There was a time when the word ‘entrepreneur’ was still relatively new to most people. This was before the meteoric rise of reality shows like The Apprentice. It was before the global recession, which forced governments to dig deep and invest in ever more innovative ways to create jobs. The thought of actually being an entrepreneur didn’t really occur to most, as it seemed to come with far too much risk.
Now, things are very different. Many of the biggest economies on the planet are still feeling fragile after the financial crash and employment figures, while recovering, continue to be much lower than they were ten years ago. Suddenly, becoming an entrepreneur doesn’t carry much more risk than playing your hand on the employment market and thousands of new companies are registered every day in Hong Kong and other major cities.
Unfortunately, many of these ventures don’t make it. They don’t invest their capital in the right way and struggle to meet demand. They make no accommodations for growth and never learn to balance their profits and overheads. To be successful, a young company has to pace itself in just the right way. If it tries to do too much too soon, it risks spiralling costs. On the other hand, if it doesn’t embrace change, customers will lose interest.
It is a tough world, but there are some things that you can do to maximise your chances of success and grow your business in a positive, healthy fashion.
Work from a Great Location
If you are a 1-10 person business, a Servcorp serviced office is the perfect choice. These comfortable, secure facilities are ideal for smaller ventures because they provide everything in a comprehensive package. This includes lighting and heating costs, cleaning services, IT support, phone answering resources, and lots more. Keeping your employees happy should be a top priority and it is much easier if you can give them somewhere pleasant to work.
Pick an Office with Good Transport Links
For small teams with a dedicated core of skilled members, it is absolutely vital that access is easy. If you only have five employees, say, the likelihood is that you’re all going to be trained in multiple disciplines. You’ll be learning as you go and picking up new skills all the time. With the responsibilities spread so heavily, just one person running late on a regular basis will degrade productivity levels. Therefore, you need to pick an office close to major transport links.
Don’t Put Off Your Firing Strategy
It is much easier to go about business with the assumption that you don’t need a firing strategy. The truth is that it can be distressing to think about firing anybody, whether it’s as an abstract possibility or as a real decision. Yet, tough choices can make or break small businesses. So, think about the reasons why you would consider letting somebody go and how you would go about right from the start. These criteria can change, but it should be used as a little alarm for when things aren’t going to plan. Is there a reason? Are there inefficiencies within the team?
Always Have One Eye on the Future
The big problem with conventional working arrangements is that most office leases come with a mandatory 2-5 year contract. If there is no break clause, a business gets stuck in the same place as it grows and expands. Eventually, it outgrows the environment and the facilities, so the only decision is to pay a substantial fee to terminate the contract. With a serviced lease, this is not an issue. Fees are paid on a month by month basis and allow developing enterprises to renegotiate their terms as and when needed.