Whether your small business has 1 or 100 employees, like every business, your goal is to grow and be successful. These 5 tips will help you do just that.
Give your website a makeover
Does your website load quickly and operate on mobile devices? Is the information current or is it outdated? Most importantly, does your website convey what your company is all about? With the majority of consumers shopping and researching products and services online, it is necessary to have an up-to-date, modern website.
Make or update your business plan
Projecting your cash flow is key to having a successful business… it can make or break a business. It is imperative that you understand your profit numbers and create a break-even analysis. If your business is selling its products or services and everything is going well is wonderful, but unless you have planned for it, if you happen to go without getting paid for 90-180 days, you are not going to survive.
If you have in place a profit-and-loss forecast in addition to a cash flow spreadsheet, you can fiddle with your business idea and improve it before you start if you are a start-up or continue to use them if you are an established business.
Like your business plan, setting goals and having objectives is an essential part to building a successful business. It is equally important to establish a plan to achieve those goals… Plan the work and work the plan!
Hire good people
It should be your priority to hire and retain truly great employees. According to NOLO.com, one of the web’s largest libraries of consumer-friendly legal information, “A highly competent and truly enthusiastic employee is at least two and sometimes even three times as valuable as a person of average skills.”
In order to create a stable and happy workforce, you must make sure that not only your employees are being treated with respect, but that your business is worthy of respect.
Pay your bills on time
Your reputation and the reputation of your business is more valuable than gold. A company’s reputation is another make or break factor. You should have a goal of paying your bills on time or even early when possible. Doing this will ensure you build a solid reputation with your vendors in addition to a strong credit profile.
Following these few tips will help your business to enjoy a higher profile in the community, have more engaged and loyal employees and set you up for increased profitability in the year to come.