Accounts & Bookkeeping

Ten small business tips

  1. There are no secrets to running a successful business. There are plenty of tried and tested business models that work. Why reinvent the wheel when there is an abundance of information readily available for use? Contrary to belief many businesses do want to share the methods used to make them successful.
  2. Within any given market there are many professional resources such as marketing, accountancy or web design that are there to help your business to compete effectively. There are many people that are available to ensure that your business stands out above the crowd. There are some free resources and there are resources that will require payment.
  3. Focus your efforts on talking to the right people in the right places. Think about who and where your potential customers will be and target your services there. If you are looking for corporate customers then there is little or no benefit in advertising in small local papers. Why not advertise in the larger national papers which are likely to be read by people working in corporate companies?
  4. You are not Robinson Crusoe. There is no need to feel alone, if you need help look for it and ask for it. Take the time to talk to people that offer the skills and expertise that your business requires. Being in business does not mean that you have to do everything yourself.
  5. Stop wasting time, energy and resources on the tasks and jobs that you find difficult and take a lot of time to complete. These jobs can be emotionally draining and frustrating. Take the time to find people who specialise in these jobs and can do them for you.
  6. Everyone likes to buy. Assist you customers as much as possible by making it easy for them to do business with you. Think about your sales processes – are they easy to understand and engage with? Are you unwittingly placing barriers in the way of your clients?
  7. Less time in your business and more on it. Network, network, network as much as possible. The goal of networking is to make a sale. Networking is a social event that is focussed on achieving growth in your business – the purpose is not solely to socialise.
  8. Be passionate about your business. If you are not passionate about your business then no one else will be. Be enthusiastic congruent and service driven. Be passionate about each and every one of your customers – it will make a difference to your business.
  9. Take your business plan put of storage. Organising the operational side of your business will give you the opportunity to review long term plans. Revisit your business plan and look for areas that can be improved. Look at your budget and assess whether you are on target for the financial year.
  10. Review your cash flow. Is your business running out of cash? If so ask an accountant to review your finances to see where savings can be made or for ideas where money can be generated.

There is more to running a business than creating a website and having a legal status. These ten tips can make a difference – only if you choose to work on them and put them into practice.

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