Starting a business is exciting, running a business can be a reality check, and I know that’s not the check you were looking to cash. So, In this article, I will talk about eleven tips for small business owners that will help navigate you through the various challenges that you may encounter along the way. These tips will help position your business for success.
Let’s get straight to the point because you probably have a business to run 😉Â
As someone who has been there, done that, I can attest to having to implement these same steps which effectively made my business stand out, grow, and become profitable.
What are the best tips for small business owners?
Small business owners can greatly improve their chances of success by following these valuable tips. I’ve learned many of these lessons through trial and error, but now I’m here to share my knowledge so you can apply these strategies to your own business.
I’m Ron Dalal, and if you’re new to Flip Academy, I’m an investor and entrepreneur with a track record of launching businesses, some achieving high six-figure revenues. My ultimate aspiration is to become a 7-figure business owner, and I’m committed to documenting this journey to help others learn along the way.
Leverage Video
The first tip is to start integrating video into your branding and marketing strategy for your business. Research shows that 94% of marketers say using video has helped increase their target customers’ understanding of the product or service that was being sold, and in turn increased sales.
Whether you are selling a product or service, digital or brick and mortar, a video… showcasing your business products, testimonials, location, or services will make the customer feel more confident about giving you, their business.
You can also outsource the work if you didn’t want to be in the video yourself — you can hire a local videographer to film the video and then get someone on Fiverr or Upwork to edit the video.
If you haven’t implemented video in your business yet, consider it, because it can be great in reaching your customer base, whether you’re showcasing profitable business ideas, a physical product, or a behind-the-scenes look into your operations. It’s also a great tool in conjunction with email marketing, given its higher engagement rates.
Optimize For Search
You may have heard of improving online visibility through search engine optimization, but a lot of businesses overlook it. Research shows that 90% of web pages don’t get any organic clicks from Google.
And only 2% attract more than 100 visitors. To change this, follow a simple plan: write blogs and make videos using words and phrases that fit your business. If you are playing the long game, for the business that you have started, which I think I believe a majority of you have, then using search engine optimization (SEO) is a game changer. This is not just about getting your business seen; it’s about being found by the right people in your target market.
This will mean you should be regularly updating your content, understanding your audience’s search behavior, and integrating relevant keywords to boost your online visibility. Tools like Google Analytics can provide insights into your audience’s preferences and behaviors.
Also making sure your website is mobile-responsive is often overlooked, so make sure it works great on mobile phones, because most of your customers will see your business on their mobile device. It’s about both the appearance and functionality. So setting up credit card payment options that work flawlessly on Mobile can increase sales.
With the landscape of businesses seeing more and more mobile queries, you can’t afford to overlook this step.
Simplify and Streamline
In the business world, especially in today’s landscape, efficiency matters. Most businesses, like the ones you’ve encountered in your day-to-day lives, have to constantly refine and find ways to cut unnecessary costs.
One proven strategy is to use software to make daily operations smoother. It helps save both time and money.
You can create SOP’s which are standard operating procedures, and document your processes into simple, plug and play, repeatable steps.
You can automate as much as you can while you are still a small business, so that you can hire less and spend more time and resources on scaling.
Don’t be afraid to use tools like Google AdWords to enhance your marketing efforts and then work on getting your cost to acquire a customer as low as possible.
Small tweaks like these in different sectors of your business, like a 10% increase in efficiency in each, can have a huge impact on your business and increase the value of your business as well.
Payment Automation
We live in a digital age where technology has revolutionized how Financial Institutions and businesses handle transactions.
Look at your business and see if there’s a better way to manage transactions without the heavy lifting of manual processes.
Digital solutions, such as automated billing and receipt processes, lessen your dependency as a business on physical payments like cash.
So if you are a digital business and it lives online, then most likely you already know this. But for those with a physical brick and mortar business or some service-based business then this could be a small business tip that helps you out.
You can use tools like QuickBooks for bookkeeping and managing expenses.
You can utilize platforms like Connex ecommerce to handle online payments.
This tool can also help you to streamline bookkeeping, calculate taxable income, and manage personal expenses.
There are tons of tools for this, just look at what other businesses in your industry are using.
Mentor
In any business, making strong connections is a cornerstone for success. Building relationships isn’t only for getting more customers but also for acquiring knowledge, strategic partnerships, and business opportunities.
While the old school business cards and face-to-face interactions have their place, the digital age offers platforms like LinkedIn to connect with mentors and industry leaders in your sector.
Remember, a mentor can guide you in refining your business plan and providing insights into handling issues that you may not even see coming yet.
A mentor is a way to add gasoline to your business simply based on their expertise in the exact business you are looking to grow.
If you have a mentor in your business, then you have a huge advantage.
Embrace Remote Help
My first hire was a virtual assistant. This is a great way to start delegating tasks and creating processes that your VA can follow.
You can use Upwork to find someone for less than the cost of what you would normally pay in the states.
It’s a win-win for you and the VA, because it allows you to outsource some of the repetitive tasks that you do and provides a job and source of income for someone across the world who will appreciate it.
Start by looking at what you do in your day-to-day business that you can delegate to someone else, which can allow you to focus on higher level tasks that may directly affect the growth of your business.
Then go on Upwork or any VA website and look for someone for either a part time or full-time position.
Do some interviews and select the best candidate. You can use hub staff to monitor their productivity.
Adapt
I spent years tweaking my business, and that adaptability was key to growing my business. And statistics show that adaptability can significantly affect growth.
Being adaptable is important for businesses because it helps them react quickly and effectively when things around them change.
Throughout the lifetime of your business, things will happen that are out of your control, this is when you as a business owner need to quickly find a solution and pivot.
This adaptability will help you better survive and do well when you eventually, sooner or later, Â face new or unexpected situations.
Trust me, it will happen. Your payment processor can shut down, google can make a simple update that hurts your Seo ranking. Your cost to acquire a customer suddenly goes up, a new competitor is causing your business to take a hit or any other unexpected turn of events.
Stay nimble and try to stay ahead of what’s to come by forecasting. This is when having a mentor is super helpful, because they may have experienced this issue in their business in the past.
Software
We mentioned this a few times so far. Think of the business owners you know. What’s one thing they prioritize? For many, the right software can make all the difference. ‘
Platforms are available and tailored for your business needs, from CRMs, payment systems to manufacturing and shipping cost evaluation tools.
Here are the advantages of using software in your small business:
- Cost Savings: Software can automate repetitive tasks, reducing the need for the number of employees you need to hire and lowering operational expenses.
- Measure productivity: It helps gauge the productivity and efficiency of your business by minimizing human errors and helping with accuracy and reliability.
- Streamline Operations: It simplifies your business processes
- Paperless: Software can replace traditional paper-based processes.
- Improved Communication: It enables more effective communication with customers, employees, suppliers, and partners.
Look for software that can help you in your business to make it easier and simpler.
Content is King
What draws potential customers in and keeps them engaged? Compelling content.
By producing quality content through social media marketing or other channels, like a website, you can establish your brand’s voice and connect more deeply with your audience. Content is not just about writing; it’s about communicating your brand’s story and values.
There are so many reasons why you should start cranking out content. Content will help your business build trust.
It will allow you to be top of mind when they are ready to make a purchase.
It helps build your authority in your niche and help generate more leads.
And going back to the SEO aspect we touched on earlier, it can help you drive more sales through organic reach vs paid reach.
But just to be clear, I think both are important, paid, and organic marketing. So this brings us to…
Embrace Social Media
Today, having a digital presence goes beyond your website. Social media platforms offer an interactive way to connect with customers, address their needs, and amplify your brand message.
Platforms like Facebook, Instagram, and X allow you to showcase your products and services and even share behind-the-scenes insights into your business.
Tools like Instagram’s ‘Shop’ feature or Facebook’s ‘Marketplace’ can even serve as sales channels. Engage with your audience, respond to their queries, and always seek feedback.
There are businesses making 100’s of millions all starting from the influence they had on social media.
If you can incorporate this into your business, and consistently post unique content, then overtime you can use this as a way to generate sales and update your audience.
Probably one of the most important tips for small businesses owners is…
Keep Your Finances in Check
Every business has its ups and downs. However, keeping a tight hold on your finances makes it more probable that you can weather any storm.
You could start by checking your income and expenses every day and use a CRM to get an idea of what sales are projected to be in the next month and so on.
Separate personal expenses from business ones.
Understand where your money is going, and always look for areas where you can save without compromising quality.
Remember, having a clear view of your finances isn’t just good for business; it’s needed for business sustainability.
And when tax season comes around, it will save you a lot of headaches.
Also, understanding your taxable income and how to maximize your qualified business income deductions can save you a significant amount in taxes.
Remember, knowledge is power, especially when it comes to finances.
And if you suck at this, then hire a CPA like I did.
I hope this video gave you some transformational value and if you’re interested in more videos like this, click on this next video here and thanks for watching!
