Most people start businesses with the mentality that they will make plans and start earning high profits. However, it is not as easy as successful business owners make it look. Unfortunately, your small business won't succeed just by completing a set of tasks or by the mere fact that it is an exceptional idea. You require proper organisational expertise, tactic, and flexibility to adjust. If you’re commencing in business or looking for means to make your current one successful, here are 9 bulletproof tips to get you started.
By Team Savant
Image: Tim Mossholder
Outline Your Plan
Without a business plan, it will merely be a dream. You can start with a draft outlining all your goals and objectives. Writing a proper business plan shouldn’t have to be complicated. Put down your thoughts on paper and outline specific strategies, immediate and long-term goals, amount of capital required, and a marketing plan. Nowadays, there is the option of storing your business plans online, in the cloud, where you can access them quickly.
Work Out Your Numbers
To achieve success in running a business, work out your numbers to determine if it will be profitable. Determine the expenses you will incur and consider if your current capital is enough to cover them. Ensure that your business capital exceeds expenses to avoid bankruptcy and leave room to cater for emergency costs.
Some costs you must keep in mind are marketing, rent, salaries, and supplies. Also, remember to cater to your household budget; keep aside funds to cover your daily needs. Once you have a rough idea of how much everything will cost you, create a budget and consider getting extra capital from other sources.
Be Punctual With Taxes And Bill Payments
Your start determines how you move forward in running your small business. A wrong move like delaying payment of taxes or settling of bills can set you far back. Be punctual in payment of bills and taxes, and if possible, hire someone to stay on top of things if particular tasks overwhelm you.
The last thing you want is to incur penalties or unnecessary debts that earn you a bad reputation. Delaying bills and tax payments can cost you hefty fines, seizure of personal assets, and a poor credit report. Ultimately, it hinders building business relationships and impedes your ability to make loan applications in the future.
Network With Supportive People
When running your business, even as you focus on completing tasks on time, remember to surround yourself with people who will help you grow. Consult with your family, friends, business people, mentors, and advisors to seek their opinion on things that are of importance to you and your business. The only way to achieve success is by knowing where you’re failing and how you can do better through constructive criticism. Attend events for networking and create friendships with people to consult within the same capacity or seek their expertise in time of need.
Delegate But Don't Micromanage
As a small business owner, your job is to manage and not to take on all the work. Therefore, evaluate your abilities, skills, and strengths, and hire professionals to fill in for other tasks. Instead of taking on the majority of the work, pay attention to the core business tasks. Delegate effectively by monitoring employees rather than micromanaging them. It will surprise you to see how much you can achieve by trusting your employees to perform their duties. Part of building a stable workforce is offering rewards and benefits to motivate them.
Research On Competition
Competitors aren’t always a negative encounter. They inspire and motivate you to do your best and keep you alert daily. However, running a small business obliges you to understand and get lessons from your competition. After all, if their strategies work, you can implement them or discover a niche to cover and become more profitable. Go to the extent of befriending competition so that when changes or trends are happening in the market, they let you in on them.
Prepare To Take Risks And Sacrifice
If you avoid taking risks in business, you will never know its reward. When you become aware of the worst that could happen, you take risks with precaution and earn tremendous rewards. If, for example, there are new trends in the market or gaps due to situations such as the COVID-19 pandemic, be ready to invest in them. Once your business becomes operational, prepare to sacrifice your time.
Always Focus On The Customer
To set yourself for success in running a business, catering to customers' needs should be your top priority. More customers mean more business, so provide exceptional service to everyone who contacts or walks through your business doors. By doing this, you establish customer loyalty and gain free marketing by word of mouth because clients speak highly of your business to their loved ones. Invest in equipment and technology that gives customers a memorable experience, such as getting a professional virtual receptionist and automating processes to achieve maximum efficiency.
Go Online
The internet has become a powerful resource for many businesses. With a properly-designed, professional-looking, and user-friendly website, you can attract customers to your small business. Include your business name, logo, location, and optimised content informing customers on what products or services you provide. Also, you can expand your marketing by increasing your online presence through social media activity. Use platforms such as Instagram, Facebook, and Twitter to influence your products/services and reach potential clients. Ensure you maintain consistency with putting outposts, responding to questions or comments, and giving feedback.
Bottom Line
Being a small business owner requires you to put in the time and effort to make it successful. However, avoid shouldering all the work. Invest in the right team of employees and keep supporting people who will help during uncertain times close to you. As technology continues to evolve, ensure that you protect your business. Make clients your priority and give quality service to motivate them to come back.