In the United States, there are over 32.5 million businesses. In order to stand out from your competitors and be successful, you need to be as organized as possible. What are the things you should focus on most? Whether you are a business owner in the food industry, retail, manufacturing industry, or any other field, there are common strategies you can use to grow. Here are 14 organizational tips to help your business thrive this year.
Avoid Common Mistakes
If you’re starting up a business for the first time, the odds are already stacked against you. According to research, only 16% of new businesses have a chance of succeeding. You can prevent this from happening by avoiding some common entrepreneur mistakes such as taking out too many loans. One of the biggest mistakes is thinking you can do everything on your own. Find a mentor that can help you navigate through unfamiliar waters and hire a qualified team you can trust to complete delegated tasks.
Another mistake is not setting up realistic short and long term goals for your business that you can easily attain. These goals help you stay on track with activities that are necessary for your business to succeed. Many business owners also fail by not clearly defining how their product or service is different from those offered by their competitors. You may even need to take out loans to make sure you have enough working capital to cover your expenses, but you need to do so wisely so it doesn’t hurt your business long term.
Pay Off Debts
As a new business owner, you may not be able to get traditional bank loans depending on your credit situation. You may have taken out numerous cash advances to cover your business expenses. To get your debt under control, you can consolidate these advances with merchant cash advance (MCA) consolidation loans. With an MCA consolidation loan, you make a smaller payment to a lender over a longer period of time while the lender covers the costs of the cash advances.
You can also pay off debt by focusing on paying off credit cards and loans with the highest interest rates first. You can also talk with your creditors to see if they would be willing to negotiate the terms of your loans. Look for ways you can increase your sales so you can pay off your debts faster. If your methods for reducing debt aren’t working, you can consider hiring a debt restructuring firm for assistance. The faster you can get rid of your debts, the better your business will be able to thrive.
Control Business Costs
The cost to do business is steadily on the rise, and you need to keep them under control if you want to thrive. However, tracking expenses can be tedious and time-consuming. You can find numerous apps online that will make this process easier for you. Some will even allow you to snap a picture of your receipts so you don’t have to physically store hundreds of pieces of paper.
Do a thorough review of your expenses at least once every six months. Look for areas that you can trim down in order to save money. Can you get discounts from vendors or consolidate your loans? Will relocating to another building or bundling your insurance policies make better financial sense? Keeping your expense down can make a significant impact on the successful growth of your business.
Double-Check Your Insurance
You may want to double-check your insurance policies to make sure you have the exact coverage that you need. Look over the documents from your insurance agency. Be sure that you understand all the terms and conditions and how they directly affect your business. Talk with your insurance agent to address any concerns you may have. Determine what unique risks your business has and make sure you notify the agent about these risks.
You may already know that you’re required to carry worker’s compensation and disability insurance. However, you may need other insurance options such as business interruption coverage against cyber attacks. Your agent can help you identify your specific risks to get the coverage you need. You can also bundle policies to save money.
You may be able to save money on your energy bills by converting to solar energy. There are a few types of solar financing options that you may be eligible for. You may be able to finance your system through a property tax lien, loans through a credit union, or a FICO-based loan. The value of your business building needs to be higher than the loan amount and you’ll need to have a good credit rating. When you convert to solar energy, you may be eligible for tax incentives and rebates that will save you even more money.
Upgrade Your Business Signs
Your commercial signage is often the first impression that people passing by have about your business. You want to make sure your business sign is legible, visible from a distance, and easy to read. Keep your message as simple as possible. Your sign should include your business name, logo, location, and a brief message. You may even want to consider illuminating your sign and choosing durable materials that can withstand any type of weather condition.
Choosing the proper location is critical for the success of your business sign. You don’t want your investment to be covered up by trees, power lines, and other obstacles. Check out the various angles where your sign will be placed and look for any potential obstructions. If your business needs to attract more customers, upgrading your business signs may just do the trick.
Expand Your Parking Lot
When visitors come to your business, there should be ample room for them to park. If they get frustrated trying to find a space, they’ll leave and that means less revenue for you. You may want to consider expanding your parking lot. Look for an asphalt paving service to create the space you need for your customers. You can search online for companies in your area or ask family and friends for recommendations.
It’s also a good idea to keep your parking lot in good repair. Weather conditions over time can cause cracks and tears that will need to be filled in. Not properly resurfacing your parking lot can lead to customer injuries, which could lead to a substantial loss of profit to cover lawyer fees and medical expenses. It can also cause water to clog drains and deteriorate your parking lot even more. Taking good care of your parking lot can help your business thrive.
Develop Strategies For Growth
Many business owners seek outside professional help from consulting services to find ways to improve their bottom line. Consultants can help you figure out how to keep costs down without damaging your reputation. They can also maximize your growth potential by helping you make smart use of your resources and help you qualify for loans. Business owners can also get advice on the unique obstacles they face in their daily operations.
Working with a consultant can help you make sure your business is meeting the required state and federal regulations for your industry. You can also get a fresh perspective on your sales and marketing efforts. Consultants can help you make smarter investment decisions for financial growth and choose the best technology you need to run your business efficiently.
Invest In Real Estate
Having multiple streams of income can help you maximize your business growth this year. One way you can diversify your income is to invest in real estate. You will need to learn about the market and understand your goals for investing in real estate. Do you want to buy more property to expand your business? Do you want to become a landlord or have a property management service take care of the property for you?
Do extensive research on a property before you make an investment. There are plenty of websites and apps that can give you the information you need. Consider how much time you’ll be able to look at various properties while still running the daily operations of your business. Figure out whether you can pay cash or you’ll need to take out loans to acquire the real estate property that interests you. Hire expert help to give you advice on real estate topics you aren’t familiar with.
At some point in your business, you’ll need storage for your excess inventory, documents, office furniture, or equipment. Climate controlled units are great for retail and ecommerce businesses to store their excess inventory. Off site secured storage is essential for business with sensitive documents that are taking up too much space.
Keep Employees Happy
The ultimate asset that can make or break your business is your employees. When your staff is highly motivated, inspired, and devoted to working as a team, your business will flourish. However, they can be highly inefficient if not managed properly. The bottom line is that happier employees are more productive employees.
You can create a positive workplace for employees by paying them a fair wage, providing constructive criticism, and encourage them to share ideas for innovation and improvement. This can help your employees feel more emotionally invested in helping your business thrive. You also want to create an environment where autonomy is encouraged as much as possible. Employees that are allowed to make their own decisions are more likely to hold themselves accountable.
You need to make sure that your technology is up to date in order to serve your customers effectively. The technology you use should be updated every few years to stay on top of trends. Updating your technology will also mean that your employees will need to be trained in how to use it. There are numerous software programs and apps that provide many of the functions your business needs to thrive. Look for ones that are easy to set up and use.
Improve Your Marketing Strategy
Improving your marketing strategy can definitely help your business thrive. Make sure your website looks professional and is fully optimized for search engines so customers can easily find you. Invest in email marketing automation tools to communicate with your customers and leads about your products and services. Create helpful and informative content that addresses the needs of your customers. Make a calendar of marketing activities you plan to engage in and who will be responsible for completing each task.
Use social media to your advantage. Videos are very popular on many of the social platforms, so your company would be wise to create them. Live video on Facebook or Instagram is a great way to connect with your customers and develop strong relationships. Use social media listening strategies to find out what topics your customers are interested in the most. Review your marketing efforts on a monthly basis and make note of areas where you can improve.
Study Your Competition
By studying your competitors, you can learn tips and strategies to help your own business thrive. How do they describe their products and services to customers and how do they differ from yours? What marketing methods do they employ? What vendors do they work with? Figure out what is working best for them and use those same things in your business.
There are online tools that you can use to find out what your competitors are doing. You can examine the performance of their website pages and how out which social media platform they use the most. Conduct a survey with the customers of your competitor using a third party service. Test out their sales funnels by signing up for their free offers on their website. The information you glean can help you overcome your own flaws and weaknesses.
By following these organizational tips, you’ll be on your way to building a thriving business this year. Running a business means you’ll face a number of obstacles that you’ll need to overcome. But you’ll be ready to face whatever comes your way when you stay organized in managing the unique needs of your business.