What Do Small Businesses Often Lack to Be Successful?

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What Do Small Businesses Often Lack to Be Successful?

It’s one thing to start a business and another to run it successfully. As a business owner, you might be thinking, “Yes, things are going well, but how do I improve the success of my business?” Or, you might be a newbie entrepreneur and contemplating, “What are some things I can proactively do that’ll pave the way for sustainable growth?”

If you want your business to grow and be as profitable as it can be, discover the actions you can take to start and run a successful small business. 

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How to Make Your Established Business Successful

In running a business, you know some areas could use some sprucing up. But where do you begin? What do small businesses need to succeed? Here are a few quick tips you can implement that deliver the most bang for your buck in terms of ROI. 

Commit to Your Finances

Many small business owners have an aversion to bookkeeping and crunching numbers because, let’s admit it, they can be scary. Cash flow inconsistencies are a big reason a lot of businesses fail. But if you’re serious about improving your business, you need to get a grip on the finances. That means no more lagging on invoices, establishing clear bookkeeping practices and creating and reviewing financial statements consistently. 

Here's what you can do to manage your finances for small business success:

Cultivate Trust and Visibility by Building an Online Presence 

These days, your business’s online location is the staple of building and growing a business. A website serves as a 24/7 marketing tool and also establishes your brand and builds trust. Today, 98 percent of customers research a business before visiting or engaging with it, and having a website is one way of showing them that your business is legit. 

There are several easy ways to up your online presence and increase overall visibility:

  • Set up your Google My Business page.
  • Add product pictures and update your contact information.
  • Build or upgrade your website so it's mobile-optimized without any coding knowledge by using a website builder like Wix.
  • Don’t forget about getting a web-friendly and matching domain name while building your website. 

Ramp Up Digital Marketing Efforts 

With the boom of social media, effective marketing techniques play an even more critical role in your business’s success. You might have gotten by with referrals and flyers, but those might not be the best strategies in the long run. 

  • Adopt these new marketing tactics.
  • Include your Instagram handle across your email, website and other marketing collateral. This Instagram guide can help you drive in more sales, even on a budget.
  • Eliminate generic mailers and use targeted email marketing strategies to engage customers and drive sales.
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Focus on Customer Service

Unless you have zero competition, your customers always have an option to go with someone else. Strengthening your customer service experience is one way to ensure sustainable success.

These tools can ramp up your customer service experience and show your customers you're really listening to them.

  • Invite customers to share their feedback via surveys or reviews on Google My Business, Yelp or Facebook.
  • Invest in CRM tools (many are free).
  • Implement a live chat gadget like this one from Zendesk.

These tools will increase the speed of customer interactions, help you personalize services and keep you on top of any issues.

How to Run a Successful Small Business for Newbie Entrepreneurs

If you're a newbie to the startup game, the future is bright, and yet you probably have a lot of uncertainties. Here are a few things you can control that'll make the odds be ever in your favor.

Draft a Business Plan 

Having a business idea and goals isn’t enough to make it today; a successful business (even if you’re a content creator) needs a well thought out business plan — one that includes competitor analysis, financial projects and even details on how you’ll set up processes or manage conflicts. 

  • The process of writing down all the nitty-gritty will not only help you develop strategies, maintain consistency and minimize risks but ultimately help you achieve your goals
  • This document doesn’t have to be set in stone; it can evolve alongside your business.
  • These easy tools can get your business plan off the ground. 

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Keep It Legal 

In the excitement of starting a new business, one of the common overnights a new business owner makes is forgetting to have the appropriate licenses and permits or not filing for taxes. These two things ensure your business is legal.

As a new business owner, do the following to keep your business secured and poised for long-term success. 

  • Research which licenses and permits you need via Incfile’s Business License Research Tool.
  • Consult a business professional or tax professional to ensure all your taxes and business paperwork are in order every year.

Don’t Try to Do It All Alone to Save Costs

In running a business, your time is money. Trying to do everything by yourself can lead to burnout and errors. What would you rather invest your energies: on driving business and establishing customer relationships or sorting through emails and invoices? 

  • Play to your strengths as a business owner. The Entrepreneur Personality Test or High5 Test can help you assess what kind of entrepreneur you are.
  • We recommend identifying one or two processes that can be outsourced or automated.
  • Many small business automation tools are free or come at a nominal cost.
  • Automation results in fewer redundancies, increased productivity and in many cases, even more savings (yay!). 

Think Small Steps, Big Results 

So, here’s the takeaway: Starting and running a successful small business is a marathon, and success isn’t always a given. But, there are steps you can take that can significantly improve your chances of having sustainable growth.

The changes required could be as simple as building a website, including your website on all marketing material or choosing to incorporate your company. You haven’t put all the hours into starting your business to have it fizzle out, have you? 

Also know that Incfile provides a lot of resources to help you start and grow your business. Subscribe to our blog so you never miss another helpful article.

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