As a business owner in today’s highly competitive commercial economy, what are some of the best small business survival tips you can turn to for help? Luckily, there are dozens of places where diligent, patient entrepreneurs can find excellent assistance.
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Small Business Survival Tips
Starting a small business isn’t easy, but it comes with immense rewards including the potential for financial freedom. It’s important to keep the mindset of not relying on yourself to do everything. By using resources available to you, your business life will become easier to manage.
For example, if you don’t have in-house legal or accountancy pros, use local firms specializing in working with smaller companies. One of the main advantages of being a small organization is that vast numbers of support entities, like employment agencies, build their success by offering exclusive services to startups, new corporations, and first-time entrepreneurs. When you search for help in any area, aim to locate a service provider who understands how smaller entities operate.
Another resource is education. From an owner’s perspective, that means doing whatever you must to earn a four-year or graduate degree. Plus, consider switching over to software programs that support virtual offices, thus eliminating the need for all employees to clock in at a physical office space. Another resource is professional mentors, who can guide you through tough times and help you sustain profitable periods.
Likewise, online or local employment agencies can do the heavy lifting when recruiting and hiring fresh workers. Here are details about some of the most valuable sources of information and help for owners of new or small companies. Use these small business survival tips to keep moving forward.
1. Use Local Accounting and Law Firms
Few owners have enough legal or accounting expertise in-house to handle the inevitable needs of modern commerce. Fortunately, many accounting firms specialize in doing routine chores like tax preparation, payroll, financial planning, and internal auditing for smaller business entities.
Legal firms are the same way, and many deal exclusively with startups, micro businesses, sole proprietorships, partnerships, and smaller companies. Never hesitate to outsource essential functions like legal and accounting tasks. Most of these service providers offer trial programs so you can see if they are a good fit for your needs. After that, consider signing a six-month or one-year exclusive agreement to save on fees. Make sure you do your due diligence before hiring an accountant or an outsourcing company. You can start your search by reviewing this list of accounting firms consistently rated as the best in the USA.
2. Earn a Degree
If you don’t already have a college degree or are aiming to add a master’s diploma to your credentials, don’t wait for someday to arrive. It never will. The time to embark on earning your degree is now, even if that means taking online courses at a slow pace or attending night school during the week. Besides the academic and time challenges of getting an academic credential, there’s the question of funding.
Fortunately, you can apply for a student loan to cover some or all of the related expenses. Not only are student loans the go-to solution for today’s college and grad school attendees, but it’s easy to apply. Rates are competitive, and terms are suited to your particular financial situation. There are numerous benefits, both direct and indirect, to this strategy. You can learn relevant skills and apply them in everyday operations, but you will also acquire a recognized credential that can help bring in top level clients.
3. Use Virtual Office Software
Virtual office software is inexpensive, easy to install, and can save you vast amounts of time in a typical work week. The better products can put your company on the road to a 100 percent work-from-home situation, resulting in significant savings on office space, insurance, and utilities. Always use trial periods to get a feel for any software product. Virtual office systems vary in complexity, cost, and effectiveness. Nearly all reputable sellers offer 30-day or longer trials so you can learn how the products work.
4. Get a Professional Mentor
Mentoring has become a familiar and effective way for owners to learn from experienced professionals in an informal, relaxed setting. Some agencies offer mentors and work with you to find someone whose skills are an ideal match for your particular business niche, personality, and skill level. Before the first meeting with your mentor, make a detailed list of questions and concerns you have about your company.
5. Hire Employment Agencies to Find Workers
Take the complexity, legal hassles, and time demands of hiring new staff members by teaming with a local or online employment agency. Fees are reasonable, and if you deal with experienced firms, you can build a long-term relationship that will come in handy if you ever need temps or short-term experts in particular situations.
