8 Things All Small Business Owners Need to Know
Do you want to be one of the 90% of small business startups that fail? If you don’t, you need to do as much work as possible to learn how to run a business properly.
There are many things that a startup needs to get right if it plans to be successful. Keep reading to learn eight things small business owners need to know if they want to run their company correctly.
1. Set Up Your Google Maps Listing
If you’re a local business, you need a way for internet users to find your company. Unfortunately, you can’t expect Google to show your company in the search results. You have to let it know that you’re a real company with a business address.
You can start the process by requesting a PIN code from Google My Business. You’ll receive a postcard with a PIN code in the mail to your business address. Once you enter your PIN online, you can fill out your company information shown on Google Maps.
Since most people start the buying process online now, you’ll be able to show up at the start of that process. Once you’re on the search results, you can work on your local SEO to increase your map results ranking.
2. Don’t Underestimate a Team
It’s tempting for many business owners to go at it alone. It’s less expensive, and you likely have the time. The problem is that you probably aren’t an expert at every part of your business.
You need experts if you want to fine-tune your business. Don’t underestimate how important it is to build a team around you to handle the tasks you aren’t great at yourself. Yes, it might increase your startup costs, but hiring a team will pay for itself in the long run.
3. Take Care of Financing
Many people can start businesses without taking in any outside money. Several business ventures only need a few dollars per month for a website to start. The question is, how much money will you need in the future to grow?
If you don’t have financing set up beforehand, it’s easy to miss opportunities to grow. This can come in the form of large orders to the need to expand your team.
Talk to lenders today to work out terms for future deals. If you can get these deals set up before you need them, you can quickly capitalize on future opportunities.
4. Develop Backup Plans
Nothing is guaranteed in business. Even with a well-made plan, you never know when a disaster will strike that throws all your plans out the window. Without a backup plan for these situations, your business might end up at risk.
Start by thinking of every situation that can potentially occur that will damage your company and projects. Your goal is to develop a plan of action that will put your company back on the right track.
5. Don’t Neglect Your Customers
Many business owners underestimate how good their products are. After all, they spent a lot of time making sure everything was perfect. That can cause some people to get tunnel vision.
Never neglect your customers when they come to you with issues. They come to you for support when they feel like they didn’t get their money’s worth. Make sure you listen and understand where they’re coming from.
Listening to your customers will help you deepen your relationship with them. When you show that you care, they’ll be more likely to come back to you with more business when your customers get what they want. This feedback will also help you refine your products to avoid the problems your customers are facing today.
6. Stay Compliant With Laws
In all their rush to get their businesses running, many small business owners neglect to check on their region’s laws and regulations. Some people end up in a situation where what they’re doing doesn’t follow the rules.
Before you start your business, ensure that you follow every law and regulation in your region. Some of these might be complicated, so read through everything as thoroughly as you can. If you have any concerns, it’s worth investing in a lawyer to make sure everything looks good.
7. Keep Your Finances Separate
Using your personal bank account when starting your business is an easy way to start. It’s simple to mix your finances and not go through the trouble of opening up a business checking account. That simplicity doesn’t last long.
You have much more work ahead of you during tax time when you need to prove your income and expenses to the government. You’ll need to examine every personal and business transaction you make, categorize them, and provide proof that your business transactions are valid.
It saves time down the road to start your business with a separate business bank account. It’s easy to set up a business account at your local bank, so set up an appointment and create your new account.
8. Automate Everything You Can
Nobody likes doing the same menial task over and over again. Unfortunately, some business tasks need to happen daily. The question is, do you have access to software that makes that job easier?
Investigate the tasks you do daily and try to find a software solution to handle the job for you. In many cases, there are web apps that will automate your tasks. A great example of this is online accounting programs that download and categorize bank transactions.
You can use other apps like IFTTT and Zapier to automate random tasks. Investigate these apps to see if you can use them to lighten your load.
Small Business Owners Have Their Work Cut Out for Them
Being an entrepreneur isn’t a job for the faint of heart. Small business owners have a lot of work that they need to accomplish. Make sure to keep the above points in mind so you can keep things running smoothly.
Do you want to learn about the tools small businesses use to make things more productive? Head to our business section to read our latest posts.