9 Tips for Running A Small Business
As a business owner and entrepreneur, you only know how many hats you have to wear during a day at work! Undoubtedly, owning a business represents a never-ending learning curve – and every obstacle can seem overwhelming and insurmountable. However, you have tackled them all, and your small business is still growing! Here are nine easy tips to put in practice today and see your business flourish!
Give Back To the Community
The aim of most businesses? Be profitable! However, the essential triple bottom line of every business also takes into account people and planet – as well as profit. Ultimately, environmental health and community wellbeing are just as crucial for a business to thrive and be sustainable in the long run. So, get involved! Giving back to your community during these hard times can only benefit your reputation and help your local customers get back on their feet.
Keep an Eye on Finances
It is easy to lose sight of cash flow, overlook the importance of liquidity, and go over the budget you had set. However, especially when your business is still young, it is essential to keep up with taxes and compliance – and build a solid reputation in front of your stakeholders.
Create a Social Media Community
With over 80% of potential customers researching a brand online before shopping, it is essential for any business to be online. Creating a social media community is essential to connect with your customers, reply to their messages, showcase your brand, and build a relationship even amidst closures and social distancing measures.
Be Organized
Being organized is essential in business. You will need to remember deadlines, phone numbers, appointments, and important names! Make sure to come up with a system that works for you. Some entrepreneurs love to stick to classic lists, paper, envelopes, and handwritten notes. Others have opted for apps or specialized software.
Don’t Be Afraid To Outsource.
We know that you can wear many hats – but you are not expected to wear all of them! Understanding when to outsource and who are the partners you can trust can save you unnecessary stress and unprofessional results. You might consider outsourcing specialized services such as IT, marketing, finance, or payrolls.
Have a Plan – And Update It!
Having a business plan is undoubtedly a great way to start. Aside from helping you open a business bank account and gain the trust of banks and investors, it also offers guidelines to stick to. However, your business might take a turn that you hadn’t expected – or you might have found a special opportunity that was not foreseeable when you wrote the business plan. Therefore, keep an eye on your long term strategy – but be ready to adapt it to the current market opportunities!
Don’t Make Your Business an Island.
No business is an island, and your networking skills do matter. From your customers to investors, suppliers, and local cooperatives and policymakers, it is essential to create a welcoming and open public image for your business. And, you will be at the centre of it! From public events to charitable initiatives and fairs, it is important for you to always be on the front line!
Offer Unparalleled Customer Service
Your customers are the real heart of your business, and they can help you thrive. Whether you are a small brick-and-mortar shop or you are planning to grow your online business into an international platform, customer matters matter – especially when you are trying to win over your first customers!
Be Creative
Lastly, don’t forget to have fun! If you have started your business, you are probably in love with the trade and decided to make something great to serve your community. Keep up this spirit, and remember to enjoy the journey!
