Running your own small business for the first time? If so, you know the feeling that comes with getting through that first month in one piece. Then, if you survive for six months or a year, the emotional impact can be truly exhilarating. What about the next two years, that segment of time in which many entrepreneurs fail to achieve sustainable profitability?
SummaryWorking long hours is counterproductiveYou're not too small for fleet managementOutsourced accounting services are worth the costYou need strong IT securityAccurate budgeting prevents many disastersAre you ready to go for the long haul and turn your business into a revenue-generating business that lasts for decades? Fortunately, there are proven strategies that founders and business owners can use to their advantage. The following techniques may not necessarily apply to all businesses, but are universal enough to make it to the list of the top five success hacks for new entrepreneurs.
Burning the midnight oil might work during inventory weeks and for a few days before a tax audit, but going over the usual 40-50 hour work week will only wear you down in the long run. This is especially true for solo entrepreneurs, owners who do everything without using paid employees. The smartest way to go the distance is to sleep well each night, keep a consistent work schedule, and try to relax during off-peak hours and weekends.
If you use vehicles of any type to do what you do, never assume that fleet management systems and solutions are only for mega-corporations. They are actually best suited for small to medium sized entities like yours. One of the many benefits of using fleet software solutions is fuel economy. Not only can programs increase fuel efficiency, but they're great for managing overall costs and discovering ways to reduce the amount of fuel you use every day. The best way to know exactly how to implement these types of programs in your organization is to consult an informative guide on fuel management systems that can show you how much money your business could save from day one of implementation. .
Unless there is a designated accounting professional on your team, outsourced services represent excellent value these days. Find a local CPA firm that specializes in helping small businesses and make sure they have experience with core tasks like payroll, quarterly tax filings, internal audits, budgeting, and accounting standard.
Even if your office consists of a few desktops and a few laptops, don't take IT security for granted. It is one of those functions, like accounting, that requires special attention. If you don't know how to install and configure a complete system that includes all key security features, entrust the job to a respected technician.
Adjust budgets early in business growth and you'll avoid many of the pitfalls that engulf so many new businesses. The two things you want to instill in the budgeting process are precision and real-world thinking. Making a detailed list of expected income and expenses takes honesty, research, and discipline.
