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Best Practices for Small Business Owners: A Brief Resource Guide

Guest article by Julia Merrill,

Not every entrepreneur succeeds. The ones who do have some traits in common – they work hard, think practically, and – most importantly – do business a certain way. By studying how they operate, you too could replicate their success. In this resource guide, we offer some critical best practices for you to follow to make your business perform better.

Safeguard your financials Your finances are your lifeblood. Successful businesses are good with their money.

  • Learn the ins and outs of budgeting. It gives you an overview of your expenses, allows you to eliminate unnecessary overheads, and assists in decision-making.

  • Prioritize having enough working capital. Too many businesses fail because of a lack of usable funds at critical junctures.

  • Be smart about and minimize debt, when possible. But, also, have lines of credit set up for emergencies.

  • Set yourself up as an LLC. This separates your business assets from your personal ones.

Master your day Successful entrepreneurs make optimal use of their resources, including time, to get the most out of their day.

  • Learn time management: Time management skills like prioritization and scheduling are necessary. They allow you to focus on what matters.

  • Eliminate distractions: Distractions like emails and social media will cause you to lose focus. Learn how to keep your mind engaged.

  • Delegate: Delegation is the secret sauce to business success. Other people can often do your job better than you can, in less time.

  • Change your environment: You need a supportive environment to thrive. Shifting to a different environment – such as a co-working space – can boost your productivity.

Focus on marketing and outreach Find and satisfy market demand to succeed.

  • Networking allows you to find and connect with key stakeholders like employees, clients, and mentors.

  • You need a competitive advantage to make your mark in the market. Understand your competitors and do one better.

  • Set and achieve business goals, based on your competitor research.

  • Implement trending, high ROI marketing strategies to find your audience.

  • Cast a narrow net, not a wide one.

Conclusions Being a small business owner won’t be a walk in the park. Remember to look after your personal health, and don’t be afraid of failure – it has important lessons to teach. Your success is assured if you persist, stay open to learning, and remain adaptable.

Image via Unsplash

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