When it comes to running a successful small or medium-sized business, entrepreneurs are always in search of some magic formula to securing a greater cash flow, getting their team motivated and for having overall smooth sails. Unfortunately, each business is different and there’s no standard rules to guarantee success on such a broad level. However, there are some general rules that successful business owners swear by.

Be Active in the Community.

Most successful companies establish a report with their customers by building their credibility through supporting charitable donations. It makes big companies seem less like an “evil corporate powerhouse” and more like a “friendly neighbor.” For small businesses, staying in the community is especially good for business. Not only can you use this for a great PR opportunity for your brand, but it also builds a long lasting relationship with your community (ultimately generating more business.)

How to do it: 

  1. Donate or have members of your organization volunteer to charitable functions in the community
  2. Create a fundraiser within your business to support a cause
  3. Hire locals who will refer friends and family to your business
  4. Run regular advertisements in the local newspaper

Delegate Your Management.

One huge mistake growing businesses face is when the business owner wants to dabble too much in the production aspects. As the owner, you really need to prioritize the tasks you actually take on personally. You’re only one person and burning the candle at both ends leaves nothing but a mess on your hands. Instead, teach and share your knowledge so that you can worry about the big picture instead of having a nervous breakdown over those devilish details.

How to do it: 

  1. Move a valued employee into a leadership position where they can manage others
  2. Delegate less large tasks to the management staff instead of tackling them yourself so you can work on the growth of the business

Make Friends with Professionals.

Rubbing elbows with professionals is great to learn about the industry and updates. Keep your liability in check, your business covered in case of emergencies, know how to file taxes like a pro and stay out of any legal hiccups.

How to do it: 

  1. Make friends with bankers, accountants, insurance agents and lawyers

Don’t “Treat Yourself” TOO Much.

Did you make a killing this past year? Great. But, that doesn’t mean you should go splurge on a new luxury car or to drop a hefty chunk on another investment opportunity. Sure, you deserve to reward yourself for a job well done. But, when you start shifting your thinking from the very train of thought that brought you to your current success, your profits and growth start to slip as well.

How to do it: 

  1. Don’t let the new positive cash flow make you forget your goals

Let Some Sample the Milk, So Others Buy the Cow.

Go the extra mile for your customers by genuinely showing them the great experience they can receive from your products or services. Do a big promotion or offer free products to some influential people and new customers will start sniffing around in no time.

People tend to choose to use the products or services suggested by others.

How to do it:

  1. Select some strategic individuals to provide free services or goods for (maybe an editor for a local magazine who might feature your company or just a really influential person)
  2. Do giveaways so that you can get sales contact information for following up with future sales through email campaigns and use your product or service as the prize
  3. Depending on the scale of your business, recruiting influential social media users can help promote your company like a charm

In order for you to get some tips on what works for your particular business, schedule a free consultation with One Source Business Solutions.

 

Categories: Business Tips

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Overcoming the Most Common Small Business Challenges | OneSource Business Solutions LLC · April 21, 2017 at 7:50 PM

[…] a small business is not for the weak. It takes a strong person to handle the immense pressure and long hours with […]

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