courtesy of Marcus Lansky, Founder Abilitor.biz
Running a small business can be a great way to make a living. However, it can also be challenging. Ultimately, every decision is up to you, so it can be difficult to find your path at first. The following four best practices can help you to find small business success. There are no guarantees as a business owner, but you can still make smart choices to give yourself the best odds possible.
- Build a Powerful Marketing Machine
Marketing is one of the most important aspects of any business. If you aren’t actively pursuing sales, you are likely missing out on winning potential customers. For example, according to IMPACT, companies with blogs generate 67 percent more leads than those without.
Whether you are running a store or a B2B brand, getting more leads naturally means a high likelihood of making more sales. If you build a powerful marketing machine, you can enjoy consistent leads coming into your sales funnel.
- Don’t Get Too Tied to Your Plans
It is easy to get overly committed to your own plans when you are running a business. After all, you are the boss, so whatever you say goes. However, you should be ready to pivot from time to time. Flexibility allows you to adjust to changing circumstances and take advantage of new opportunities.
Similarly, follow a relatively lean business model. This means keeping your expenses low and avoiding getting too invested in unnecessary capital assets. Certainly, there are times when you should go “all-in” with your ideas. However, it is good to stay agile and ready for change so you still have financing to draw on when you need it, especially when you are just starting.
- Keep Your Back Office Orderly
Organizing all of your back-office operations is important to your success, even if it feels like grunt work. This includes things like bookkeeping, ordering inventory and managing payroll. If these systems are disorganized, you are more likely to make financial mistakes or to always be struggling with unproductive systems.
For example, if you are doing payroll for employees or freelancers, develop a comprehensive payroll system for keeping track of pay dates and employee wages and hours. This can greatly simplify the tax calculations and other complexities of this process. If your team is too small to take advantage of an automated system, you can avoid emergencies with a payroll calendar. This can help you stay organized without the extra cost by integrating with your employee scheduling and time tracking systems, along with invoicing.
- Get Involved With the Local Community
As Southern New Hampshire University explains, networking is always a good idea when you are running a small business. Connecting with other professionals helps to fill gaps in your own skills and knowledge, opens you to more opportunities, and broadens your chances for growth. Try looking for business events such as conventions and job fairs nearby. You can use these to find customers, meet other business owners and discover potential employees.
One of the best ways to network with the local business community is to get a membership with the local chamber of commerce. This can help you meet other business owners who may become customers, vendors or partners. It also gets you involved with the decision-making about business in your area. Chambers of commerce can often have a powerful influence in local government.
With these tips, you can have an easier time keeping your company on track. The road to creating a successful small business is not an easy one. However, if you work hard and persevere, the benefits can be significant. Get started with today.
For everything from marketing and branding concerns to building better business strategy, connect with CEO coach Brad Adams.