28 Sep Top 5 Start-up Business Concerns in 2018
It’s not a surprise that start-up businesses have unique challenges that established companies do not face – and when building a business that has a long term goal of hyper-growth or acquisition, these concerns are even more intimidating. Why? Because one reputation damaging or tarnishing event can lead to a crisis that cannot be remedied or wiped from memory. That’s why it’s important for business owners and executives to understand what the future concerns or challenges are before they happen, so they can be avoided completely – avoiding the start-up business concerns in 2018 that could jeopardize reputation management or threats to growth.
To help you and your team, here are the top 5 start-up business concerns in 2018…
Email security on servers
Email hacking and overall security of email has been a hot topic in 2017 and this will only continue as we move toward 2018. Yet, this can be avoided with a few key steps – or a very intelligent IT team. If you are using Google’s Gmail, for example, install two-factor authentication to your company’s account now. If you have employees checking email outside of the office, ensure smartphones and personal laptops are secure.
Another reminder – assume that anything you write through email will be read by your closest friends. That is, to say, that email correspondence should be taken seriously.
Businesses are concerned about budgets – and rightfully so
Small businesses are spending more than ever on digital media advertising – and this number will only rise in 2018. Advertising with a focus on revenue needs to be accounted for in budgets – and budgets overall need to be determined well before January 1. Of course, we’re certain you’re already planning for the year ahead, right? Small businesses are thinking ahead and certainly concerned about budgets for the year ahead, so be sure to confirm your annual spend now.
IT teams are worried about websites being hacked
Websites are hacked left, right and center – that much we know to be true. Be sure to secure your website with https, which is an internet communication protocol that protects the integrity of data on your site. It’s a protocol for sensitive and secure information online. To learn more, click here.
Threats from competition
Competition is on the rise, regardless of your start-up industry. Amazon, in particular, is seen as a major threat to business owners- with 65% of individuals saying that this site is a a very real threat to small business. Be sure to identify and develop a unique selling proposition plan for your business in 2018.
Getting ready for valuation
As a start-up, 2018 could be an impressive year for your company – one that will require a Business Valuation Report. Such reports are used primarily by internal management to determine the selling price of a business, or assisting in the buy-sell between shareholders. Of course, this report takes planning and budgeting, so be prepared for the upcoming year.
It’s no surprise that start-up businesses have unique concerns ahead of this year ahead. By identifying such concerns and challenges ahead of 2018, your start-up is sure to be positioned with strength.
1. https://www.cnet.com/news/two-factor-authentication-what-you-need-to-know-faq/ 2. https://www.biznessapps.com/blog/small-businesses-digital-marketing-budget/ 3. https://www.cio.gov/ 4. http://www.bizbuysell.com/htmlmail/2017/email/pr/bbs_smallbusiness_poll_aug2017.html