Most successful empires today started small but their owners dreamed big and never stopped despite the challenges they faced. These tenacious entrepreneurs strived to reach their goals and even achieved more than they have dreamed of. While luck plays a big role in your business’s success, having a plan and sticking to it also matters. Making use of various marketing and technological tools used by most businesses today can likewise help you realize the business empire of your dreams.
The world is full of start-up businesses. Even in your own community, you’d see new names hanging outside street shops alongside popular franchises. Even when you go online, a lot of entrepreneurs take their businesses to the web to offset operation costs of running a physical shop, especially that they are just starting and money is an issue. Once they have a strong following on social media and they start making serious money, that’s when these entrepreneurs finally decide to open up an actual shop.
Small-business owners usually don’t have the time or money to routinely make big changes to their businesses. However, you can consider easy changes that have the potential to make a big difference to your company’s bottom line. Here are four tweaks you can make to help ensure you spend your money wisely and increase your success:
Use financial tools:
It’s hard to optimize your business if you don’t perform proper financial management for critical areas such as revenue, taxes and payroll. You can cut this seemingly daunting task down to size by using relatively inexpensive financial tools like quickbooks.
Businesses require more time to manage as they grow. Here are some ways to streamline your business and save yourself precious time and money:
1. Cut back on email.
- Throttle meetings.
- Hire expertise.
Revamp your image:
Does your marketing image provide the best return on investment. Perhaps you can tweak it to give your brand(s) more oomph. First, conduct an image audit to find out what customers (and demographics) think of your branding. Pick a new logo, font, colors and designs that are more relevant to your target audience. Update your website and employ the latest SEO techniques. Get involved in the community and listen to customer suggestions.
While major businesses undermine the value of small businesses, a big number of the population actually make a living with the help of these small businesses and they serve as the economy’s backbone. They create 2 out of 3 jobs in America and the growth and determination of these small business owners fuel every community in the country.
In honor of National Small Business Week here in Illinois, the SBA and the Illinois Small Business Development Center Network will sponsor a series of panels, education sessions and networking events for entrepreneurs across the state. In Springfield, a branch office of the SBA teams with local partners year-round to host events and help small businesses succeed. The Illinois SBDC at Lincoln Land Community College, led by director Kevin Lust, provides one-on-one counseling and an extensive library of business and personal resources.
It is critical that the nation’s 28 million small businesses continue to thrive and their owners have the skills and resources for success. The SBA supports and advocates for them — whether they’re just starting, looking for financing or a mentor, or want to get to the next level — and we look forward to your continued support in doing the same.
Starting your own business is a serious matter, so start with a clear purpose in mind or you may end up easily discouraged by the challenges you face at the onset of your new endeavor. If possible, stick with what you know and make the most of the resources you have on hand. Money is your biggest resource but working with like-minded entrepreneurs can also open up other resources you can tap for the benefit of your business like sharing co-working spaces and even equipment and ideas you can share.
As your business grows, make sure you have multiple streams of revenue so your success does not solely rely on just one product or service. And most importantly, small businesses become big empires because they deliver their 100% and enjoy the loyalty of satisfied and happy customers who raves about their business even without their prodding.