Five essential tips for any small business owner on how to maximize their long-term success, stand out from the crowd and minimise potential financial risks
1. Focus on what you do best and outsource the rest
Administrative and support services are necessary for any business, but the costs and time expended managing these services may not be worth the investment for a small organisation. Focus your attention on what your business is really about and get some reliable ‘virtual staff’ to handle the rest.
2. Project a professional image
A professional image is crucial to any businesses success. Ensure that everyone and everything that represents your business is projecting that image – that means everything; from your business cards to your offices and how your telephone is answered.
3. Spend wisely
Your company’s long-term success is dependent on making more money than you spend. Spending wisely doesn’t mean cutting corners; paying your employees well and your bills on time is important, but spend only on essentials: good employees, essential technology, marketing; not on that really great, but expensive, gadget!
4. Save Yourself Time Energy and Money (that’s SYSTEMs to you and me)
Develop your systems early; perfect them and adhere to them. That way, as the company grows, you will have already established the way you want everything to work – and if you do it right, it will work; without you!
5. Network, Network, Network
Meeting other entrepreneurs and business owners is critical to creating lasting business relationships and expanding your business. Whether it’s joining groups of other business owners or using social networks, networking is a great way to expand your professional contacts, gather advice, information, and raise your professional profile.
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