Small or start-up businesses can often be some of the most challenging times that a business can face in its entire journey. Whether this is their funding/ financial freedom, lack of staff, demand for their product/service, etc – making a name for yourself can be tough.
Small business owners have business ideas that are either their unique product/ service, hopping on a trend or trying to make an already existing business model in their own distinctive way.
Whatever the case may be, creating a product or service that resonates and sells well with customers, whilst keeping it sustainable for a number of years can be daunting.
In this blog, we’re looking to provide you with the best, must-read small business tips to get you up and running and begin to create cash flow. Read on to learn more.
What is a Small Business?
With small businesses, there are typically many different variants of definitions according to many sources. However, the basic understanding of small businesses is that they are either corporations, partnerships or sole proprietorships that have 50 (or below) employees.
They often receive less annual revenue/ sales than a medium-sized business or large-sized business – sometimes leading to them underperforming against their competitors.
However, the value of small businesses is unmatched. Without them, a lot of people would be without jobs right now and wouldn’t have a stable income to provide for their families.
Businesses are also often defined as ‘small’ if they can apply themselves for government support (tax policies, etc) obviously depending on their country or niche of business they’re in.
Small businesses can be anything, whether that be an online business with few virtual employees or a coffee shop on your local street. There are no limitations on the industry a small business can be in as long as they’re in one of the categories above.
Tips for Small Businesses
No matter the size or type of your business model, the requirements of effort and dedication to the cause are still there. Whether this is great customer service, small business administration or thinking and acting on ways to improve/ increase the revenue in your company – the demand for a successful reign should always be the burning desire.
However, with so much going on surrounding the business’s goals/ objectives, paperwork, hiring/ paying staff and so on – sometimes it can be difficult to know what does and doesn’t work if it is your first time in a new business venture.
This is why we’ve created this guide of small business tips to help you in your quest and development of becoming a successful online or in-person business. Let’s run through some of our most valuable information.
Keeping Your Business Organised
Now, this can definitely be thought of as a broad term as there are so many components of a business that needs to be organised. However, here at MOVE Online, we’re going to tell you the necessary tasks that need to be arranged.
Your Business’s Money
Although it isn’t always about money, in business – money is the most important factor that keeps the business running smoothly. Keeping track of every single transaction is what’s needed to perform at the top level.
Doing this manually would take a lot of time, so finding an automated system to put your transactions in there will be essential. Otherwise, your money will dissipate quicker than you can blink, unfortunately.
Setting Deadlines
Deadlines within a business are more important than a lot of people think to stay on top of their daily schedule. Often, you can catch yourself slacking off as there is no time set to where you need to finish a task.
Nonetheless, with deadlines, you have the pressure to finish a certain piece of work within a timeframe – with the responsibility lying on your shoulders. Although it may seem daunting, this pressure seems to always create the best form of work.
Have an Eye-Catching Website
Due to social media accounts and other online platforms taking over, having a website is now your digital business card and way of attracting customers.
If you have an eye-catching website (putting some serious time into design and branding) and a good understanding of implementing some SEO (Search Engine Optimisation) into your website, you’ll already be ahead of most businesses who own a website.
Having a brand not only creates trust, but it gives people something to remember you by. Whereas, the technical SEO will boost you up Google, allowing for more of your target audience to see what you’re doing.
Having a clean set-up with high-quality content (instead of blurry images), with clear pointers to where your products and/or services are is essential. Making it easy for investors while impressing is a great inkling for them to take away.
Automate Mindless Tasks
If something is happening over and over again, then it will always be best to find a way to automate it. For example, dealing with clients may entail using a CRM function or app to email, follow up or deal with potential prospects viewing your website.
This can be used for a lot of different jobs such as email marketing too (completing flows, abandoned cart emails, etc) so you don’t have to manually do it every time – as this will end up wasting a lot of your day.
Stay Close to Your Staff
Even though you may feel that business is running at one hundred miles per hour – making time for your staff is vital to a successful business. The bottom line is that if you lose your staff and their workload dips, it can be difficult to bring back to life.
Instead of worrying about analytics, emails and data from clients for one day – consider taking your team for lunch and engaging in activities with them.
For the long-term, keeping the people who are helping you out every day happy, is paramount if you want to grow your business at a quicker and more efficient pace.
Attending Mastermind Groups
This is for the more ambitious businesses that are looking to grow even more than where they are now. Gaining more knowledge from people who have already succeeded in business and your niche is priceless.
Not only will you experience fewer mistakes as you’re growing as a small business and be held accountable by the top business leaders in your niche, but you will also learn a lot along the way. If you’re thinking of attending a mastermind group, view the mastermind elite section of our website for more information.
Mark is a multi-award winner in business networking and relationship building. He is passionate about coaching and mentoring business owners and professionals through 1-1 & group coaching, team performance workshops and group mastermind sessions.