According to last year’s statistics, there are over 2.1 million small businesses in Australia. India has 51 million small and medium businesses and they employ about 120 million people. (SMBs) account for 37 percent of India’s $2 trillion GDP. If like many others, you’ve ditched your 9-to-5 job and started your own business, you’re in for a fun ride. The first few years are crucial to small businesses’ success and it’s up to you to make sure your organization does everything right. But first, you have to know how to run your business. If you’re looking for some help, here are the essential do’s and don’ts for small business owners.
Do take risks
No matter how much you enjoy being in the safe zone, you’re never going to fulfill your company’s potential unless you take some calculated risks along the way. Keep coming up with new and interesting products no one else has thought about, even if you don’t know how much your customers will love it. Or stand up to regulations you think are unfair and don’t be silent about what’s hurting businesses in your industry. Stay true to yourself and your customers will show your business more respect.
Don’t do everything yourself
If you’re just getting under way, you might believe you can do all the work yourself. No matter what the nature of your business is, it’s always better to get some help. The reason behind this is that running a business takes a lot of time and energy, and there’s no point in wasting it on mundane tasks. Hire someone who’ll assist you while you focus on running and growing your business. Interview every candidate and look for people who’ll stick around long-term.
Do get enough money
Running a small business can be expensive. Even if you’ve thought everything through and you’ve planned how much money your company needs, there are always unexpected events that require you to spend more. With that said, it’s critical to ensure there’s always enough money on your company’s bank account. In case you’re looking for a way to obtain money for your small business, you can always get payday loans which are an affordable option for companies that are starting out.
Don’t send emails in vain
Small businesses need to reach out to their customers and give them a reason to come back. After all, it’s all about turning one-time customers into loyal followers of your brand. One of the best ways to do this is by sending email. But if you want to make your email effective, you need to proof everything you send and include interesting graphics or your message will be ignore. Also, this research by AccuWeb Hosting can help you find the best way to ensure your list of email addresses is fully valid.
Do set goals
As your business is growing, you need to have certain goals for it in mind. Fail to set goals and you won’t know if or how much your business is improving. A set of clearly-defined goals will also help you stay motivated and passionate about what you do. Once you finally sit down to come up with goals for your small business, be sure to make them SMART. This type of goals are specific, measurable, achievable, relevant and time-limited.
Don’t ignore social media
According to this recent survey, 73% of small businesses invest in social media marketing and there’s a good reason why. People now use platforms like Facebook to search for local businesses they can turn to and it’s all about getting to them before your competitors. This means that you need to be active on social media and communicate with your followers. Posting articles that are relevant to your industry is a great way to get social media engagement and attract people to your business.
Running a small business isn’t easy, especially if you’re a first-time business owner. What you do and don’t do in the early days of your business can shape your entire career as an entrepreneur. We have also shared article for small business that you can start.