Are you wondering what can make your small business stronger? If yes, read along to see five tips that talk about how to grow your business and make it successful.
Building your own small business is not always done easily. With hard work, determination, perseverance, and tips from experts building a successful one can be achieved. Below are words of advice from experts around the web, highlighting 5 key tips for building and maintaining a successful small business. Below each tip you will find links to additional tips.
Tip 1: Use Free Social Media Resources as Market Research
Twitter is an excellent source, rich with information about your competitors and customers. Utilize Twitter to scope out other businesses similar to yours and see where they are succeeding and where their customers say they are failing.
More tips from Small Biz Trends:
Tip 2: Stand Out
Ask yourself, what makes you different than everyone else? What do you provide that others can’t? Answering these questions helps you identify what makes your business unique which is important in strengthening your small business. You can and apply this information to your company’s message and utilize it in your marketing.
More tips from Small Business Administration:
Tip 3: Keep Detailed Records
We’ve all heard the saying “history repeats itself,” but it isn’t often that business owners understand the importance of keeping a detailed history of their business records. Whether it be your earliest receipts of purchase for equipment or detailed records of your sales and your clients, maintaining a clear and accurate record is important for all businesses. This will allow you to make better forecasts of business flow, it will allow you to know where your business stands financially, and could help you identify and create strategies to grow your business.
More tips from Investopedia:
Tip 4: Utilizing your Business Credit
Many small business owners make the mistake of using up all of their personal capital to initiate their business or to keep it going. This shortens the longevity of a business as there is the potential of running out of cash, and puts your business at risk for closure. How can your business stay afloat? By utilizing business credit, which can be used for investments which will help your business grow. There are many sources online which educate small business owners on how to obtain loans, and what are the best types of investments for your business which will provide a greater return. Whether it be investing in employee training or new technologies, utilizing your business’ credit is the difference between a successful business and a failing business.
More tips from The Huffington Post
Tip 5: Make a Lasting Impression
One of the most important aspects of running a successful small business, which is often overlooked, is delivering exceptional service. More often than not, small business owners have multiple roles within their business. You are the accountant, the marketer, the salesperson, and fill in any other position which your business calls for. Having these multiple roles can stretch your courtesy thin; however it is important to always keep your customers satisfied. Make it your goal to always provide the best customer service possible, so that you can assure repeat business and free advertisements from satisfied customers.
More tips from Forbes
Seems like a daunting topic, right? Well, there are plenty of ways for you to finance your small business. In the following article we will discuss grants, loans, and more.
Grants are available for small business that are non-commercial, meaning that they must be non-profit organizations or educational institutions. If this applies to your small business, check your local and state programs to see if they have grants available. If not, federal and state governments offer assistance in small business owners obtaining low-interest loans and venture capital financing from commercial lenders. Although they may seem unobtainable, it would be worth a few minutes of your time to research and see if your business is eligible.
First off, there are plenty of loans out there and one is destined to fit your needs. Whether you are working to start, expand, or continue your business, there is a loan for you. To start this process you should visit your local bank or lending institution that participates in SBA (U.S. Small Business Administration) programs.
A microloan would be a great option for small businesses that are start-ups, newly established, or growing. The money for a microloan must be used for working capital, inventory or supplies, furniture or fixtures, machinery or equipment. The maximum repayment term for an SBA microloan is six years.
For businesses that are already established and looking to expand, you should consider looking into the 7(a) small business loans by SBA. To be eligible for a 7(a) loan your business must operate for profit, be small (as defined by SBA), have reasonable invested equity, use alternative financial resources before seeking financial assistance, be able to demonstrate a need for the loan, use the funds for a sound business purpose, not be a delinquent on pay existing debt obligations to the U.S. government. There are special circumstances which may apply to you in which case I would recommend that you research the 7(a) loans and find out more.
Disaster happens! Need a loan? SBA has you covered. These loans are available to business owners that are victims of disaster, or to businesses that are in a declared disaster area (probably not applicable to Tucson). They are also available to assist small businesses, small agricultural cooperatives, and nonprofit organizations to recover from economic losses which resulted from physical disaster or an agricultural production disaster. Disaster loans allow you to restore your property to its preexisting condition, under special circumstances the loan may be eligible to protect your building from future disaster. However, it cannot be used to upgrade or expand the business unless it is required by local building codes.
If you’re feeling overwhelmed and don’t know where to get started, this is the perfect resource.
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