Becoming a business owner can be a massive step into the unknown. Having a brilliant idea, a tonne of creative ability and the drive to succeed is only part of every success story as you’re no doubt finding out if you’ve set up your own small business or if you are thinking about setting up one. I’m here to help though! In today’s blog I’m going to share with you 4 really brilliant small business tips. You may know some, you may not have thought of any, it doesn’t matter! We all have to start somewhere, and for you that somewhere is here with me.
‘Success is 10% inspiration, 90% perspiration’Thomas Edison
What follows are four tips drawn from 17 years of senior management experience and 22 years of industry experience. These small business tips are things aren’t going to instantly build you a billion-pound empire, but they are going to help you create a super environment for business growth. Good practice you utilise and embed early will last you a lifetime.
These small business tips really focus on the management aspect of being a business owner and range across a few areas, so buckle in! Here we go:
Get accounting software
The first steps on the road to greatness can be difficult for a small business. You can literally be dragging yourselves up by your bootstraps to get started. You are undoubtedly keen to sort the cool bits like logos and getting a brand image. Maybe even sorting out a website (speak to our friends at Digital Paw for superb service!). You will definitely be focused on getting clients through the door.
However, pro small business tip number one is to not forget the nitty gritty. Get yourself some book-keeping or accountancy software. You actually don’t need to get an accountant straight out of the gate, but don’t cause yourself the stress of trying to keep track of your finances by yourself.
You’ll be able to send professional looking invoices and won’t have to worry about keeping track of receipts (a biggie for the taxperson). Most importantly, you will be able to keep a good handle on the incomings and outgoings for the business.
Take a look at Quickbooks
So often sales teams get the majority of focus in a business. And surely that’s right because they bring the money in, right?
Sales is simply a step in the whole process. And one often overlooked step is Marketing. As a small business tip, this is a no-brainer.
Think of your business as a conveyor belt. Yes, there is a ‘manufacturing’ stage, which is driven by sales orders. Marketing is the stag that drives sales. No marketing, then you are just sitting in a darkened room waiting for people to come to you. Which. Isn’t. Going. To. Happen.
Start by getting yourself on social media streams. Engage a marketing agency (as we said we work with Digital Paw). Establish where you need to be in order to be seen by the right people.
Nope. Don’t. No way. Multi-tasking is a no-no.
As an experiment, try this. Try listening to an episode of Tony Robbins’ podcast whilst writing an invoice to a client. Then try to recall the details of the podcast.
Most likely, you won’t remember much at all. Let’s face it, it’s why your teachers will have told you to pay attention to lessons in school rather than chatting with your buddy at school. It is so difficult to genuinely focus on two or more activities at once. At any one you focus on one of the tasks, then cognitively the other tasks are simply idling by.
Focus on one task at time. You will achieve more and to a much higher standard. And probably save time because you won’t have to re-tread things. Trust me, this small business tip is essential.
Separate your finances
This final small business tip is so very important. You simply must separate your personal and business finances. Set up a separate bank account for your business! Even if you are starting really small, keep the money for and from your business separate from your day-to-day account.
Think of it like this – if I go to a casino, I always place the money I am willing to gamble in my right pocket, the rest of my money for drinks and taxis goes in the left. Anything I make as winnings can go into my left pocket, and the original bet money returned to the right pocket so I can make another bet. Or if I lose all of my bets, I know I can get home.
Keeping a business account will allow you to see clearly how much money you are making, how much it is costing and how much you can potentially reinvest in growing your business.
You may not be in a position to register as a limited company, you may literally be starting out as a small sole trader making creative items, don’t sweat it just separate it.
So, there you go, 4 brilliant small business tips to help you get going to growth. If you want more help, I’m here. We can arrange a free 30-minute consultation to look at your needs and see how I can help you more! Get in touch, it might just be the first step to building your brand to brilliance.
Transcend Coaching is a small business consultant and life coach offering business management coaching and personal coaching. We primarily serve businesses and individuals in Wolverhampton, Birmingham, Walsall, Dudley and the West Midlands but we can help nationwide. Whatever your needs – whether you are attempting to hit sales targets, achieve personal goals or start-up your own business Transcend Coaching is here to help you. Get in touch today for a free consultation!