Few things are as exciting as launching and running a successful business. However, getting off
to a strong start is essential for building long-term, sustainable success, especially if you’re
aiming to earn six figures. The following practices will help ensure your business is built upon a
solid foundation.
Seek out Help
Running a business on your own entails taking on several roles, and successful business
owners know that it’s important to ask for help when needed. Although you can take on certain
tasks at first, make a plan for outsourcing tasks certain tasks in the future, including managing
your finances and managing other day-to-day business tasks. Too often, business owners try to
spend as little money as possible. However, time is limited, and outsourcing allows you to focus on the more critical elements of your business instead of spending your time on busywork.
Focus on Profitability
Although large, tech-centered start-ups can raise seemingly endless funds before
proving an ability to make a profit, few small businesses have that luxury. A common mistake
for new business owners is to undercut their competitors too much and fail to develop a
sustainable pricing model. Make sure to charge close to market value, and ensure your pricing
is enough to cover your expenses. In some cases, offering a discount can help you reach out to
new customers, but doing so too frequently may place your business in the red. Furthermore,
offering frequent discounts means potential and current clients may be tempted to simply wait
for you to offer a discount before making a purchase. If you offer a great product or service,
you deserve to charge a fair price for it, so don’t sell your business short.
Bookkeeping
In the early days of your business, your bookkeeper will likely be fairly simple, as your clients
and customers will be limited. As your business grows, however, it becomes easy to feel
overwhelmed if you don’t have an effective and cohesive bookkeeping system, potentially
making it difficult to know how well your business is succeeding. In addition, subpar
bookkeeping may leave you scrambling when dealing with taxes, and small mistakes made
when filing and paying your taxes can prove to be difficult and expensive. Before launching,
make sure you know what’s needed to stay in compliance with various regulations.
As with other tasks, it’s often best to bring aboard an expert to help you get off to a strong
start. Also note that online bookkeeping tools provide comprehensive capabilities and help keep your files safe from fires and other natural disasters, although keeping backups is still
essential. Don’t procrastinate; it’s easy to get dangerously behind the curve.
Time Management
There’s one thing many business owners quickly find they don’t have enough of Time.
Spending your time effectively is the core of making your business a success, and time
management tools are wonderful for ensuring you’re prioritizing your most important tasks
first. In addition, digital time management tools let you stay up to date as long as you have a
smartphone with you. Track your daily activities, and locate ones where you’re spending too
much time so you can outsource or delegate to others.
Dream Big
Your business won’t grow until you embrace a business mindset and until you dream really,
really big.
