Whether you’re competing in an existing market or creating a whole new industry, you will no doubt face challenges as a small business owner. Starting a small business is a patchwork of sleepless nights, daring business moves, and other events that are not for the squeamish or faint of heart. While those may seem like downsides to most people, entrepreneurs and small business owners see them as a natural part of achieving success. They are willing to risk much to gain much. However, the road toward success has no map and there are many decisions and challenges that present themselves to aspiring business owners. So, in honor of National Small Business Week, we have outlined some tips that will help both new and established small businesses succeed in their ventures.
As a small business, it is important to take note of the procedures and processes for routine tasks. If applicable, the documentation and guides to these processes will help you develop training manuals and instruction new employees or contract workers. Consistent practices and business procedures allow you to build up (and maintain) your brand’s consistency – something that is important for companies of all sizes.
File organization is a top priority for small businesses. Keeping detailed records of business transactions and every aspect of your business will keep you off the radar of the IRS and make your whole business run smoothly. For those who are averse to bookkeeping, it can be challenging to track files and numbers. There are various software options to help you automate part or all of the filing process; specifically, you can look at software options like M-Files, File Hold, or file cabinet, but there are other options as well. If you would like to minimize the space required for your files and increase your efficiency, look into the benefits of going paperless as a company.
To easily keep track of numbers, consider using accounting software that is specially designed to make the process of tracking expenses and income easier. For this task, Quickbooks is the most popular option among business owners due to its versatility and user-friendliness. With Quickbooks, you can handle expense billing, sales invoicing, sales invoicing, reporting, and overall money management. If you do need help, or have any questions regarding Quickbooks, you can always call MBS Accountancy and we will be happy to answer your questions. Our team of accountants is skilled in tax law and all things financial and we emphasize one concept – simplicity. Managing your company’s finances doesn’t have to be complicated and MBS Accountancy is willing to help you find the balance of efficiency and simplicity that you need for your company!
Consider Outsourcing (locally, of course.)
When you’re an entrepreneur, you are used to working as a one-army. If something needs to be done, you are likely the one to do it. In fact, there is is no better motto for small business owners than “If you want something done right, do it yourself”. However, there is often wisdom found in the delegation. There are many benefits to outsourcing.
Benefits of Outsourcing
Cost Efficiency: Contracting with another company or contractor that specializes in a trade is cheaper than training and employing a domestic, temporary employee. For instance, you do not have to provide the facilities or hefty insurance packages as with domestic employees.
More Manpower: When outsourcing, not only are potentially decreased costs, but you can sometimes get a team of specialists instead of just one employee.
Less Fraudulent Activity: If you hire a trusted contractor or company, you get a pair of eyes from outside your company. This means there is less chance of bookkeeping “errors”, missing money, or similar.
Stay Informed & Relevant
Being up-to-date on the happenings in your industry is a vital component of your success. It is increasingly important to be aware of the changes, latest news flashes, and popular opinions that are relevant to your industry. Being aware of these things will allow you to remain relevant and profitable as markets and industries adjust to the numerous changes happening in our world on a daily basis. Being informed means learning and learning means making time to study professionals and success stories to find their “secret sauce”. You can learn from successful companies by listening to podcasts like Mixergy and Outside in C-Space. Mixergy interviews entrepreneurs so you can discover their success hacks and stories. Outside in C-Space examines dissects the strategies and philosophies of companies who have the most successful customer-oriented business models.
Here’s to Small Businesses Everywhere!
Owning your own business is a great thing, but it is not without its challenges! While there are a number of sites with ideas and tips on how to start a business, we wanted to provide advice in this for small businesses in every stage. While it is certainly an adventure, being your own boss can be an incredibly rewarding experience. Though life (and your business) will present challenges, there is no better person to deal with those problems than an entrepreneur! Happy Small Business Week! Tell your boss to give you a day off!