Startups can be an exciting place to work as it can be revitalizing to some to see their work making a real difference. A salesperson that is really doing well can see how their sales impact the overall cash flow of a company. When you are working at a large corporation, you might not see the direct results of your labor which can be discouraging. Startup founders struggle with quite a few things with one of which is delegation as they want to have their hand in everything. The problem occurs when they restrict the performance of their teams due to the lack of understanding on a particular area of the business. The following are things that startup founders struggle with and how to solve these problems.
Tracking Expenses Accurately For Tax Season
Small business CPA services can be immensely helpful for a startup founder that needs to track their expenses and file taxes. Tracking expenses and categorizing them appropriately is very important. A founder might forget about a few subscriptions or could save money on various other tax breaks they are unaware of. These accounting professionals are extremely good at what they do and can impact the bottom line positively. Most of the time, you will save more money than the services cost.
Hiring The Right Staff and Avoiding Hiring Friends/Family
Hiring the right staff can be immensely helpful but this should be done carefully. There is hiring software that can help identify the best candidates for a job. A gut feeling can be good for some hires but this isn’t how you should base your hiring practices. Hiring friends and family can be a nightmare to say the least if they do not respect boundaries. This doesn’t mean that you cannot hire a former colleague that you made friends with as you know their quality of work. Keep all friends and family on a probationary period if you must hire them but avoid it when possible. Hiring too quickly is another problem as some founders let their ego get in the way. They want to say that they have a specific amount of employees although this doesn’t correlate with profitability.
Work Hard Party Hard Mantra Getting Out of Control
Working hard and partying hard seems to be a mantra for a number of startups. This can get out of control as a founder could be experiencing financial success like they have never before seen. Keeping substance abuse a secret is also a challenge as most people can and will notice. The last thing a founder wants is to lose their seat on the board due to concerns over their substance abuse problems.
Startup founders can be some of the most dynamic people that you know and can be extremely passionate about their work. Struggles might be foreign to some of these people while others developed their passion through past failures. Overcoming struggles is a huge part of business as you rarely succeed in everything and often have to modify strategy or ultimate goals.