Whether you have an established small business or are in the planning stages of starting your own business, it is important to heed the expert advice of successful business owners.
These 4 tips for running a successful small business paraphrased from and article on CNBC can help you be successful.
1. Go grassroots
While tried and true marketing tactics like digital advertising, email campaigns and direct mail are great ways to extend your reach and awareness, never underestimate the power and value of word of mouth. Local partnerships and engagement can bring big results.
2. Fail fast and pivot often
The word “fail” may seem counterintuitive when it comes to business growth, but playing it safe can stall progress. identify key performance indicators (KPIs) to determine the customer and business impact. If the new strategy works, great. If it doesn’t, learn from it, refine your approach, and try again.
3. Be opportunistic
Oftentimes, small businesses stick to what they know when it comes to running their business. It’s not that they are reluctant to modernize, they’re just so busy managing day to day financials and tasks, they have little time to learn better ways of doing things. Dedicate time to learning about new technologies, ultimately benefitting from tools that automate tasks and streamline processes, and that help save time and reduce operating costs.
4. Find a mentor
In addition to networking with other local business owners, you’ll want to find a local mentor who can help you navigate the inevitable ups and downs that come with starting, owning and running a business. They’ll oftentimes have more experience in certain areas, and can share their own lessons learned and advice on fostering growth. They may even know of some exciting entrepreneurial opportunities to get you started.
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