Small businesses face a wide range of challenges to success. Having a great idea for a product or service just isn’t enough in today’s super-competitive business world. There are plenty of people out there offering advice for the small business owner, but a lot of it is confusing and maybe even contradictory. We have looked into the best business minds and have tallied up the 10 best tips for small businesses for 2020 that not only make sense but are proven to be imminently valuable for business growth.
- Limit Your Liability: Even if you are the only employee at your new company, becoming what is called a Limited Liability Corporation (LLC). This provides you, personally, with a wide range of protections. More importantly, it allows you to completely separate your business finances from your personal finances.
- Keep Personal and Professional Finances Separate: This is an addendum of the first piece of advice. While designating your company an LLC will legally separate your finances, you will need to fight the desire to take some of your revenues for use in personal accounts, but this is not at all recommended. You will pay yourself from your business funds in much the same way that you do any other employee.
- Take Advantage of Proven Technologies: With ads for ever more powerful technologies that can save you time and money, it can be hard to know what is and is not a gimmick. You don’t want to chase every latest technology fad, but you do want to utilize tools that have been proven to be of value. For any retail establishment, using a point of sale system, like those offered by Digitech Payments, will allow you to accept more payment types, in more locations, and will also provide you with a wide range of useful metrics.
- Appreciate the Day-to-Day Aspects of Business: You can’t forget the importance and value of what goes into the day-to-day operations of your business. It can be easy to get lost in dreams and projections, but at the end of the day, what you do in your store every day will also be a huge determining factor in your success or failure.
- Don’t Be Afraid to Innovate or Change Strategy: It’s good to try new things. We have ideas, and we come up with new strategies. Sometimes they work, sometimes they don’t. One element of successful business operation is knowing when you need to innovate and when you need to stick to a more conservative strategy.
- Solicit Advice and Use It: Your customers and your employees are an invaluable source of information that can help you make the best of your business operations. Those people who use your products and services, or those who sell them daily, have important information to offer and advice on how to make things run more smoothly, be more convenient, etc. You should listen to these suggestions and take advice wherever it makes sense.
- Training Employees is Key to Business Success: Your employees are the front line of your business. They are who work directly with customers, vendors, and others daily and they are, in many ways, the face of your business. Well-trained employees can carry out the tasks they need to with the right attitude and dedication. Poor training is one of the most common mistakes people make. You have to have people you can trust to carry out daily business
- Remember, You Can’t Do It All: You Have to Delegate: One person can only do so much. You have to have a team of competent employees that you can trust to see your vision into practice and then let them do that. Micromanaging is not only a good way to get burned out, but it is also a way to stifle your employees.
- Prioritize Your Days, Everyday: Each day, you will be faced with more things than you can tackle in a day. That is just part of running a business. A successful business owner knows how to prioritize and manage their time and will change their routine with the needs of the day.
- Hire An Accountant: This is an expense that is well worth it. Taxes are constantly changing and nobody outside of a tax lawyer or an accountant has time to keep up with and understand the nuances in changes in the tax code. Failure to properly comply or file your taxes can lead to legal trouble that you can deal without.
Any or all of these things can help improve the efficiency and success of your small business. These are pieces of advice that will help you, even as your business continues to grow. Starting healthy and proven habits from the outset will prepare a solid foundation for future business growth and success.