Small business optimism is still on the rise which is great news for both employers and employees alike. Unfortunately, statistics show that only 50% of small businesses survive past the fifth year of operation. So what are owners doing wrong? Your Bookkeeping Department is here to shed some light on this phenomenon, helping you with a few tips on how to avoid making the same mistakes so your business can keep thriving.
Plan Ahead By Researching Your Market and Competition
When it comes to small businesses, it’s important to expect the unexpected. Many businesses fail because owners aren’t able to adequately address new challenges as they arise. In order to go beyond the first few years of operation, make sure to create a comprehensive business plan before setting up shop.
Planning also comes in handy when you decide to expand your business. A lot of entrepreneurs try to grow way too quickly, and end up in complicated financial situations. That’s why planning and thoroughly researching prior to following through with your plans pays off in the long run.
Learn How to Delegate Small Tasks
Almost every entrepreneur suffers from the same problem: the urge to control all sides of the business. From payroll to customer service and logistics, you may think keeping all of the control in your hands equals more money in your pockets. The reality is quite the opposite. It’s better for you to focus on what you do best and hire skillful employees to do what they do best.
Keep Your Small Business Relevant Online
Even if the sort of product or service you’re providing can’t benefit from an e-commerce platform, it’s extremely important to have an online presence nowadays—and to manage it correctly. Investing in a website and setting up various social media pages, such as Facebook, Twitter, and Instagram, will not only help you build your brand and image, but also help attract new customers. Social media presence is also a way for any small business owner to learn more about their audience.
SEO, keywords, Google Analytics are all important tools to help make sure potential customers are able to find your small business online. Failing to keep your website and your social media pages updated can damage your image, so make sure those are well taken care of.
Know How Much Capital Your Small Business Will Need
If you’re having trouble finding the best plan of action for your small business, reach out to a Your Bookkeeping Department. Manal Oliver, founder and accountant, can act as your dedicated bookkeeper and willing partner to help you on your journey toward growing your small business.