5 Small Business Tips and Resources to Help You Succeed
With the right small business tips and resources at your disposal, you can lead your fledgling company to success. Here's how.
The latest statistics show that three out of ten start-ups fail within two years, and only half make it past year five! If you want your business to last longer, you must build a strong foundation. A strong foundation differentiates between a long-lasting success and a one-hit wonder.
To build a strong foundation, you need to make sure essential habits are central to how you operate and your business strategy. Here are five small business tips you can adopt to build a robust business.
1. Listen to Your Clients
Marketing is about giving customers and clients what they want. You instinctively practice customer-centric thinking when you see a need and successfully fill it when you start your business.
One of the biggest success destroyers (especially in the long term) is becoming out of touch with your customer base. If you want to stay successful, be sure that you, as the top manager, always have a good idea of what your customers need, like, and feel. This entails a strong customer service ethic and suitable customer feedback mechanisms.
2. Know How to Market Yourself
Marketing yourself or your brand as desirable is crucial, especially in the early years. The best way to deploy your resources is with email marketing campaigns and social media that link back to a home webpage.
The world online changes millisecond by millisecond. Prioritize getting good at SEO and content marketing over big dreams of billboards, TV, and newspapers. Old media will only have a niche audience in a generation's time.
3. Automate Administration
As a small business owner, your time is almost a more precious commodity than your money. This is why it's worth learning how to use automation features in accounting software, payroll applications, administration programs, and whatever else can help you save time. If you can't automate, you still might be able to outsource to external services and save more time (and therefore money) than by doing it yourself.
4. Prioritize Liquidity Over Solvency
Stories of major downfalls following rapid growth spikes are common, but the lesson that rapid growth is inherently bad is a fallacious conclusion. You'll be prepared for the once-in-a-decade economic hits if you have a big enough cash flow or a portfolio with enough liquid assets (cash or cash equivalents).
Morgan Housel suggests it's best to save on the assumption markets will crash. Translation: always have way more liquid assets (cash and cash equivalents like gold, if you can) than you think you'll need.
5. Know Where to Raise Capital
Pouring your own money into a new company can only go so far. Learning where to turn to raise more capital is vital for expanding your business to the next stage.
Turn Small Business Tips into Action
Turning a growing business into a successful business takes grit and skill, but it's very doable. Implementing fundamental practices gives your business that unsinkable quality upon which you can build long-term success.
Generic small business tips include using automation well, having a good marketing strategy, staying customer-focused, and knowing how to raise capital. Having a large rainy-day fund is also vital.
A competitive and user-friendly website is necessary for many of these small business tips. BEGO can give you the best start-up website at the best price. Check out our features today and make magic happen.