Running a small business is no easy feat. From the early days of knowing what business license to apply for to growing your business and figuring out how to handle quarterly taxes, there is always something new to learn about being a business owner. Whether you are just getting started or have been an entrepreneur for years, these seven small business success factors can help you grow, build, and achieve.
1. Ask for Help When You Need It
Never be afraid to ask for help. After all, no one person is an island. You cannot be expected to know and do everything yourself. If you lack experience with taxes and finances, find a certified public accountant (CPA) who specializes in small businesses. If you are not sure that your idea makes sense, bounce it off people you trust to be honest with you.
Knowing when to ask for help is not a weakness; it is a strength.
2. Be Consistent for Your Clients and Customers
While things happen and there will be times when you are unable to deliver the level of service you usually do, you should be providing the same level of service and quality to your customers and clients 99% of the time.
When your customers know what to expect from you, and receive consistency the majority of the time, they are more likely to feel comfortable recommending you and coming back in the future.
3. Hire Qualified Talent
Ever heard the phrase, “You are the sum of who you surround yourself with”? This applies in business, too. You want to bring in people who are talented and who can fill in the gaps that already exist within the company.
To hire well and ensure that you are bringing in the best talent, it is critical to avoid hiring bias. Have your human resources (HR) team take over hiring or work with an HR company that can help you expand your talent pool so that you are working with people who fit your business well.
4. Create an Environment Where People Want to Work
Nobody wants to work for a company that has a negative culture or thrives on misery. Today’s employees want to work for a small business that offers flexibility and values diversity. When you are able to meet your employees where they are and provide for their needs, you are more likely to retain good talent.
5. Know How to Market Your Products or Services
It does not matter how good your product or service is if nobody can find it. Keeping up with marketing trends is critical as a small business success factor. You also need to know who your audience is and what platforms they prefer to make sure that you are using the correct marketing channels.
Bringing on an internal marketer or working with an agency can help you ensure that your marketing gets the attention it deserves.
6. Avoid Undervaluing Your Work
One problem that many new business owners run into is figuring out how to price their products or services. As a result, many end up undervaluing or underpricing. This can quickly lead to a loss of revenue or even burnout. If you are unsure of how to price your work, talk to others in the industry or discuss it with an accountant.
Depending on your overhead and the actual value of what you are doing, they can help you decide the best way to charge clients and customers.
7. Be Willing to Change and Grow
The only constant is change. Your business may not end up at all where you expect it to go and being able to quickly adapt is a crucial small business success factor. COVID-19 exemplified this in the past year as many businesses worked to move everything online and provide new goods and services that were suddenly necessary.
The more open you are to change, the better you will be able to run your small business if things suddenly shift.
Align Your Small Business Goals with Applied Development
When you take all of these small business success factors into account, it helps you to align your business. Applied Development offers a variety of services that can help you improve your business strategy, hire smarter, and create a positive environment for employees.