5 Things Every Small Business Owner Needs
Starting a small business is exciting and something every entrepreneur experiences at least once. However, running a small business is not easy. There are so many things to worry about: generating enough money, paying invoices, marketing your company, keeping up with technology, and the list goes on and on.
Many first-time business owners, and even experienced pros, can sabotage their best efforts through typical mistakes. There are some basics that every small business owner needs to succeed.
Legal Docs
Registering your business with the federal and state governments is essential to being a business owner. Yes, you can file a Schedule C at year-end, but having an LLC has its perks... like protecting you in a lawsuit. Then there are terms and conditions, which can also protect your interest and your bottom line.
For example, the terms and conditions of a contract may dictate how disputes are resolved or what state has jurisdiction to hear disputes. The contract may contain terms and conditions related to lability, defective services or products, and other terms specific to the transaction. You can find many terms and conditions templates online for your respective industry.
Organization
It is not uncommon for small businesses to lack organizational structure. Entrepreneurs often wear multiple hats, but keeping every part of your business organized will keep functions running smoothly. If you are not organized, tasks can pile up, documents can get lost, and time will be wasted searching for things that should be readily available.
Many small business owners still love pen and paper, but it is not an efficient way to organize things. Find an application that fits your needs and use it! There are many options available, like Google, Asana, Monday, etc.
Likely, it is still a party of one, but that does not mean you can't define what roles are needed to run your business. Create an organizational chart that reflects your ideal organization. Your structure doesn’t have to be set in stone. But it should serve as a framework for your business as it evolves.
Bookkeeping
Bookkeeping can be the difference between success and failure for some businesses. Bookkeeping is so much more than numbers and spreadsheets. With well-kept bookkeeping, your business can closely monitor its financial capabilities and allow you to make quick financial decisions.
By maintaining your books, you can keep a close eye on your business's health - and potentially save your business from failure. It gives you an in-depth look at your expenses and revenue. And it gets you on the path to transforming your business into a million-dollar money-maker.
You can maintain your books using Excel, Quickbooks, or you can hire a bookkeeper and save yourself the headache. Whichever route you choose, be sure to choose one! Having clean financials is extremely important to business success, there is no way around it.
If you are ready to begin working with an accountant that can expertly assist in your bookkeeping, check out our list of services here.
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Marketing Strategy
You cannot have a successful business without marketing. You can have the best products and services, but how will anyone know? The term "marketing" covers a lot of different activities – all associated with selling your company's products and services.
Attracting customers requires marketing. Send out emails, post on social media, maintain your website's SEO - but before you do that, make sure you know your audience. Your business marketing will not be effective if you do not know who you are speaking to. Take the time, and create ideal customer profiles. What does your ideal customer like? How old are they? Where do they live?
If you do not tailor your marketing materials to your ideal customer, then where is the strategy? Create your email sequences and social media captions to speak directly to your ideal customer. Brainstorm a marketing strategy and fine-tune it as you see fit.
We Are All in Need of a Vacation
In today's environment, the customer experience can make or break your business. We live in a time full of stars and reviews. Find a way to make sure your business is meeting your customer's expectations, and then exceed them. Conducting surveys or asking for reviews are good ways to measure customer satisfaction, but it is not that simple.
Asking your customers the right questions is the key to measuring it. Without the right questions, the responses may not show you the right data. Without the right data, you will not be able to identify areas of improvement to address them.
Social media has amplified people’s voices, and you can’t afford for your customers to share negative experiences online. Satisfied customers are more likely to make repeat purchases, while unsatisfied customers tend to tell everyone about the bad experience and shop elsewhere.
How many of these do you have? Maybe it gave you a few goal items to work on. If you are just opening your doors, these 5 areas are a great place to start.
To learn more about how to set up your business, especially in those early stages -> schedule a consultation with us by clicking the button below.
