At QuickBooks, we know that when a business is in its startup phase, it’s all about innovation and excitement. There’s very little more thrilling than embarking on a venture to create a niche of your own. However, it’s important to remember that entrepreneurship requires a strong administrative foundation, because the backbone of any successful company is its management.

How to become a CEO

Being the leader of your own empire comes with the promise of earning a large income. You can make 10-100 times more money working for yourself than for someone else – but this is not immediately guaranteed. In fact, for the first five years, most people are still familiarising themselves with the ins and outs of running an efficient company.

Through our experiences, we’ve compiled some helpful advice about how to start a business:

  1. Get the right tools – When it comes to large financial tasks, you’ll need the right programmes to stay afloat. Manual profit calculations are no longer practical in this digital world. That’s why it’s imperative that you invest in a reliable accounting software system  to handle that aspect of your business.
  2. Find the right employees – Unlike the popular saying, not everyone is replaceable. The right employee, with the appropriate attitude, training and interests is indispensable. That makes it important to pick people who add value, nurture them and grow their skills. A loyal, talented staff is an asset to any successful business.
  3. Have patience – Starting a company is like having a baby. Conceiving an idea is easy enough, but investing the right amount of attention and care is crucial to growing it well. The areas that you put effort into are the ones that will flourish, so remember to prioritise wisely.

Focus on the little things

Before you embark on a mission to start your own business, make sure that you plan. By having a firm strategy to monitor your finances and team – regardless of size – you’ll streamline your processes and eliminate unnecessary stress. Remember that creating anything meaningful starts with small steps.