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Chris Bell

4 Must Have Foundations for all Businesses



Building a business is no different to building any other sort of construction: there are important foundations which must first be laid before the walls of the structure can be built. In business, these foundations are vital for ensuring the profitability, growth and stability of your business model; otherwise, you might find that the whole operation comes tumbling down fairly early on. There are many different foundations which can be utilised in business, and which ones you use depend on the industry you are operating within, and the type of business model you are running. However, there are some foundations which apply to all businesses across a range of industries; so, whether you are new to business, or an established entrepreneur looking to polish up your business plan, here are 4 must have foundations for all businesses.

Financing

The more start-up capital which you can secure for your business before going ahead the better, as there are often a number of unforeseen costs and expenses which can arise in the early days of a new business. For example, you may find that you need to procure more technology or equipment than you had originally anticipated, or even hire a few extra employees. Whatever the reasons for needing the extra money, it is a lot harder to find investors retrospectively than before you set up shop. However, it isn’t impossible to get funding once a business is already set up if necessary. For example, you might consider a short term personal loan or bridging loan if you are only looking to borrow a small amount of money over a short period of time. Alternatively, there are also other methods of financing a project, such as crowdfunding.

Business structure

Having an effective and stable business structure in place is vital for the efficiency and profitability of any business. This includes having a well-established hierarchy of management, team leaders and set employee roles. To help with this, having a well-run human resources scheme is incredibly useful, and can be facilitated by the use of Core HR software. This includes a self service portal which allows for the management of records from anywhere at any time, and an easy to use interface to streamline the user-experience.

Website

As most people use the internet as their main source of information, a website is one of the most basic yet important tools a business can utilise. A customer focused, user-friendly website allows your clientele to learn more about your business, services, and products from anywhere, and increases consumer trust in your company.

Incorporation

Creating a corporation for your business is one of the most important steps in safeguarding our personal assets in the event that you face financial challenges with your business. While this is something you may hope will never happen, it is still something which should be planned for in advance. Your business entity should be entirely separate from your personal affairs, not only to protect you, but also to protect your company and your clients.