The United States is a nation of small business owners. There are over 30 million small businesses, comprising 91 percent of all businesses in the country. Across the border in Canada, the story is the same – 90 percent of all businesses are small enterprises.
As a small business owner, it’s clear you’re not alone.
However, the high number of small businesses means there’s plenty of competition in the market. You’re bound to run into several challenges that can lead to business failure. In this article, we’re sharing a couple of pieces of small business advice that can help you to run a successful enterprise. Read on!
1. Don’t Start Out Without Enough Capital
Starting a business requires money. Running it requires even more money.
Did you know most of the businesses that fail do so because they run into financial challenges. One of these challenges is running out of capital.
When you’re starting a business, it’s super important to ensure you’re doing so with enough capital at hand. If you need $50,000 to start a business and keep it running until it starts making a sustainable profit, don’t start out with less hoping the business will start making money sooner than expected.
Most businesses, especially high-growth startups, take several months to years before they start making a profit. Doubt this? Look at Uber, a decade-old company that has never turned a profit.
2. Embrace Digitization
If there is any business lesson the COVID-19 has rendered effectively, it’s the importance of running an online business.
With shut-down and stay-home orders being enforced in the U.S. and beyond, it became clear that only businesses offering essential services (like physician’s offices) and online businesses were going to survive.
If you haven’t fully digitized your business, you’re shooting yourself in the arm.
It’s not just enough to have a business website that does nothing more than spell out your business name and address. You need to have an e-commerce website where your customers can order your product or service without leaving their homes.
3. The Customer Is (Still) King
In case it slipped from your mind, the customer is still the boss. Without them, your business will inevitably grind to a halt.
As a business owner, you have to find new ways to give your customers the best experience with your brand. This is how to improve their satisfaction and loyalty.
Of course, offering the best customer experience starts with offering a quality product, but don’t leave it there. Follow up with a customer after they have made a purchase and get their feedback. Give them multiple ways to contact your business, and when they reach out, don’t take ages to respond.
It’s a new economy and the age of instant replies. Your small business needs to accept that and embrace it.
Let This Small Business Advice Work for You
In life, it’s amazing how a small piece of advice can lead to a big change. In business, it’s no different. You might be thinking you’re doing things the right way, only to stumble on some advice that, if implemented, gives your business a major boost. Put this small business advice and wait for the results!
All the best and keep reading our blog for more business tips and advice. Visit the Startups section of the Bootstrap Business Blog for more small business advice.
