Top 10 Needs Of Small Business Owners : Andrew Schrage
For the Top 10 Needs Of Small Business Owners, today’s selected entry is from Andrew Schrage, co-owner of Money Crashers Personal Finance.
Here’s my list:
1. Business Plan: Whether you’re running a start-up or have been in business for years, forming a business plan is always a great idea. Make sure you account for things like income projects and making sure you’re on track for positive cash flow. Set goals for your business and track your progress, and adjust your plan as you see fit.
2. Budget: Creating and adhering to a budget is a necessary part of running a small business. Keep it simple by making categories for fixed expenses and variable expenses. This strategy helps to better manage the costs of your operation.
3. Effective Marketing Plan: Even if you don’t have much capital, marketing is still an important aspect of ensuring your venture’s success. Consider utilizing social media sites as a cost-effective marketing venue: You can set up free accounts on Facebook, Twitter, and LinkedIn. Just be sure to constantly monitor your accounts, and respond to all questions and comments in a timely manner.
4. Website: In today’s Internet-based society, having at least a modest website is a must for small business owners. If funds are tight, you can set up a free site at Weebly. If you can afford it, hire a professional web designer to create your website.
5. Conservative Growth: A runaway growth strategy is a major reason why many small businesses fail. If you expand too rapidly, your staff may not be able to keep up with the demands, and customer service is likely to suffer.
6. Accurate Accounting: If you can’t pay your bills on time, vendors won’t do business with you. Furthermore, if you don’t invoice your customers correctly, cash flow is liable to suffer. If you’re just not that good with numbers, consider hiring an accountant, or better yet, barter your products or services with an accountant to get the work done cheaply.
7. Diligence: Small business ownership is hard work – and if you’re not willing to put in the time and the effort, your venture is likely to fail.
8. Patience: As the saying goes, Rome wasn’t built in a day – and it’s unlikely that your small business is going to succeed overnight. Patience is not only a virtue, it’s an absolute necessity when running a small business. When implementing growth initiatives, such as social media marketing, allow the project sufficient time to succeed.
9. Knowledge of the Competition: Understanding your business’s competition can help with accurate pricing, formulating marketing ideas, and identifying sales growth opportunities.
10. Networking Strategy: Connecting with other professionals in your industry can help you with the management and expansion of your business, and it may also generate sales leads. Much of your success will rely on your business relationships, so don’t underestimate these. For networking events in your area, check out the website Meetup.
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A special thank you to Andrew Schrage co-owner of Money Crashers for the tips you shared with us!
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