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3 Things Every Small Business Owner Needs to Know

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Owning a company is a dream come true in a sense, because it allows you to take total control of your finances. However, it’s not as glamorous as you might think, at least not as first. While the CEOs of larger corporations can rest easy knowing that everything is taken care of, a small business owner will find that taking care of everything and everyone is the name of the game. Here are some tips to help you get through the juggling act that is running a small company.

Maintenance

One of the most important parts of running a business is keeping your place of business in working order. There are a number of factors you need to keep in mind in this regard. For example, you’ll need to maintain your A/C in order to keep the temperature of your workplace and the quality of the air itself above board, so you’ll need to replace your steel return air grilles and filters periodically. Every business has some need for high tech devices like computers, and those devices can malfunction in any number of ways. When this happens, it can hinder or even cease operation, and that can cost you a ton of money. Therefore, it would behoove you to keep IT professionals on staff to make sure this doesn’t happen or to help resolve it quickly when and if it does. Likewise, keeping your tech up to date is key, because outdated machines are more prone to malfunctions and generally less efficient.

Finances

The goal of any business owner is to make money, but as they say, you have to spend money to make money. The head of a company has to worry about the business’s finances, and that starts with a basic understanding of those finances. You’ll need accurate records of your revenue, your expenses, and the remaining profits, for starters. However, finances depend heavily on external factors, you can use your financial records to determine the best way to tip the scales in your favor. If you find your expenses to be too high, you can find ways to cut costs, and you can likewise boost your revenue via sales and marketing. Either or both of these will necessarily increase your profit margin, so having the initial performance data is an imperative. Your financial records are also a matter of legal importance, as companies need to accurately report their quarterly earnings in order to comply with federal regulations.

Marketing

Marketing is one of the most important parts of a business, as it the primary means of maintaining or growing your customer base. Marketing is so important that it can account for as much as 10% of a company's budget. Marketing consists of several distinct tasks that all coalesce into a company’s brand and the public awareness and perception of that brand. Branding itself serves as the foundation of your company’s marketing, as the brand has a ripple effect that affects other marketing techniques. Branding accounts for a variety of aesthetic factors that establish the tone of your company, and it includes things like color schemes, logos, and even mascots. These attributes will then feature in branded packaging and advertising, and they create the voice of the company that will carry over into press releases and other text based marketing. Social media marketing is one of the most potent marketing tools in recent years, as it offers the largest possible audience and a suite of marketing tools such as paid advertising in addition to free feedback and announcements.

 

A business owner has many trials and tribulations to contend with, the importance of which is magnified during the early years of the company’s operation. That being said, each challenge can be countered with the right information, and much of that information is freely available. Knowing what to look for and where to find it are key if you want your business to survive. These tips will help you chart a course for success by establishing best practices early.

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