5 Smart Steps for Small Business Owners to Guarantee Success
Gloria Martinez - 1st August 2021
There’s no foolproof formula for a successful business, but there are steps you can take to increase the odds that you’ll make it from concept to execution. With a solid work ethic and a bit of insight, you can start nudging your business idea toward fruition. Read on to learn about all the best practices you need for success in business, courtesy of Enactus Aston.
Connect on a Local Level
Even the most independent entrepreneur benefits from social support, so whatever kind of business you plan to launch, keep an open mind. You may learn more from rubbing elbows with the competition than you would with customer surveys. Or, you might find that your local industry is more collaborative than competitive.
Think about joining your local chamber of commerce or another business organization to find connections, suggests We Work. Then, be open about your successes and failures. This way, you can learn from fellow business owners and help lift one another up.
Get Organized Money-Wise
Finances will be a significant part of your business operations. The key is to have a plan pre-launch and then tailor your spending based on how things fluctuate. If your business model requires the help of staff – or a team of freelancers – then payroll will become an important part of your operation. An organized payroll system helps ensure that everyone gets paid on time. Your payroll calendar can also connect with time-tracking and invoicing tools, so everything is seamless and easy to navigate. Cutting down your payroll to-do list can save time and money. You can find easy-to-use payroll calendar templates here.
Then, you can get back to work instead of crunching numbers manually every pay period.
Use the Smartest Tools
Technology has come a long way, so the paper-and-pen method isn’t always best for business. Whether it’s tracking inventory digitally or outsourcing repetitive tasks to programs instead of people, smart tools can support even the biggest business.
Consider dedicating at least part of your operational budget to tools and subscriptions that can help you save time and energy. Of course, the good news is, many smart tools are also free.
Check out applications like Google Drive for free document sharing and collaboration, or Slack for connecting with your team or freelancers. Whatever you need to do, there’s a tool that can make it easier (and more cost-effective).
Start Strong with Branding
No matter your industry, strong branding can help you stand out and grow your consumer base. Perform market research to narrow down your target audience, then establish your company’s branding guidelines.
Your branding also extends to social media and advertising; consistency will make your company recognizable and relatable. From your logo to the color scheme to your company voice, sketch out a plan for infusing personality into your operations.
If you have a larger team, you may want to extend this branding persona to your company culture. A clear company culture statement can help unify your team and keep everyone focused on common goals, notes Insperity.
Never Stop Marketing
Marketing goes hand-in-hand with branding, but some organizations mistakenly think that if business is good, they don’t need to market. If growth is part of your business plan, however, marketing will be a constant and necessary part of your endeavor.
Successfully marketing your brand means getting new customers coming in the door (whether in-person or virtually) and boosting sales. Therefore, a marketing plan should be on your priority list while launching and managing your company.
Though launching a business does involve a bit of risk-taking, you can get a head start on success with these tips. Are you a would-be entrepreneur who needs support getting out of the gate? Check out Enactus Aston for resources, community connection, and more.
Photo via Unsplash
