Establishing and running a small business is a challenging feat. However, this doesn’t mean you should give up. Review this article to learn a few steps to increase your small business’s chances of success.
1. Obtaining Credit Availability
In an ideal world, you wouldn’t have to take out a line of credit. However, you may find yourself in situations where you must bridge a temporary gap between payables and receivables due to seasonality, business growth, or inventory enlargement. Sometimes, an emergency such as equipment failure may arise, and you need more funds to replace it.
Whatever the case, it’s important to ensure you have access to credit in case you need it. Additionally, having strong credit allows you to establish relationships with new vendors, secure better payment terms, and provide a payables float. You should also look into online lenders. According to the National Business Capital, 32% of small business applicants used online lenders last year. This trend is attributed to faster application processing times and financing.
2. Prioritizing Your Employees
Your employees are an integral part of your business. Their skills are what keeps your business running. By prioritizing your employee’s well-being and happiness, you can scale up your business while building a committed team.
Aim to foster genuine relationships with your staff and encourage a work-life balance. Reward them for work well done, and demonstrate the importance of the work they do. Regardless of how you prioritize your staff, they’ll be your best advocates.
Connect with the Community
Customers typically gravitate to local businesses. After all, supporting a small local business boosts the local economy. Knowing the faces behind the service or product fosters a more personalized experience and better customer service. Supporting local businesses also keeps the community unique.
Look for ways to give back, such as volunteering, sponsoring a non-profit organization, or hosting a fundraising drive. Make an effort to attend neighborhood events and interact with the locals. You can solicit feedback or highlight your loyal customers. Getting involved with the local community will positively impact your business’s growth.
3. Develop a Brand Personality
In contrast to enterprise-level businesses, you likely don’t have the resources to pay an influential individual to become the ‘face’ of your small business. However, to develop a brand for your business it may be wise to put your face in front of it. Just be yourself. That’s what customers want.
People want to do business with someone they can interact and relate with. Your vision, values, heart, and authenticity make you stand out from other small businesses and could be your most valuable resource. Put more of ‘you’ into your business.
The best way to do this is to be yourself when creating content, such as filming an instructional video, speaking in public, or taking part in an industry event. You could also write an editorial explaining why and how you started your business or share your values and vision in your ‘About Page.’ According to Pew Research Center, 70% of adults prefer to keep certain elements of their digital lives private, and you may agree. However, when running a small business, putting your life on social media can help build your brand. You’ve got more to gain by putting yourself out there.
4. Invest in Self Storage
Today, an increasing number of small businesses are choosing to invest in self-storage units. A storage unit gives you more options, allowing you to purchase inventory in bulk. It also helps with the overall organization of your facility.
While most businesses end up paying a higher rent for a bigger space that’ll accommodate their growing business needs, it’s not always the best option. Storage facilities offer safe and secure storage for all business needs. Investing in a self-storage unit will save you a significant amount of money. That’s why 1.9 billion sq ft of storage space is in use in the United States today, according to Statista.
Regardless of your experience, starting and operating a small business is challenging. Not only do you have to compete with other businesses, but you also have to adapt to the ever-changing business environment. Taking action to adapt today to begin benefiting your business.
