Running your own small business can be a turbulent affair. One day you feel like you’re on the up, another day you may feel like you’re going nowhere fast. Building and sustaining a successful company is hard work, but the rewards can be huge – both personally and financially. There are lots of things you should be thinking about to keep the momentum flowing. You shouldn’t just be focusing on the day-to-day operations, you also need to be looking ahead to the mid and long-term. Setting goals and targets, and deciding on your strategy to achieve them.
When was the last time you looked at your small business bank account? Probably not that long ago, if you’re watching the cents. Running a company can be challenging if you didn’t start with lots of money in the pot in the first place – if you didn’t have much start-up capital. Of course, some businesses don’t have big overhead costs. But, if you’re looking to expand your venture in the future, how are you going to fund that?
Yes, you should be looking at boosting revenues from your clients – whether that’s through more one-off sales of products or services or securing longer-term contracts. However, you must think about and build up a business credit profile. Better business credit profiles can afford more financing options and give you an edge over competitors, when gaining approvals on bids, vendors, creditors, and new partnerships. Business credit can be pulled and reviewed by anyone for a minimal cost without your knowledge.
Your company ‘home’
Depending on the nature of your small business, you should consider your options when it comes to your operational ‘home.’ Do you need to splash out on an expensive serviced office if it’s just you in the company right now? If you have some staff, do you need a city-center location – or could you be in the suburbs? And do you need a store-front on the main street – or could you trade exclusively online?
All these questions are important ones. Consider them carefully, and build your company accordingly. Choosing the right location, facilities – and trading window – can all help you grow and sustain your company in the long-term.
Strong online presence
Whether your street-based or an online business, you should certainly be thinking about getting yourself a website – if you haven’t already! Very few businesses these days don’t have one. A strong, branded site can help you reach more clients – and get the word out there about the great products and services you have to offer. If appropriate, install some e-trade features, so that customers can buy directly through the site.
Make sure you include your website address in advertising and marketing you do. Include it in your email signatures and on your business cards. Put it under the eyes of those you want to reach.
Don’t leave it there. You should get yourself some great looking social media profiles, tempting clients throughout the year with lots of offers and promotions – reasons to come back to you time and time again. Some striking photos or short videos will help you along the way. Happy posting!