A little over 50% of startups fail in their first four years of business. That percentage isn’t there to make you scared to start your company. It’s there to remind you that you need to make the right decisions and act smart when you’re starting from the ground up.
That said, when you’re a startup or even a small business there are a few key details you need in your work life to stay ahead of the game. And we don’t just mean customers and marketing tactics.
Here are two key components every startup and small business needs to succeed.
A place for your business to be a business
In today’s day of technology and virtual office spaces, startups are fortunate enough to not need to rent a commercial space. Many employees can simply work from home and keep your business booming out-of-office.
But just because you don’t need a commercial space all the time doesn’t mean you don’t need it at all. Sometimes you need a professional space where investors can meet you or where managers can meet face-to-face.
Look for coworking spaces and rentable furnished offices that you can use when you need them. This way you can still save money by not taking out an annual lease on commercial property but still have an office area available when necessary.
Clear and effective communication
There’s a reason why many startups will require their employees who work from home to have a high-speed and reliable Internet connection. That reason is that clear and effective communication is crucial between employees, managers, and the CEO.
You need to make sure that the information you’re providing to your managers is clear and concise without any confusion. This ensures that your managers will deliver this information effectively to your other employees and that everyone’s on board at the same time.
Where can I find coworking spaces and other office solutions?
Approximately two-thirds of managers say that employees who work remotely increase their overall productivity. This is key for startups that are not only competing against other businesses but are also competing to stay afloat during their first year in business.
If you’re looking for flexible office space like coworking spaces, virtual offices, or rental meeting rooms, Stat International has your back. To learn more about our coworking spaces and furnished office spaces you can lease, contact Stat International today.