April 15, 2024

Thrive Insider

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Growing Pains That Every Startup Encounters

A startup is going to be an exciting place to work for some when it is successful. The stress of working at a startup is also immense as there are a lot of unknowns. Growth can mean that systems break under the new demand and immense growth will lead to growing pains. Scalable processes being established during the infancy of the company can allow for growth in areas like production and digital marketing. The right hiring is also going to be important as the need for certain roles could diminish in the future. Below are growing pains that every startup encounters at some point in time. 

Hiring The Best Employees Possible

Finding the right hires can be difficult as not everyone wants to work at a startup. The issue compounds if the business is offering different services than any in the area. Freelancers can be a great tool during this time as the business can be productive and not bleed any money. The top freelancers that you work with can be offered a full-time remote position although some might want to continue their freelance lifestyle. If there are people you have worked with in the past, reaching out to them can be an advantage. You already know their quality of work and attitude which are both important. 

Issues Keeping Finances Organized

Startups are similar to all businesses that have expenses that are fixed and some unexpected. There are even apps that can help with this when you are itemizing your expenses. You want to have the most cash flow possible and the right accountant can help immensely. Relying solely on technology can work for some businesses but they are likely overpaying when it comes to taxes. Hiring an accountant in-house is also not something all startups can do as they might not have enough work for them during the beginning of the company. A Raleigh CPA can be a great tool to help your startup if working in the Triangle Area. 

Outgrowing Certain Members Of The Staff

There are going to be certain employees that might be resistant to change when a business grows. The truth is that you need to be flexible in a startup environment as a business plan doesn’t always go exactly as planned. A person could have their roles eliminated due to not offering a certain service anymore due to a lack of demand. Automation has also taken a number of jobs from people. Versatile employees should not have an issue with this as some people can simply thrive in any job role. 

The startup life is not for everyone as some people don’t like the riskiness of working at one. Nobody wants to show up at work only to find out the business is closed which has happened to a number of professionals. The long hours that can be required can be too much for some people to handle. Other startups always seem like they have a deadline that is make or break which is too much stress. Growing pains are a part of business so managing them appropriately is of paramount importance.