It’s 2023 and we are celebrating our third anniversary here at Richardson Professional Solutions. We love seeing small businesses thrive, so this month, we want to bring you some tips and tricks to take into this new year as a small business owner and/or operator.
Did you know that according to the Small Business Administration, 20% of startups fail within the first year, while half go under within five years? Sometimes a small business, although a highly creative idea, can eventually suffer because there is a lack of business sense.
Here are 5 tips for small business owners:
- Stay organized. Control the chaos by keeping accurate records of business finances, set and keep deadlines, and plan ahead by using the scheduling software for things like social media, email marketing, and/or text campaigns.
- Maintain a personal touch. This can be as easy as a handwritten letter when a client joins your company or a small note to someone after meeting them at a networking event.
- Cut costs as needed. This is the key to staying afloat, especially as a fresh start-up. Decide where spending money is important to you and your business (maybe a special software or a higher-end swag item to make an impression), and where you can stand to shave off a few dollars (premium subscription to something or buying used rather than pre-loved office furniture).
- Prioritize customer support. These are the people who help keep your lights on. If they aren’t happy, it will be hard to keep your business running. Make sure to maintain expectations and boundaries, while keeping your promises and providing top-notch customer service.
- Build a strong team. A business can crumble in a flash if its workforce isn’t strong. Find people who are passionate about what they do and have the same mission and goals as your business.
Every business looks different to each individual owner. Always remember to set regular goals and change them as your business grows or as you accomplish them. Just like Dr. Ivan Misner said about networking, “Networking is more about farming than it is about hunting.”
This too remains the same for small businesses. Enjoy the journey!