When starting a new business, there are undoubtedly a lot of things that you will need to learn and master pretty quickly to help you succeed. Starting a new small business can be challenging and stressful, no matter how much homework you have done and how well you understand your product or services. It is, therefore, a good idea to remember these tips for success to help you succeed and be less stressed as a small business owner.
Tips for Success
Understand your customer
View your customers as another family member. Learn what they like, why they do things, and how they do them. Learn your ideal customer, how and when they shop, and how they get the information they need. Carry out thorough research to find out who your product should belong to and tailor your message to meet them.
Check out the competition
Watch what they do and how they do it. Watch how they advertise and how successful it seems. Do they get interactions? See where you can fill gaps in the market with a new product or service that they don’t. Look for weaknesses you can use to gain an advantage and tap into their unserved markets.
Keep an eye on the numbers
Watch your receivables and check that invoices are paid when due, and have a quick chase-up method lined up that you can send easily as a reminder if they aren’t. You could consider invoice factoring if you need funds sooner than your invoice payment terms.
As well as having solid procedures for collecting money owed, keep an on your income statement, balance sheet and cash flows so that you are regularly aware of your company’s financial health.
When you start, look for relevant grants and loans that could give you access to sufficient working capital to help while you wait for the income streams to come through. Set a budget, and where possible, stick to it and keep a small contingency for unforeseen emergencies and expenses.
Never stop learning
No matter how much you know already, never be afraid to learn more. Look for ways to improve yourself and your business through reading, studying and developing.
Don’t fix things that aren’t broken. Do more of what is working, understand your value to your customers and cater to them. Don’t procrastinate. Set up a to-do list with deadlines to help you keep focused and achieve, or you will spend more time planning what to do than doing it.
Keep on top of your digital presence
Whether you do it yourself or outsource, you must keep checking and updating your website and social media content. Regularly posting relevant, interesting information will keep your brand awareness alive.
Don’t be afraid
- To ask for help and advice from your small business bankers, consultants and accountants
- To responsibly borrow, such as with a credit card, to build up your business credit ratings.
- To join a small business chat network and peer groups for advice and news.
These are just some ways to help your small business succeed and thrive!