Think about why other businesses have failed. Oftentimes, it’s the wrong product, the wrong pricepoint, the wrong market, the wrong team, the wrong marketing, or the wrong entrepreneur, whose skills weren’t up to speed. Now is also the time to take a critical look at your finances. There might not be much money coming in to start. Can you sustain that?
In order to maintain this success and achieve positive growth for your small business, you need to approach some aspects of your job from the mindset of a Fortune 500 CEO. If you think small, you will most likely remain small. But if you think big, your company will realize big results.
All successful businesses keep detailed records. By keeping detailed records, you’ll know where the business stands financially and what potential challenges you could be facing. Just knowing this gives you time to create strategies to overcome those challenges.
To avoid any derailing issues, you should also take some time to make sure you’re good to go with all your legal and tax obligations as a small business. It’s a good idea to consult with a reputable lawyer and accountant to ensure you’re not missing anything and are filing everything on time. You’ll also want to make sure that you’ve taken care of all the permits or fees that are required to do business in your province. You don’t want any future surprises that could eat up your budget. Ensuring you have all these things set will save you both minor and major headaches that take you away from running your business.
Certify employees. Employ individuals with certification in your business’ field, like certified public accounting or electrical repair technician. Having certifications for all employees will ensure that your employees are skilled at the highest level and will increase your client’s confidence in your business.
Use mistakes and setbacks to implement positive change. Understand that mistakes are going to happen. Use these setbacks as an opportunity to help improve your business. Incorporate your learnings into updates in your instructions and policies going forward.
Competition breeds the best results. To be successful, you can’t be afraid to study and learn from your competitors. After all, they may be doing something right that you can implement in your business to make more money.
Have great customer service skills. Be good at interacting with people. Practice reading between the lines of what people say. Learn how to meet needs they didn’t know they had. Figure out how to make people happy. Be charming. Most importantly, be humble. The customer may not always be right but you need to be able to let them think they are.
As an entrepreneur, there’s a tendency to want to do everything yourself. But if you’re finding yourself unable to keep up, it’s time to bring in some help. Hiring employees is not something to take lightly. In fact, many great leaders cite smart hiring as the key to their success. And as you grow, it becomes more and more important. With the right people in place, you’re able to scale. With the wrong people, you get stuck in your tracks. To make sure you’re being as strategic as possible when building your team, read our tips on how to hire great employees.
If you are a retail operation, consider using a tablet with an app-based credit card processor like Square or Intuit GoPayment Reader instead of a bulky point-of-sale system at each register. You can synch your transaction data to your accounting software and utilize the tablets for other purposes as well.
Develop a passion for learning. As your business changes and grows, you need to change and grow along with it — particularly as you transition to manager. The one common denominator you find in all successful business owners is a passion for learning.
Leaving customer feedback strictly in the hands of your employees is a dangerous managerial tactic. Employees may benefit from presenting you with skewed information about customer satisfaction or product usefulness, which, in turn, will lead you to make bad managerial decisions for the company as a whole. As such, do not simply accept what your employees tell you about your business without seeing evidence of their claims. It is your company and you have put yourself in a position of risk, so be proactive in overseeing business results.
Secure a loan or other type of investment. Successful businesses need capital to get off their feet. Be sure that you have arranged and secured enough fiscal backing to cover all of your small business’ operating, production, and marketing costs until your business is in a position to generate and operate on its own profits.
You will, of course, need to spend extra hours and work harder. But the transition from being an employee to a business owner will be far smoother as you won’t have additional expenses to worry about.
Starting a business is no small feat. But running it is when the real fun begins. This guide walks you through the basics of running a business, covering everything from managing your finances to planning your marketing efforts and hiring employees.
Use crowd-funding. If you still can’t drum up enough funding, use websites to raise the money you need to start. These funding sources have several benefits: you will not have to pay interest on the money you get (since it is money which is used to provide actual product or services) and it will help you not only gauge interest in what you have to offer but also help you build a customer base. You’ll start business with hundreds or thousands of customers already lined up and ready to tell other people about what you have to offer.
You’ve decided to run a credit check on a potential client to ensure that you’ll get paid for your services. Once the report arrives what are you really looking at and how can you use the information to make the best decision? This article can help.
To figure out which area to prioritize first, think about the day-to-day tasks that eat up the most time. Is it ordering inventory? Managing your employees’ schedules? Setting appointments? Running payroll? If you find yourself spending more time than you’d like on any of these things, it’s time to search for some technology to help.
It should be as easy as possible for you and your staff to ring up customers. That means you should be accepting credit cards. Why? For starters, statistics show that people are using cash less and less. So sending people to the nearest ATM if they don’t have enough cash on hand is not the best customer experience. Plus, accepting credit cards can help you make more sales and improve your cash flow.
am very much inspired with these grt shares of wisdom about starting a new venture.thnx. am actually facing it difficult to start my own venture..i really want to start something interns of business but it a bit difficult for me … how do i start a new venture.?
If invoicing is a constant hassle (a common gripe among many business owners), get set up with Square Invoices, which lets you easily send and track digital invoices right from your Dashboard. (Which means no more stacks of paper to sift through.)
Make sure there are no prohibitive costs, such as equipment which is too expensive to make the business profitable. For example, cars didn’t take off until Ford figured out how to make them cheap by building more efficient equipment.
Organizing weekly, bi-weekly or monthly meetings between you and your staff can help ensure that everyone is on the same page and will help you avoid wasted time or overlap in the various responsibilities of your team members. Meetings can also help you analyze who is and who is not adequately performing the duties assigned to them.
Know your limits. Understand how much you’re willing to work to keep your company successful and where you’ll likely draw the line. Your willingness and capacity may change over time, such as if you’re emotionally prepared to work every waking hour for the first year you’re in business, but that you expect to take regular vacations once your company is established.
Approach friends and relatives. People who know you for a long time are most likely to have faith in your ability and intentions. These are also the people who are likely to stand by you if the going gets tough in the initial stages of your venture or you need to raise more money. However, make it clear the money is intended as risk capital and they might lose it completely or may not be returned in the short term.
Use a little old fashioned networking. Go to conferences, charity galas, meetings with complementary businesses and anywhere where your customers are likely to be highly concentrated. In other words: get out in public and interact with people. Use your friends connections to meet people who may be able to help you. This kind of interaction is very important for starting a business. You can’t exist in a vacuum after all.
Try to find the reason that your income has slowed and act accordingly. Look at your audience and situations. For example, ice cream won’t sell as well in the winter as it will in the summer. To circumvent this, you could serve something else that would do better in the winter, such as hot chocolate.
Advertise in a way that catches customers attention at a minimum and hopefully goes beyond to capture their imagination. Be creative and appeal to the right aspects of the customers you want to use your business.
Blanket statement: You need to keep your finances in order. For starters, that means you’ve done the legwork (or worked with a reputable accountant) to understand all your tax obligations, operating costs, and how much money you need to bring in each month and quarter to break even—and become profitable.
Crowdfunding platforms such as Kickstarter have changed the way entrepreneurs are raising money to fund their new businesses. Whether you want to sell a new software tool or set up an organic noodle bar, you can get people to invest in your business.
Discover the reason for the employee’s laziness. Sometimes a shift in management style or communication with an employee will help you yield more positive results. Making sure your employees are both heard and properly incentivized will help make a productive work environment. The employee may simply have a lazy work ethic, or abuse a workplace when he/she doesn’t have the right consequences or supervision. Make sure your employees know the expectations, and the consequences of not fulfilling said expectations (whether it be a warning, a demotion, or possibly termination). There has to be a reward for if they surpass expectations as well (whether it be a bonus, commission, praise, promotion, time off, or simply increasing your trust in the employee).
Making heroes of employees is common practice with many well-managed progressive companies. In this article Dr. Paul Adams looks at the advantages – as well as the possible pitfalls – of using rewards to motivate your employees.
CIT and Operation HOPE Join Forces to Help Small Businesses Launch + Grow To celebrate Financial Literacy Month, CIT and Operation HOPE are partnering to educate and empower small businesses with tools and tips for success. Hear inspiring stories from a diverse group of small business owners at
Realize that not everyone is cut out to be a small-business owner. Take the time to explore whether you’re compatible with running your own business. Some people are happier (and better off financially) on the other end of a paycheck.
Get your license. Remember to register and acquire your small business license in the particular industry of your business. This step is important to ensuring that you’re running your business legally and according to industry regulations. Be sure to register for permits related to particular services you offer, like home repair or tax preparation, which could require registration and certification. You will not be able to hire effective employees if your business is not operating with the appropriate licenses and permits.
Want to be sure if your business idea is indeed unique? Run a test and find out. A pilot will give you the confidence you need to take your idea to the next level and mitigate risk. You can start on a small scale by giving away some freebies to a few people in your target audience group to see how they respond.
Make use of marketing and PR. You will want to reach out to potential customers in ways that make them want to use your business. This is especially important when you are first starting, before you have an established, regular customer base.