Owing a small business like Towpedition presents itself with a number of challenges that are unique to its size and functions. The owner has to be in control and tackle all challenges that are encountered in finacing, selling, delivering and managing while growing the business. The most paramount is to make sure that you safeguard all stakeholders’ interests such as the customers and vendors. Running a small business can be a huge reward both financially and personally.
1. First step; Draft a viable business plan
Write down all your ideas. It’s quite important to transfer the ideas in your head in to writing. This prevents you to be rendered visionless if you forget them. Whatever your idea may be to start up that business, make sure you concisely and clearly write them down. Include many details as possible to your plan.beacause ignoring the details can o a lot of damage than over thinking about them.
Meet your local small Business Development centre as they do provide you with all the help that is required through every stage of the life cycle of the business. Their counseling is free of charge.
Indentify your targeted customer base. These are those prospective customers that you can envision for your business. You need to identify them in your business plan. Outline where you expect to source your financing from as well.
2. Establish excellent fiscal practices
Make your bank to work for you. This entails running your business effectively by exploring all options that are available from your bank concerning small businesses. You can there after secure your business a loan to boost the business. Get enough backing in your fiscal operations that include production, operating costs and marketing until that time that the business can run on its profits.
Ensure that you have viable ways of debt collection. You need to make decisions such as accepting cash payments, credit and master cards, cheques or combining two or more of them.
3.Ways to manage your small business
Remember that you need a license to run a business. Make sure that you acquire it from the relevant authorities. This helps you to ensure that you are running the business legally and adhering to the rules and regulations of the industry.
Make sure that all your employees are certified with the relevant boards such as certified accountants. This increases your customers’ confidence in your business as these certified employees have skills from the highest levels.
Keep your business organized. You can ensure this by organizing your employees, finances, inventory and time is one key to a successful business.
Delegate responsibilities among your employees as you can not manage to do everything long.Dont fail to be involved despite the delegation. Be responsive to all of your customers and make them feel well served.
3. Grow a Customer Base
You can make that happen by employing marketing and targeted promotional campaigns. Get your business to your customers. Ensure that the funds you have set aside for advertising and marketing and utilized wisely by conducting demographic researches.
Network as much as you can. Interact and socialize with other small business owners. Participate in corporate social responsibility activities to make the community aware of the existence of your business.
Have a genuine interest in knowing your business. You can subscribe to news letters those analyses small businesses within your industry. Be in touch with the current trends in your industry as this helps you to counter competition effectively.
Give references of your business. You get this by compiling a list of satisfied clients that are willing to serve as future references’ to your new customers. This makes it easy for new clients to verify your service delivery and your work in general.
Be easily accessible to your clients. Make sure they can get in touch with your business at all times. Been responsive to your clients is the best and sure way of building up a good reputation for your business.