How to run a small business

Video: How to Run a Successful Small Business, Part 1

Content

Steps
Method 1 of 1: Be clear about what you are selling

A small business owner faces many challenges that are difficult for an enterprise of its size and business. The small business owner must carry on his own shoulders all the difficulties of selling, supplying, financing, managing and developing a business with few or no staff, while trying to make it successful. The most important thing is to maintain the engagement of all influencers, such as customers, suppliers and employees, so that you can gain momentum in no time. However, running a small business can bring tremendous rewards, both personally and financially.

Steps

1 Make your bank work for you.
- Run your small business in a way that is financially efficient by researching all offers to small business owners and choosing the bank that best suits your business financial plan. Many institutions offer low-commission accounts, lower interest loans, or free direct account transfer programs for small business owners. If you use the banking services of the institution that provides you with the best conditions, it will help you to benefit from every penny.
2 You can use a credit tracking app to help small businesses improve their cash flow by effectively managing daily cash collection and monitoring customer lending. This app will allow you to attract new customers and partner with old ones to control bill payment or provide a safer collection. There are several software service providers that can help you with this, such as iKMC, which can offer a free trial.
3 Visit a small business development center in your area.
- The Small Business Development Center provides support throughout all stages of the enterprise. The center's specialists can help you draw up an excellent business plan, with which you can safely go to the lender.
4 Make a business plan.
- One of the key components of running a small business is a business plan that outlines your goals and planned development. Determine the financial capabilities of the enterprise so that you know what sales figures you need to achieve in order to stay afloat and achieve specific goals for developing and improving your business.
5 Make as many acquaintances as possible.
- Get the support of other local small business owners by dating. Join business associations and get involved in local events to let people know more about your business and to let potential clients know what services you have to offer.
6 Manage your supply of goods efficiently.
- Inventory management can be both beneficial and detrimental to small retailers, so do it carefully so that every penny you spend pays the most. Invest in a small number of products first so you can see what is selling and what is not selling over time. Change items frequently to remove items that are selling slowly and replace them with new items.
7 Be organized.
- Organizing your time, personnel, finances and supplying goods is one of the keys to successfully running a small business. Create a spreadsheet (can be in electronic format) with which you can keep track of all the important details. This way you don't need to keep all the information in your head. Take time (at least once a week) to review everything.
8 Be competent in your field.
- Keep up with trends and innovations in your business to stay competitive. Subscribe to periodicals or regularly visit relevant web resources to keep abreast of what is happening in your field.
9 Get a license.
- Do not forget to register and obtain a license to provide goods or services in your field. It is important that you do business legally and according to the regulations in your industry. Certain types of services (for example, repairs or tax calculations) require special registration and certification.
10 Hire qualified personnel.
- Hire people who are educated in your field, such as an accountant or electrician. If all employees have the appropriate diplomas and certificates, this will guarantee the highest qualifications of all employees and increase customer confidence in your business.
11 Provide recommendations.
- Make a list of clients who are satisfied with your services and are ready to give recommendations to potential clients. This will give future buyers the opportunity to be convinced of the high quality of your work and the level of customer service.