Establishing a small business is hard work — even for the most industrious entrepreneurs. For instance, setting your company up legally, developing your brand, finding the best location, attracting customers and acquiring start-up financing can be a challenge. Occasionally after a business is up and running additional risks and problem can arise. To help newer companies avoid some of these high risk traps our team has put together a few tips and guidelines to promote continued to growth and success.
Work on the business, not in the business.
Initially, the long hours and late nights are inevitable when starting a new business. However, eventually, you will need to plan out systems and methodologies that will allow you to hire employees to do the work for you. By doing everything yourself, you restrict your growth potential and are at a higher risk of burning out and making costly mistakes. Hiring a trusted "next in command" employee that can manage the business and make decisions will help alleviate some of the burdens. Hiring your second in command also eases the need to micromanage and allow time for you to work on growing.
A brand for a company is like a reputation for a person
In the digital age, your companies reputation has extended from your neighborhood and customer referrals to social media and search engines. Building your online presence can be both profitable and time-consuming and has become almost a must do for a company to survive. Establishing an online presence gives you the flexibility of always having a place your customers can get answers, direct concerns, and convert into leads 24 hours a day. Having either an in-house social media and website management or hiring a respected digital marketing agency should be a high priority.
Customer and business data privacy is the priority.
Edmund Burke said, "It is better to be despised for too anxious apprehensions than ruined by too confident security." It is paramount that your customers feel their information is secure and as relevant for sensitive business data. If your company stores customer information, sales transactions, and any company related intellectual property or documents be sure to secure that data with encryption and passwords whenever possible with data protection software.
Even though these tips may sound like standard operating procedures, it is the little things that create a strong foundation to grow your business on.
Bizlender has helped 1,000's of business owners secure capital, and we can help you too. If your business has been in business for at least 6 months and has over $5,000 a month in average sales than we Bizlender can help. Researching alternative lending options? Check out BizLender online or call 855-404-3070. Offering lending solutions since 2013, their professionals emphasized working smarter, not harder, using technology to fund small businesses in as little as 24 hours.