Small business is now a big business. There were 5.4 million SMEs in the UK in 2016, which was over 99% of all businesses. At Designated PA, we are business support experts and love to see small businesses thrive. Here are our top five tips for creating a successful small business.
Top Tips for a Successful Small Business
1 – Outsource: As a small business you may not have the resources just yet to hire new full-time staff. But that doesn’t mean you need to be stuck with wearing all the hats. Outsource tasks that can be handed over to business support professionals such as bookkeepers, personal assistants or digital marketing experts who work on contract. This way you free up more of your time to focus on what you do best and speed up the rate of growth of your business.
2 – Have a trusted advisor: Making decisions as a small business owner can be tough. A small business doesn’t usually have the benefit of a board of executives. Having to make an important decision about the business can feel daunting with just your own experience and knowledge to draw on. Instead of spending precious time debating scenarios in your head – find a mentor who you can bounce ideas off. Whether it’s someone you know in a personal capacity, or a formal mentor through a business networking scheme – a trusted advisor with hard-worn experience helps you make the right decisions for your business.
3 – Set up systems: Save yourself from repeating the same tasks by setting up business support systems straight away. Although it may seem like a lot of work up front, it is worth it. The time saved from using email templates, following a clear monthly accounts process and new client intakes will serve you in the long run. Having systems for your business from the get-go will ensure that you can easily scale as your business grows.
4 – Track cash flow: 82% of new businesses fail within the first 5 years due to cashflow problems. Ensure your business doesn’t become a statistic by knuckling down with those accounts. Make sure you have a system for following up debtors. Know what your monthly outgoings are and review often. If numbers aren’t your thing, outsource these tasks to a bookkeeper who will help you keep your business afloat.
5 – Pivot: The great thing about small businesses is their nimble size allows them to quickly react and pivot. Embrace the ability to change direction without a lot of red tape. The start-up world has shown us how changing direction in your business can result in huge wins can make a successful small business into a big one. (Did you know Youtube originally started as an online dating site?) If the market changes or an even more inspired idea comes along – don’t be afraid to pivot.
Small Business Support
If you are looking for support for your small business, contact us on 0207 952 1460 or via our website.