Inside Information – 5 Things Every Small Business Owner Should Know
by Arina Smith Small Business 02 November 2018
Starting your own business is an exciting time where you finally get to realize your dreams and enjoy the feeling of working for yourself. By the same token, it can also be incredibly nerve-wracking, especially when you hear conflicting accounts of what you should and shouldn’t be doing – such is the world of business! While every small business owner will approach things differently, there are a few universal rules that should be applied when starting your first venture. Here’s a list of the most important things to consider for long-term success:
Get on Top of Your Finances:
When it comes to running a successful business, the importance of effectively managing your finances cannot be understated. As well as taking the stress out of tax time, efficient bookkeeping can help you stay abreast of your performance and alert you to potential issues sooner rather than later. If you’re struggling to keep on top of your books, don’t hesitate to enlist the services of qualified accountants for small business, who can also assist you with business plans, loan applications, audits, and general financial advice.
Learn from Your Mistakes:
While starting your own business can be the most rewarding move you make in your personal and professional life, it can also be the most challenging. Along the way, you’ll undoubtedly run into roadblocks and make mistakes that may impact your confidence. Rather than getting disheartened over potential missteps, use them as an opportunity to learn and grow. Evaluate what went wrong and where you could improve, and use this information to guide your decisions in future.
Always Have a Plan:
One of the main reasons that around 20% of business start-ups fail in the first year is due to a lack of planning. While this number may be disheartening, it also serves as a reminder that entrepreneurs who fail to plan, plan to fail. Before opening your doors, create a sound business strategy that outlines goals and objectives, opportunities within the market, capital requirements, marketing ideas, and competitor analysis. Going forward, you should continue to review your organization, industry, and competitors to ensure you’re prepared for all eventualities.
It Takes a Village:
Running your own business is a massive undertaking that can be as terrifying as it is liberating. You’re the one calling the shots, and if things go awry, the buck stops with you. If you’re having trouble making a tough decision or managing your workload, don’t be afraid to ask for help. Whether this is hiring an employee to assist you, hiring a serviced office in a corporate centre with other like-minded businesses with whom you can network, seek advice and collaborate, or even arranging to meet with a consultant, there’s no shame in reaching out. Just because it’s your business doesn’t mean you must endure the hard times alone.
Know Your Market:
Without your customers, you wouldn’t have a business. If you’re hoping to create a successful, sustainable company, it’s vital to devote time and effort towards building a sound marketing strategy to identify and reach your target audience. This way, you can continue to refine your offering, hone in on a niche, and maximize your sales potential. By leveraging the power of branding and digital marketing, you could bring in scores of new customers that otherwise may not have known you existed.
Managing your own business is a tough gig, but it doesn’t always have to be an uphill battle. With intelligent planning, you can reap the benefits of a profitable small business that’s equipped to handle any situation. Now, time to get brainstorming!