The pandemic has created a hypercompetitive environment for small businesses scrambling to survive in a period of economic turmoil and uncertainty.

5 Things Every Business Needs To Survive

If you are in the process of setting up your very own company then there are certain things you will need in place to survive. It is a common fact that as many as 90% of new businesses won’t make it through their first year of trading. While this may be shocking, there are reasons why businesses fail. If you don’t want to be another statistic then take a look at the article below. 

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Funding

One of the first things you will need for your new business venture is funding. Without this, yoru business won’t even get off the ground. You will use your funding for everything in the beginning, from employee pay to any equipment you need for your business. There are a few ways you can get the funding you need. You could go it alone if you have all the money to hand, alternatively you could go into business with a friend or family member who has the money available. You could also apply for a business loan from the bank. You will need to make sure you have a pretty solid credit history and score in order to be successful with your application. 

Top Employees

Something else that is paramount for your business is employees that know what they are doing and want to help your business succeed. It is all well and good hiring people simply to give them work, however, they won’t be supportive of your enterprise. If you find the right employees from the start, you are less likely to experience a high employee churn rate. This is when employees come and go in quick succession. It could be down to anything, from office politics to not feeling supported in their position. 

High-Quality Equipment 

If you want your business to achieve the very best it possibly can then you will need the best equipment that money can buy. If you are starting a business manufacturing alternators and motors then you may know of Emerson products. These are the best in the industry and will never ever break down. Broken products can end up costing you a lot of time and money. Two things you can’t afford to be losing in your first year. 

Premises 

If you are going to be running your business from a shop or office block then you will need to find something suitable. This can pose as a tricky task but knowing where to look will help. There are dedicated realtors who specialize and work in the world of business. They will have something on their books suitable for you. If they don’t then it may be a waiting game until something comes up. It would help to have an idea in your head on what you want your premises to look like or feature. For instance, do you want somewhere with a car park and accessibility to your building? 

Customers

Finally, if you are wanting your business to survive and go the whole nine yards then you will need customers. Without customers your business will likely fail due to making little to no money at all. It is up to you to bring these customers in, they can only do so much themselves. If you don’t appeal to the customer then they won’t frequent your company. 

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