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Be A Game Changer – Set the Standard: Strategies for Small Business Success

Be A Game Changer – Set the Standard: Strategies for Small Business Success

One thing is for sure, as a small business owner you are not alone! There are millions of small businesses across America in the same boast as you each and every day. Although your business operates in its own unique style, the accumulative impact of the small business sector is enormous.

Some interesting facts to consider;

  • 23 million small businesses in America accounts for 54% of all U.S. sales
  • Small businesses provide 55% of all jobs in the U.S.
  • Over 600,000 small businesses are started each year
  • An estimated 50 % of new businesses fail in the first 12 months of operation
  • However, the small business sector is growing rapidly
  • The rate of “start-ups” has grown whilst the rate of failures has declined

Why then do 50 % of small new businesses fail?  Is it due to lack of planning, bad luck, lack of drive or simply being in the wrong business?  According to the Small Business Administration (SBA), the top reasons are lack of experience, poor management of credit and lack of capital. The first point could be the most intimidating. After all, how does one gain experience other than trying and yes sometimes, failing? It’s easy to know the basics; strategize a business plan, execute a marketing strategy and print business cards – however, as a rookie business owner, it is impossible to know how to resolve every problem that arises.  If you’re a savvy small business owner who hasn’t had much experience, learn from the experience of others.  This creates a great opportunity for you to learn from past mistakes and change them into future success stories.  Who better to learn from than Microsoft Founder Bill Gates who said, “It’s fine to celebrate success but it is more important to heed the lessons of failure.”

Let’s have a look at how we can secure capital, stay competitive and win customers.

Show Me the Money

It can be puzzling for failed business owners to identify precisely what went wrong and where they made their mistakes – which totally makes sense, as presumably they would have fixed it already, if they knew where to look and what their problems were.  With this in mind, the main problem cited happens to be lack of capital, which certainly can lead to the demise of even the most hardworking new small business owner.

There are plenty of options out there, but one of the simplest solutions is making sure you have access to the best business credit cards to give yourself cash reserves for long-term funding. When choosing a card, weigh up the most popular options that business owners prefer, and compare the various benefits offered. It is important to ask yourself a few key questions.  Do you plan to travel a lot? If so, choose a card that maximizes your mileage rewards and gets you free trips, faster. Do you host a number of business lunches? Find a card that gives you extra bonuses for dining or any other business-related expenses. By staying on top of your credit and choosing the card with benefits that best suit your needs, you can access resources while building your business in ways that a simple loan just can’t provide.

Administration is Crucial

This step is probably the most important and definitely needs your full attention.  Now that you have your assets safely tucked away, you need to effectively manage the income and expense streams that flow in and out of your business.  Being able to project your cash flow is crucial and is the key that will make or break your company.  There is no need to re-invent the wheel, simply use technology such as accounting and time-tracking software and email management tools. Take full advantage too of all the free apps that are available out there.  You can automate most of your financial planning and decision-making so you are free to focus on developing your product and listen closely to your customers, what they want, their needs, what’s working and also what they’d like to see improve.

Your goal here is simply to stay in control of your expenses without spending too much time perusing a pile of spreadsheets. After all, you don’t want to be wasting time tied up at your desk, when your competitor is out there securing a customer that could be yours. Be sure to invest in systems you trust and credit plans that give you freedom and peace of mind. Then you can focus on attaining new customers and meeting their needs with excellent, unforgettable service.

Stay Inspired, Not Anxious

Finally, while it’s good to keep abreast of what your competition is up to, remember that when all’s said and done, your goal is to do right by the people who trust you with their hard-earned cash: your customers. Listen closely to what your customers need.  This truly is one of the trademarks of any thriving business, no matter the size or the budget.  You may be a small business, but you can be big in stature……make a big impact!