Small Business

Small Business Tips – How to Lay Your Foundations and Achieve Stability

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By Next Insurance Staff
Aug 20, 2018 min read

You want your business to succeed. That’s a given. But it’s not always easy opening a business, and sticking around for the long haul. While maintaining an excellent service is key to your success, you first need to lay the right foundations. By following a few basic small business tips, you’ll hopefully be on your way to an enduring business.

Overcoming A Few Challenges Along the Way

Before we get into tips for small business owners, it’s important to recognize that there will be challenges along the way, no matter how well you plan. That being said, by staying aware and organized, you will be better prepared to overcome all sorts of hurdles.

While the ones we’ll be addressing mostly have to do with money (keep reading for details), others may include things like recruiting workers, employee changeover, finding a lease, extending your lease, sick days, and even the weather.

Keys to Success for Small Business Owners

After accepting that there are plenty of small business challenges out there, it's good to remember there are also plenty of small business tips to help you succeed. The following are just a few that can help you lay a solid foundation for your business, achieve stability, and in time, grow.

Small business tax tips

As a small business you will have to take care of paying your own taxes. This includes filing with the IRS in a timely fashion. On the plus side, you may be eligible for a wide range of tax deductions and tax write-offs. Make sure to maximize these, as they can save your business a lot of money.

Small business accounting tips

An accountant is a great resource when it comes to tax tips for small business owners. In addition, an accountant can help you keep track of your finances, organize your paperwork, do your filing for you, and much more. The savings an accountant can accrue for your business often makes this an extremely worthwhile expense, paying for itself many times over. If you’re not convinced, you should at least invest in accounting software like FreshBooks, ZohoBooks, or Wave.

Small business organization tips

Staying organized is essential for your business’ success. Being organized makes you more efficient;  you waste far less time looking for this, doing that, and figuring out what needs to be done. So make sure to file all your paperwork properly, keep your desk organized, get your invoicing under control, and stay on-top of your inbox.

Using a service management software like Jobber can help you organize your entire business operations, from scheduling jobs and managing your teams to invoicing customers and collecting payments.

If you need to, hire an office manager, at least part-time, to help keep you organized. Otherwise, simply make this a priority.

Small business insurance tips

The number one small business insurance tip is that you need insurance. For starters, general liability insurance is a good idea, and in many cases essential. General liability insurance will protect you, and your business, in case you’re sued for any number of unforeseen mishaps. Not only can it save you money in the long-run, it gives you tremendous peace-of-mind. Health insurance, property insurance and a retirement fund are also good ideas.

Small business advertising tips

You need customers in order to stay in business. That means you need to be marketing and advertising your service whenever and wherever you can. In addition to setting up a webpage and social media presence (like Facebook or Instagram), you can create branded apparel for your workers to wear, paint your company's logo on the side of your car, create attractive business cards, and even advertise in any number of newspapers or circulars. And always remember the power of word-of-mouth. Tell people you meet what you do. Similarly, make sure to leave customers satisfied, to increase the likelihood of a referral.

Cash flow tips 

Managing your cash flow is extremely important for your success. Different types of businesses have different cash flow issues. If you’re running a store, much more of your cash is invested in inventory than working as a personal trainer or house cleaner. Different services are also paid for according to different schedules. For example, you pay for your food as soon as you eat at a restaurant, but as a contractor, you may only be paid after completing a lengthy job. You need to plan according to your line of business, and always keep a stash of cash in savings, to help you through leaner months.

Final Word on Small Business Tips

The above are just a few small business tips that can help you run your business more smoothly. By staying organized and keeping focused on your goals every step of the way, you will have a better chance at succeeding.

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By Next Insurance Staff
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