It seems like more and more people are deciding to say goodbye to their 9 to 5 jobs and give running their own business a go. If this is the case with you, you’ll probably want to be well-prepared when you enter the business world. And to help you, we’ve come up with a list of 5 things every small business owner out there needs to know.
Running a business without cash is impossible
A lot of business people say that “cash is king” and they couldn’t be more right. Poor cash management is one of most common reasons why small businesses fail. So, in order to keep your company alive, you’ll need to keep cash flow pumping. Moreover, just like individuals, businesses face emergencies from time to time. And in situations like this, it’s absolutely necessary that there’s cash in your company since you’ll probably have to deal with some extra expenses right away. We’re talking about things such as legal fees and costs related to natural disasters. Another big reason why cash really is king is that it allows you to pay all of your bills on time, which is an important factor for your company, no matter what industry you’re in.
You need to surround yourself with the right people
No matter what kind of business you want to start, you’ll hardly be able to get all the work done yourself. This means you’ll need to hire people who’ll help you out. This is where it’s extremely important to choose the right people for your company. You need someone you can trust and rely on to get the job done when strict deadlines are supposed to be met. That’s why you’ll want to be very careful when hiring. We recommend holding every job interview yourself and doing a thorough background research on every candidate. Luckily, with social media platforms like Facebook and LinkedIn, this shouldn’t be too difficult. If you don’t have enough time to deal with interviews and background checks, you might want to think about relying on a recruitment firm to help you find the right people for your company.
Social media presence is an absolute must
Social media is starting to play a crucial role in our everyday lives. What this means for your business is that you’ll simply have to use platforms such as Facebook, Instagram and Twitter to promote your business. Platforms like this have proven to be a perfect marketing tool due to the fact that they give you a chance to communicate with your customers directly. When starting social media pages for your business, you’ll need to take into account that visuals are extremely important. We even recommend hiring a graphic designer who’ll help you out when it comes to your profile pictures other visuals. You’ll also need to make sure you have interesting content to share with your followers. This is where hiring a social media manager might turn out to be a smart move.
Your company’s reputation is the key
When running a business, you have to be very careful when it comes to your company’s reputation. If you prove to be dishonest or incompetent, it’s likely that you will fail. Therefore, you’ll have to do everything in your power to keep your reputation high. First of all, you’ll have to be extremely careful when designing your ads. The last thing you want to do is have one of your ads state something that isn’t true. Also, if a customer issues a complaint, trying to deal with it as quietly as possible is always a good idea. If your work involves doing business with other companies, you should purchase a surety bond each time. This will show your clients that you have the necessary confidence to get the job done which is always a big plus.
The number of mobile users keeps increasing
There’s no need to say that every modern-day business needs a website. However, with more and more people using mobile devices like smartphones and tablets, it’s necessary that you make your website as mobile-friendly as possible. Some people believe that creating a different website for mobile users might be a good idea but this is something you’ll want to avoid. This is especially the case because Google doesn’t like duplicate content. Instead, what you need is a responsive design on your website and font sizes that appeal to mobile users. If there are any videos on your website, it’s recommended that you make sure those are YouTube videos. Playing videos on a mobile device isn’t the same as playing them on a PC and since most mobile users have YouTube app installed this is the right option to go for.
Have these 5 things in mind when entering the business world and you’ll set your business off to a great start. Review a list every now and then and staying on top of your business game should be a real piece of cake.