Advice for growing start ups

The economic forecast in the US and in many countries worldwide suggests that 2014 will be the year of the start-up – particular in the tech industry. In developed economies, including America, Britain, Germany and Australia, statistics all show a year-on-year increase in start-ups being registered by entrepreneurs. This means that not only does the present climate provide opportunities for anyone with the ideas, creativity and drive to start up a new and exciting business, but also an increase in the challenge all businesses must face: how to thrive in the face of competition.

Build the basics

To achieve stability and then growth in a new business there are basic requirements any business must adhere to. All businesses need fundamental systems in place in order to flourish and in the 21st century this invariably means technology plays a key role in ensuring both continuity and dynamism.

Business planning models

 Any new start-up will need a plan to enable the founders to launch the business in the right direction, unlock funds from potential investors, and at a later stage assess whether the business is successful and how it can be more competitive. Cloud computing has enabled intuitive software systems to be developed which enables structured and readily accessible custom business plans to be quickly and easily created communicated and held confidentially by all interested parties.

Email management / security

Effective communication is crucial to working with partners, suppliers and clients so any new start- up should carefully consider how they will achieve their communication goals from an early stage. Office-based businesses that innovate can investigate systems like Business Email by Mimecast, which enables users to manage messages efficiently and include the full range of virus protection, encryption and data leak prevention. There is also an array of add-on options available to customize the service, for example message recovery and metadata management.

Accounting software

Credit control and bookkeeping may not be the sexy end of establishing a creative start-up, but the ability to track flows of capital entering and leaving the business will pay dividends when important investment, tax and employment decisions need to be made. There are industry standard software packages that have been available to accounting professionals for several years, which are usually used by larger more established businesses. However as well as this option, simpler and more easily accessible accounting software packages have been developed that suit straightforward small business needs.

Data storage

Tech companies in particular need to have robust systems for protecting the integrity of their data and ensuring there is no loss of information, which could be catastrophic to a start-up. The solution lies in investing in the space and accessibility afforded by the latest developments in this field. Cloud computing systems have enabled much of the storage burden to be lifted from data holders to a series of remote servers. Cloud computing systems enable companies to buy-in the data storage facilities, without the need to invest in the physical technologies previously necessary for the prevention of information loss.

Author: Eddy

Eddy is the editorial columnist in Business Fundas, and oversees partner relationships. He posts articles of partners on various topics related to strategy, marketing, supply chain, technology management, social media, e-business, finance, economics and operations management. The articles posted are copyrighted under a Creative Commons unported license 4.0. To contact him, please direct your emails to editor.webposts@gmail.com.