fail if your team is not the right match for your business. Your success is predicated on your ability to find like-minded individuals who are willing to work just as hard as you can. Unfortunately, most startup owners fail to capture the importance of hiring the right people.
This is where HR services come in.
HR services include a wide array of activities, which includes but is not limited to recruitment, payroll management, keeping an attendance check, etc. Either hire a full-time HR department or a third-party HR agency to fill your needs.
- Legal Services
Undeniably your business will have to face legal troubles. Regulations, licensing, and certifications are some of the legal aspects that you have to consider when starting a new business. Legal issues soon become a large mess if not rectified at an early stage. Business is strictly managed and regulated by governmental authorities. Even a small violation by any business can lead to hefty fines and dues. Loss of company reputation is added benefit. To avoid the sea of troubles, hire a good legal service to handle all your legal issues and woes.
- Accounting Services
Balancing your finances and datasheets is very important for a new business. The process might seem doable in the initial stages but gets quite complicated eventually. For example, understanding tax liabilities and registrations are difficult, and failure to meet these deadlines on time could lead to more trouble for the business. Also, there’s a lot of paperwork and set guidelines that you have to follow to fill your taxes and manage your account. A good accounting department will help you maintain cash flow and identify unnecessary costs.
Hiring a good accounting service will help you in the long run and save a lot of money. You may choose to outsource this task or altogether hire a permanent accountant for your business.
- Digital Marketing Services
Every new business needs to secure clients and leads to sustain itself. As stated earlier, the competition is fierce, and every new startup in any industry with a substantial customer base has to face hundreds of other businesses. In such a scenario, it is for any new business to attract customers. Digital marketing services can help you with that. A good marketing department in a business can not only attract customers but also provide them with the necessary information to make them trust your business. It also creates a lasting online reputation and impression. For such imperative reasons, it is a no-brainer to hire marketing solutions for your startup. You can choose to spend more and hire a marketing manager and a team for your business, or you can be frugal and outsource your marketing needs.
- IT Services
Every company has hardware and software needs. Gone are the days when company work could be achieved on paper. With the rise of the Internet, the need for computers and machines have increased. Hence, it is highly recommended that your company has a well-established IT department as well. Outsourcing IT services is also a viable option. Based on your business’ industry, the IT services will take care of your privacy, security, server, and hardware needs.
Starting a new business is never easy, and it takes a lot of courage to accept all the responsibilities that come with it. If you are new to the managing business scenario, then this list will help you very much. Understand the needs of your business and employ the right services to aid you in your journey.