Did you know that small businesses account for a massive 44% of the country’s total economic activity? They create nearly two-thirds of all new jobs and are vital to fostering innovative technologies. It’s no wonder why some of the world’s biggest technological innovations—such as the iPhone—originated from small businesses being run in garages!
But how do you successfully run a small business? Here are the top three tips that are crucial to small business success.
Have a Business Plan
Everything’s better when you have a plan, and running a business is no different. Business plans outline the objectives of a business and therefore significantly reduce the time taken for it to become profitable. Business plans also help businesses obtain funding because they assure investors that the business goals are backed by facts rather than opinions.
Regularly reviewing a business plan is as important as creating it. If a business plan isn’t revised from time to time, then it’ll become outdated. If you’re looking to refresh your business plan, we recommend hiring a business coach to help set new objectives as they’ll provide an unbiased view of what the business is capable of.
Put In Your Own Money
Did you know that putting money from your pocket into your business is a great way of attracting investors? That’s because it’ll show them that you care about your venture to the point that you’re willing to take on personal risk to help your business grow. This will help get investors on board whose valuable experience and networks will boost your business.
While it’s great to invest your own money into your business, don’t do it too quickly. It’s useful to keep some of your savings aside for emergencies. Investing too much too soon might also signal over-optimism and detract investors!
Hire Teams for Culture
The team you hire will determine two key things: your costs and the culture of your business. Unfortunately, many small businesses hire to keep their costs low without considering its effect on the company’s culture.
For example, hiring college interns is a wonderful way to save on your wage bill. However, if investors walk into your office while your staff discusses the latest episode of Saturday Night Live, they might walk right out!
Having a strong company culture will make your business’ identity clear to new team members. This will boost the team’s productivity as they’ll know what behavior is expected of them while they work for you.
If your small business is struggling, then contact Stan Mann today! Stan is a business growth expert whose small business coaching programs have helped countless business owners over the years. His team of experts has recently created a $2 million E-Learning Marketing System that’s used across the globe!
To learn from the best marketing consultant in Vegas, drop Stan a message or call +1 734 261 0550 today.