17 Tips to Run a Small Business & PREVENT Business Failure

Summary

This video shares 17 essential tips for successfully running a small business. Key points include putting your business idea into writing, meeting with local Small Business Development Centers, understanding your customer base, outlining finances, projecting growth, managing inventory, securing loans, and staying organized. The importance of delegation, marketing, networking, offering references, being accessible, and delivering on promises are emphasized. The video concludes with a powerful quote highlighting that successful people are made by establishing habits that others avoid. These strategies help businesses grow and thrive over time.

Takeaways

• 😀 Put your business idea into writing to clarify your vision.
• 😀 Meet with your local Small Business Development Center for free counseling and help with business plans.
• 😀 Identify your target customer base to tailor your business plan accordingly.
• 😀 Outline your finances, addressing key financial aspects to ensure clarity and strategy.
• 😀 Project growth for your business to plan for expansion and increased demand.
• 😀 Make your bank work for you by exploring financial options tailored for small businesses.
• 😀 Secure a loan or investment and compare interest rates to find the best terms.
• 😀 Manage your inventory efficiently to maximize cost-effectiveness and operational efficiency.
• 😀 Consider hiring a financial professional to oversee your business's finances.
• 😀 Ensure you have the necessary business licenses to operate legally in your industry.
• 😀 Stay organized across all areas of your business: time, employees, finances, and inventory.
• 😀 Delegate responsibilities to employees to avoid burnout and ensure tasks are efficiently handled.
• 😀 Use employee-targeted promotional campaigns to ensure your marketing budget is spent effectively.
• 😀 Network with local business owners to build a supportive community and gain mutual assistance.
• 😀 Offer references from satisfied clients to build trust and credibility with potential customers.
• 😀 Be accessible and responsive to customer needs to maintain strong relationships.
• 😀 Always deliver on your promises to ensure customer satisfaction and business growth.

Q & A

Why is it important to put your business idea into writing?

Writing down your business idea helps clarify your thoughts, making it easier to create a clear and actionable plan. It provides a structured foundation for moving forward with your business.

What role does a Small Business Development Center play in starting a small business?

A Small Business Development Center offers free counseling and assistance in creating a business plan, helping you prepare to approach lenders and set a solid foundation for your business.

How can identifying your customer base benefit your business plan?

Identifying your customer base allows you to tailor your business plan to address their needs, improving the chances of attracting the right customers and ensuring your product or service meets their demands.

What should be considered when outlining finances in your business plan?

You need to assess key financial aspects such as startup costs, ongoing expenses, projected revenue, and break-even analysis to make sure your business is financially viable.

Why is it necessary to project growth in the early years of business?

Projecting growth helps prepare your business for the future, enabling you to scale operations, grow your customer base, and expand production capabilities in a manageable way.

How can making your bank work for you benefit your business?

By exploring various banking options tailored for small businesses, you can select the right bank and financial services to maximize efficiency and reduce unnecessary expenses.

What should you consider when securing a loan for your business?

You should compare interest rates and loan terms from different lenders to ensure you're getting the best deal that aligns with your business's financial needs and long-term goals.

Why is inventory management crucial for small retail businesses?

Effective inventory management ensures that you don’t overstock or understock, optimizing cash flow and reducing waste, which is essential for profitability in retail.

How can hiring a financial professional benefit a small business owner?

A financial professional can help you manage your business's finances efficiently, reducing the risk of mistakes, offering strategic advice, and ensuring compliance with tax regulations.

What are the benefits of networking with other small businesses?

Networking helps you build relationships, share resources, collaborate on projects, and gain support from other business owners who understand your challenges.