Whether you have a one-person business or you employ others, you no doubt want to have a business that is around for many years to come.
For some older business owners having been around the block once or twice, being in business for many years can seem like paradise or torture, perhaps a little bit of both.
Meantime, newer business owners are oftentimes just looking to get through those first several years, especially given the fact that many new businesses fail within the first five years.
While there are a number of ways to build the successful business blueprint, some are more prudent than others.
One thing that is for sure, smart business owners know that keeping John Q. Public happy is at the top of the list of priorities. Without customers to buy your goods and services, you wouldn’t even have a business to begin with.
That being the case is your business doing all it can to cash-in on success? If not, what are some ways you can go about improving the situation you presently find yourself in?
Money Oftentimes Dictates Tempo
To borrow from a sports analogy, tempo oftentimes dictates how a game will turn out.
For example, if you have two basketball teams playing quite different styles (one likes to run and score often, the other plays a more deliberate defensive type of game), something has to give.
The same holds true in the business world.
Some businesses can pretty much go at whatever pace they so choose, not having to worry much about their finances. Others, meantime, have to go at a more deliberate pace, knowing they’re on rather constricted budgets.
If you find your business in that latter group, you likely lose some sleep at night, worrying about whether or not you will have enough money to survive from year to year.
There are a couple of ways you can cash in on your business needs, among them:
- Knowing when you need help – First and foremost, do not be afraid to reach out when you need financial help. Some small business owners will be timid about this on several fronts, notably wondering how they will ever pay back the money they receive, be it from those close to them or a company providing fast-cash payments. If you opt for the former, be 100 percent sure you have everything in writing. Sure, you may think that such an agreement with family or friends is fine on just a verbal basis, but you are so wrong. Many families and friendships for that matter have been temporarily or permanently ruined over financial disagreements. If you have one or more people close to you loaning you money to help your small business prosper, be sure to draw up a legal contract. If you opt for the latter (working with a professional provider), be sure to go over all details of the contract, making sure you understand each and every paragraph on there. Also be sure you look around to see which financial provider can best meet your needs. Not only do you want affordable rates, but also a provider where customer service is second to none;
- Be fiscally responsible – Managing your money properly seems like a no-brainier when running your business, but you may be surprised how many business owners end up spending money on this or that, getting little or nothing in return. Yes, you do need to spend some expenses on things such as marketing and advertising, but did you know there is essentially free marketing and advertising out there in the form of social media? Properly using social media can go a long way in bringing new eyes to your brand. Simply make sure you have a viable presence on sites such as Facebook, Twitter, Instagram, even You Tube. If you spend a fair amount of money traveling to meet with clients and even potential business partners, consider less expensive ways to go about this, including teleconferencing etc. Finally, review your spending habits from year to year, seeing if you’ve gone significantly above and beyond your budget. If so, look for ways to get back on track.
Being a successful business owner in 2016 and beyond isn’t easy, but it also doesn’t have to be something that keeps you awake night after night.
When you practice smart business habits, you too can cash-in on all the success that awaits out there.
About the Author: Dave Thomas covers business topics on the web.