7 Key Tips for Running a Successful Small Business
Dan Levenson September 28, 2020
Operating a small business is a challenging but rewarding experience. For as much as you gain from setting your own hours, profiting from your hard work, and owning the resources to carry forward with you for a bright future, being the boss comes with a lot of responsibilities. First and foremost, you won’t be in a very good spot if you can’t figure out how to properly run the business. There are a lot of factors that go into building your brand, but we’ve managed to narrow down seven key tips for running a successful small business that will make you feel less like a mom-and-pop store owner and more like a major CEO…and help you make it there one day, too.
1. Understand Your Goals and Values
“He who stands for nothing falls for anything.” This is good advice for all aspects of life, business operations included. In order to be successful at your job, you must first understand what you hope to accomplish with your business and how you wish to go about it. Setting realistic goals and outlining the values you take into your business are instrumental in doing all of this. This will help you figure out where you wish to be after you start things as well as help you define your who your customers should be, the manner in which you conduct business, and all sorts of other things that you’ll find are important to being not just a good boss but a good person.
2. Keep Data Secure
The internet is an essential part of any business these days, and with that comes data security. Instead of people in black masks breaking in to go through your filing cabinet, the new menace takes the form of hackers behind a screen stealing the credit card information on everyone who’s ever shopped at your store. Don’t take data security lightly. Learn the basics on internet safety and security or, if that’s not doable, hire someone who does to keep you safe.
3. Content is King
Though most often used in the entertainment industry, content is no less king in any other type of business. For you, “content” will mean both what you sell and how you sell it. To put it simply, figure out what people want to buy and sell it in a way that will encourage them to buy it. If you have an amazing product but are terrible at selling it, you’ll be no better off than someone with an awful product but great salesmanship abilities. In order to succeed, you’ll need to become the best of both worlds under one storefront.
4. Customer Interaction
Repeat business will be a major part of your success, especially once you’re an established brand. In order to get some of this, good customer interactions will be just as important as having a good product. Whether you conduct business in person or online, giving off a welcoming and inviting feeling to your storefront is always a plus. For in person work, it’s even more important, as no one wants to go back to the store that had the owner cuss them out over something.
5. Social Media
In many ways, social media has eclipsed many other forms of marketing in the modern day. For a large number of your customers, the main place from which they’ll hear about you is on a social media site. Similar to cultivating good customer interactions, connecting with your shoppers on social media is a good way to draw people in and create brand loyalty.
Understanding automation and how to integrate it into your business is a staple of modern work. It can be as simple as queuing up posts on social media ahead of time or shifting an assembly line over to robotic assembly. Either way, the end result is that you’re spending less time working on any single task and using your abilities to their fullest in other areas.
7. Create a Plan
While it’s the last on the list, it’s no doubt the most important. For anything to succeed, you need a plan. Your business is no different, everything we’ve talked about so far being a part of your future plan. Constructing something comprehensive with set goals, an account of all the assets in your favor, how you plan to undertake business, who your customers will be, and how you’re going to protect yourself is key to success. Plan early and be open to adaptability, too.
Running a small business isn’t easy, but that sense of accomplishment when you finally make it just can’t be matched as a corporate drone. Remember these seven key tips for success to get well on your way to the big time. And if you need any help with growing your business or setting up the insurance side of things, get in touch with us at InsureYourCompany.com today.