There’s no point in sugarcoating it: running a small business is difficult. This is particularly the case during the first year of operation. New owners have a lot to learn during the first few months, and their investment can disappear if they fail to adapt when necessary.
Yet as recent times have shown us, even long-established businesses can quickly cease to exist without the right plan in place. The Washington Post reported back in May that more than 100,000 small businesses in the US had to close their doors due to the COVID-19 pandemic, and that number is only going to grow exponentially.
However, your business doesn’t have to be added to that statistic. To prevent it from happening, ensure you consider the following four survival tips.
1. Have your finances organized
It’s certainly not uncommon for a small business to have a limited budget. If you’re in that position, this can be problematic if you hit a slump in sales and require some financial assistance. In this case, you’ll usually have to receive external support from a lender of some sort.
While there are various options available in that regard, business line of credit is one of the best picks for several reasons. If you gain small business line of credit from Become, you always have a support net for when you need it. Say you are approved for a $10,000 credit line. You won’t be charged any interest on this money until you dip into it. As a result, this is a whole lot more beneficial than acquiring a business loan.
2. Differentiate from the competition
One of the big issues any new business faces is the ability to stand out from companies that already exist. This is why you should look for ways to differentiate from the competition.
This is easier said than done, admittedly. Yet if you manage to gain one or two unique selling points, you suddenly have an effective way to draw customers in. This can be the difference between making those all-important sales or your business falling to the wayside.
3. Streamline processes
Time is money. The more you can free up this time to spend on more important tasks, the more your business is going to benefit.
When it comes to streamlining processes and systems, look into what is available. There’s some form of technology or software that can help with virtually any business-related task in this day and age. Accounting, sales, project management – all can be made easier with tech.
4. Learn from your customers
Customer feedback is imperative for all small businesses. With their comments and constructive criticism, you’ll know which areas of your company require improvement – before it’s too late. Reviews are a great way to gain this feedback, but also reach out with questionnaires to gain more in-depth observations.
In addition, be proactive and also ask for feedback from staff members. If something isn’t working within your business or ta certain process can be improved upon, you need to work on this as soon as possible.