7 Tips Every Small Business Owner Should Follow

80% percent of small businesses survive their first year in business but only 50% of those new businesses make it past the five-year mark. So, why do businesses fail? Well, there are many reasons for potential failure; however many of them can be proactively avoided.

Here are 7 small business tips that will put the odds of success in your favor:

Take Advantage of Social Media

Creating an account is free, and statistics prove social media marketing to be highly beneficial. As a matter of fact, over half of consumers are influenced by Facebook alone. With over 50 million small business Facebook pages, social media is perfect for communicating with current customers and generating new leads all within one platform.

Keep Your Employees Happy

Be sensitive to employee needs and strive to make working conditions enjoyable and comfortable. Throw employee-appreciation events, give raises to the well-deserved, and encourage a fun environment. Employees will appreciate the extra effort and thus will be more motivated to make you proud.

Consider a Managed Service Provider

MSPs are extremely beneficial for a few reasons. First off, they help to keep you up-to-date with internal and external technologies. Second, the cost is low when compared to hiring an internal IT team.

Managed service providers are available 24/7 for all of your business needs. When an upgrade becomes available on your security system, your MSP is there. When a new technology is released that is crucial to your business, your MSP is there. In this competitive world, you cannot afford to miss out on such business improvements.

Market More Than Just Your Business: Market Yourself!

The more you market yourself as a business owner, the more likely you are to gain new connections and build new relationships. While LinkedIn and other online forum groups are great, you should never forget about good old in person networking events. The Chamber of Commerce is a great example of an affordable, local networking group.

Stay Current

21% of small business owners say that lack of available capital is what keeps them from growing. Upgrading your equipment, machinery and software is important in order to stay productive. For instance, older equipment may not be able to produce as much inventory as a new machine could. Besides productivity, customers are drawn to businesses that have the most updated technologies, too.

If lack of funds is keeping you from investing in new equipment, consider equipment leasing or financing. It’s an affordable way to gain access to top of the line equipment without the hefty upfront costs.

Which is Better for Your Business: Buying or Leasing? Let Us Show You!

Prioritize Business Initiatives

Don’t spread yourself too thin. The best small business tip? Delegate job duties accordingly and focus on growing revenue. Invest in a strong manager so that you feel comfortable leaving your business in the hands of someone responsible.

Do Not Stray Away From Your Budget

According to Business Insider, over 80% of businesses fail because of cash flow issues. This statistic stresses the importance of creating and maintaining a business budget. When funds are allocated properly, it makes for smooth business transactions and no surprise expenses.

The Bottom Line

Why do our clients choose us? In addition to unsecured working capital loans and equipment funding, we provide small business tips, knowledge and years of our own experience. See what CMS Funding can do for your business today!