Planning to start a business this 2021? Here’s what you need to prepare for
Businesses of all sizes are still largely affected as the pandemic continues to cause economic uncertainty around the world. In the Philippines where we are still keeping up with restrictions, entrepreneurs have learned to innovate and work through the challenges they face by venturing into online platforms to ensure growth and viability.
But amidst all of this unpredictability, there is still space for enterprises to flourish amidst the ongoing health crisis. Whether you’re looking to grow or just starting out, here’s what you need to know to make sure your business stays afloat:
Have a plan that’s backed up with research
Before reaching your business goals, you must always have a plan to follow. Even if it happens to change along the way, a plan will help guide your business objectives—be it short term or long term. Rather than venturing unprepared, start by mapping out your main goals and the steps you need to take to achieve them. Be sure to back it up with research for feasibility and longevity.
Create a financial plan
This is one of the most important steps in preparing for any business. You will need a lot of resources in running it, so you have to know how much you need to invest before you even start. Learning how to handle finances can be tedious and intimidating, but it will help you in facing issues and challenges in the future.
Always be open to innovation
For your business to survive, you must be adaptable to change. It’s important to be able to quickly respond to trends, innovations, industry shifts, and so forth. Stay updated on what’s new in the industry you’ve chosen and try to apply it to your company. Never stop learning—this will help you step up your game and grow your business.
Documentation is your best friend
Document all your permits, financial sheets, and receipts starting from the establishment of your business. Documentation allows you to show that you followed all the necessary regulations when you established your business and that you continue to do so in your day-to-day activities. Make sure you keep your documentation in a safe space that is easily accessible to you for when you need it or better yet store digital copies in a hard drive or the Cloud to have a backup in case the hard copies are destroyed. All businesses in the country need to acquire and provide the necessary documents to prove that it’s legitimate, is functioning lawfully, and to ensure that it doesn’t get into trouble with the law down the road. Make a checklist of all the necessary permits to make sure all of them are safely stored and easily accessible should you need them.