Things startups need to consider once they receive venture backing

You can find many articles on the internet about how to get funding. In fact, you may have even gotten loads of advice on how to get venture capital from business leaders in your community. The one problem, though, is few people tell you what to do with it once you have it. Let's take a look at things startups need to consider once they receive venture backing. Plan your budget wisely Your venture capitalists are going to want an accounting of where you are spending your money. They will expect ...
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10 tips on creating HR processes and policies for startups

You're a go-getter. You've spent months, if not years, getting your startup off the ground. If you're like most entrepreneurs, you've done most of it on your own. But, regular tasks like recruitment, hiring, payroll, benefits plans and employee care are slipping away from you, and there's that nagging voice in your head that's telling you that you need some help. Yet, you don't think your startup is quite big enough for an HR (human resources) department. So, what do you do? In this article, we'...
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5 signs it's time to outsource accounting

Taking care of your startup's accounting functions in-house can not only be a headache but a time-consuming task that eats up a lot of your resources. Whether it's payroll, accounts payable, accounts receivable, credit card reconciliation, inventory and budget reports, bank reconciliation, or payroll reconciliation, accounting can often be too much for the small startup to handle. How do you know you need help? Here are five signs it's time to outsource accounting. #1: You have no time left for ...
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Does your startup need cyber liability insurance?

As a startup, you know you need general liability insurance, property insurance, and workers compensation insurance, but have you ever considered cyber liability insurance? What is cyber liability insurance Cyber insurance generally covers your startup's liability for a data breach that can involve private, sensitive customer information such as social security numbers, credit card numbers, account numbers, addresses, health records and driver's license numbers. When hackers gain this informatio...
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How to start your own business while you’re still employed

Building your own business without having to give up the financial security of a regular salary can be a great way to test the water and validate your business idea before taking the plunge into full-time entrepreneurship. Many successful entrepreneurs start working on their business as a side hustle. And while it may be hard work, research shows they're less likely to fail than those "who jump in without having the safety net of employment," writes Pratik Dholakiya. Here, he shares his top...
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Top HR mistakes made by startups and how to fix them

You know that to help your startup succeed, you have to have a competent, experienced, dedicated team. Unfortunately, though, many startups slip up when it comes to human resources, hiring, training, developing and retaining a great team. To help you avoid these all too common issues, we look at some top HR mistakes made by startups and how to fix them. Mistake #1: Not hiring a human resources person Whether you have a part-time, full-time or outsourced professional manage your HR, you need some...
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A guide for adding senior leaders to your young startup

What startup founders lack in experience they often make up for in ambition, effort and grim determination. As the business grows however, it takes the skills and experience of seasoned executives to successfully transition from startup to scale up. And "there comes a time in the life of every growing startup when it's time to bring in some new leadership," says Amy Norman. While bringing a new senior leader into the business can be challenging, Norman shares here some top tips for mak...
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How to build a successful business team

While it's common for startups to wait too long before they start hiring, you won't be able to do everything yourself when it comes to growing the business. You need to start building a team that shares your vision and values, while bringing the right balance of skills and experience to fill key roles in the business. Having the wrong team is one of the top reasons for startup failure, so you need to be selective and strategic about the people you choose to work with. To help you build a winning...
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5 tips for startups making their first few hires

Did you know that the number three reason startups fail is they were unsuccessful hiring the right team in the beginning? Because of this, we want to look at what you should do and look for when putting together your new company's team. Let's look at five tips for startups making their first few hires.   Tip #1: Hire early If you can afford it, begin hiring your staff as soon as you need them. While the budget might be tight at first, you'll benefit from having extra brainpower in your earl...
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8 ways to better manage your startup’s burn

While it's impossible to grow a business without spending money, it's vital for startup founders to understand the difference between necessary and unnecessary outlay and avoid wasteful spending. It's also essential to manage your burn rate so you know how much capital you need and how you're going to spend any funding you raise. The key to how effectively you spend your money comes down to discipline and having a "low-burn mindset," says entrepreneur Dennis Zdonov. Here, he shares eight strateg...
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