17 Tips to Run a Small Business & PREVENT Business Failure

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17 tips to run a small business would you like to run your own small business have you an idea for small business but do not think that you can make it work have you required the skills to run a small business in this video I’ll share 17 tips that people need to possess to be able to successfully run a small business 1 put your idea into writing it is important to take the ideas in your head and get them down on paper to meet with your local Small Business Development Center they can help you to create a stellar business plan to approach a lender with and their counseling is always free 3 identify your customer base in your business plan you need to identify who you think will buy your product or service for outline your finances in your business plan you need to address key questions about your business’s fiduciary situation 5 project growth all successful small businesses need to grow their customer base and production capabilities over the first few years of operating make sure you have identified how your business can and will respond to growth potential 6 make your bank work for you run your small business with financial efficiency by exploring all the options that banks offer small business owners and choosing the right bank for your business’s financial plan 7 secure a loan or other type of investment be sure to investigate the various interest rates apply to small business loans 8 manage your inventory efficiently inventory management can make or break a small retail business so manage it carefully to ensure that you’re maximizing every dollar spent 9 consider hiring a financial professional it may be fiscally worthwhile for you to hire a dedicated staff member who can control the financial affairs of your small business 10 get your license remember to register and acquire your small business license in the particular industry of your business 11 stay organized organization of your time employees finances and inventory is one of the keys to successfully running a small business 12 delegate responsibilities you can’t do everything yourself so delegate the various jobs and responsibilities to qualified employees 13 employ targeted promotional and marketing campaigns it is important to get the word out about your company make sure the money the you set aside for marketing is well spent by conducting demographic research 14 network as much as possible gain support of other local small businesses by networking with other small business owners 15 offer references compiled a list of satisfied clients that are willing to serve as references to potential clients this will give future customers the ability to verify your work and customer service 16 be accessible make sure potential clients and customers can get in touch with you and your business whenever they may need to 17 deliver what you promised if you want to grow your business by growing your customer base you have to give people not only what they want but what you promised them at last I want to share one great quote successful people aren’t born that way they become successful by establishing the habits of doing things that unsuccessful people don’t like to do the successful people don’t always like these things themselves they just get on and do them