Business Tips to Help Build Your Small Business
If you’ve got a great idea for a small business, you probably know it’s not coming up with the big idea to start your business that’s the hard part. Far too many small businesses with fantastic potential fail because their owners don’t know how to take that idea and run with it. Too often, business owners have the enthusiasm to get their business off the ground, but it all falls apart when they encounter the larger challenges of running a business from day to day.
At The GrowWise Group, helping small business owners make the most of their big ideas is our business. In this blog post, we’ll share our best advice for building your small business so your big idea turns into big profits down the road.
The Challenges of Small Business Ownership
When it comes to opening a startup, coming up with the concept is the fun part. Most people have a single great idea at some point that could pay out in dividends if only they had the right tools to implement it properly. But the reason many small businesses fail is that their owners are poorly prepared for the challenges of daily small business ownership.
Here are just a few of the biggest pressures small business owners face:
● Difficulty managing a budget
● Time management challenges
● Uncertainty about competition
● Poor marketing strategies
● Failure to land new leads
Getting on Track for Success
If you’re beginning to rethink your dreams of small business success, remember that the key to succeeding is understanding your challenges and facing them head-on. The reason most small businesses fail is that their owners have trouble adapting to the challenges they face. Instead of looking at your challenges as potential barriers or obstacles, challenge yourself to reframe your thinking. By taking a growth-minded perspective, you can begin to see the daily challenges of small business ownership as opportunities for growth.
In the spirit of growth-minded business ownership, here are a few of our top tips to help you make the most of your daily business challenges:
1. Never Underestimate Your Expenses.
Few things hit a new business harder than failing to plan for expense flexibility. One of the most common mistakes small business owners make is to fail to plan for uncertainty. When cash flow into your business begins to lag due to a slow-paying customer or a product doesn’t move as planned, failure to plan for unexpected expenses can cost you.
2. Maintain a Healthy Work-Life Balance.
Small business owners tend to get pulled into their business in an all-consuming way. This can sideline family and friends, wreaking havoc on their personal lives and relationships. It’s important to keep the goals of your business separate from your personal life and make the right amount of time for both. Failure to do so can lead to personal disaster or even burnout, and neither of those bodes well for your future or the future of your business.
3. Manage Your Time Wisely.
It’s far too common for business owners to think of the workaholic lifestyle as a virtuous one. But the truth is that the most successful business owners understand and value the importance of productivity over work hours. Their goal is to work to live, not the other way around. Be sure you hire the right people for the job to maximize your team’s productivity.
4. Negotiate With Vendors.
We’ve all known that one person who asks for a discount at a restaurant or store and is rewarded with one to the surprise of all present company. While it might seem brazen, in reality, many companies are willing to offer discounts to those who simply ask for them. If you’re making a large purchase or working with a service provider, don’t be afraid to negotiate with your vendor. If nothing else, they can often recommend a more budget-friendly option that wasn’t advertised.
5. Maximize Your Sales Approach.
Understanding your customers is crucial to making the most out of every sales opportunity. Identify who your customer base is so you can get better leads. Don’t be afraid to change your approach to sales or offer a product in a different way. Follow up with every lead until you close the sale, and maintain a solid relationship to grow your customer base with word-of-mouth.
6. Create a Budget That Works for Your Business
While it’s good to plan big things, it’s also important to create a budget that meets our business where you’re at currently. Determine where you are now and where you need to be in the future and plan accordingly. Identify areas where you’re overspending and scale back if possible. Once you’ve created a budget that’s suited to your business model, you’ll need to secure funding. Consider a small business loan that can be used as you deem necessary so if your plans or budget change, you’ll have the flexibility to adapt.
Grow Your Small Business With the GrowWise Group
Without the right funds, your hands are tied as a small business owner. If you’re in need of startup funding for your small business, our financial consultation experts at The GrowWise Group can help.
From financial advice to small business loans, we offer a wide range of services to help you maximize your operation’s long-term chances for success. To get started on your small business funding application, connect with us at 877-244-9809 or contact us online to learn more about how we can help you grow.