Despite all the hype you may hear from self-proclaimed business gurus, there are no shortcuts to running a profitable company. Entrepreneurs must accept that achieving success requires hard work, talent, perseverance, and personal sacrifice. However, we’ve found some not-so-secret tips that could help you to carve your own path to small business success.
Below are five time-tested best practices to grow your businesses.
1. Hire the Right People
“Before you can even think about your company’s growth trajectory, you need to have a solid staff to help you achieve your goals.
“Hiring the absolute best people you can is a surefire way to ensure fast growth,” said Christian Lanng, CEO and co-founder of business software provider Tradeshift. “It’s all about having the right team.”
With hardworking employees dedicated to your company’s success, your business will be better equipped for continued growth. In addition, delegating tasks to focus on important work will free up your time and energy, allowing you to perform at your best and cultivate a collaborative work culture.”
Source: Business News Daily
2. Keep Things Organized
“This point cannot be stressed enough. From a physical filing cabinet to an organized digital folder structure in your computer, access to information quickly and effectively will make a massive difference in the daily operations of a small business. It is highly recommended to keep specific folders for each aspect of the business appropriately labeled and organized in a manner that makes sense to you and is intuitive enough for anyone in the company to access as needed. Also, backups of digital information are essential, especially when it comes to financial data. It is crucial to store them in a safe place to avert potential chaotic situations down the road.”
Source: Marcus Lemonis
3. Keep Detailed Records
“All successful businesses keep detailed records. By doing so, you’ll know where the business stands financially and what potential challenges you could be facing. Just knowing this gives you time to create strategies to overcome those challenges.
Most businesses are choosing to keep two sets of records: one physical and one in the cloud. By having records that are constantly uploaded and backed up, a business no longer has to worry about losing their data. The physical record exists as a backup but more often than not, it is used to ensure that the other information is correct.”
4. Work Smart, Not Hard
“Small business owners often take on many roles themselves: marketer, salesperson, customer service representative, floor manager, HR representative, and finance director, among others. Those who do not optimize their day can easily become overwhelmed.
Smart entrepreneurs understand that it’s nearly impossible to do everything well by themselves. They network to get the support they need, whether it’s fundraising, mentorship, or hiring their first employees. Many business owners also implement platforms, software, and other tools that can automate some of the most time intensive manual tasks, such as shift scheduling or inventory management. “Hustle culture” is often a big part of entrepreneurship, but it has limited usefulness.”
Source: U.S. Chamber of Commerce
5. Avoid Burnout
“Managing a business is not easy and it’s no surprise that burnout sometimes comes with the territory. It’s ok to work late hours every now and then, but don’t let burnout become a norm. Severe burnout can damage you and your business more than you might think.
In fact, 91% of workers say having an unmanageable amount of stress negatively impacts the quality of their work, and 83% say burnout negatively impacts personal relationships. You can’t be a successful small business owner if you can’t take care of yourself first.
No matter how busy your schedule is, set aside time to take breaks and focus on your well-being, both mentally and physically. If your mind is clear, you will be better prepared to tackle the everyday business challenges that come your way. “
Looking for Small Business Capital?
If your business is in need of fast and flexible funding, First Union is here to help. We offer many loan products including lines of credit, short-term loans, and merchant cash advances. Call us at 863-825-5626 today!