5 Simple and Straightforward Ways to Elevate Your Small Business

5 Simple and Straightforward Ways to Elevate Your Small Business

5 Simple and Straightforward Ways to Elevate Your Small Business

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Whether you’re just getting your business off the ground or you’ve been operating for many years, it’s never too late to make improvements. Implementing a few small business best practices will help your business thrive and grow! 

The best part? The most effective ways to improve your business are simple, straightforward, and affordable. These practices may not be fun or unique, but they’re tried and true strategies that can benefit businesses of all shapes and sizes. 

In this article, learn the actionable tips that will help you take your business to the next level!

Properly Structure Your Business

If you haven’t already, now is the time to register your business with the state. There are several business structures to choose from, including limited liability companies (LLCs), S corporations, sole proprietorships, and general partnerships. The right one for you depends on a number of factors, and each type offers its own distinct benefits.

For example, if you have an LLC in Texas, your personal assets will be protected in the event there are financial issues with your company, and you’ll also benefit from tax advantages, both of which are major perks for fledgling businesses. On the other hand, setting up an S corp in Texas is helpful to business owners who want to claim financial losses as deductions come tax time. Take some time to research what makes the most sense for your company.

Assemble a Great Team

Hiring a great team of employees can elevate your business instantly. Hire people who bring specific skills to the table, ideally skills that you’re lacking. Focus on your strengths and outsource or delegate the rest.

Before hiring employees, make sure your business is set up to manage a team. Look for tools that will enable efficient collaboration between your team members, such as project management software and team chat apps. 

Be sure to also set up your internal processes for easier employee management. For example, you’ll need to set up a suitable payroll system to ensure employees get paid the right amount and on time. Look for a payroll platform that offers automatic payroll scheduling, tax calculation, employee benefit features, and same-day direct deposit. With the right tools, managing your payroll services is easy.

Pay Attention to Financial Forecasting

Financial forecasting is key to growing your business. Not only that, but being able to predict your future cash flow can help you stay out of debt during slow sale periods. To make accurate cash flow projections, you’ll need to have a good understanding of your fixed and variable expenses. 

You’ll also need to project your revenue. It’s a good idea to create two different revenue projections, one that’s a conservative estimate based on minimal sales and one that’s more optimistic. Your actual revenue will likely fall somewhere in between the two.

Advertise on Social Media

Every business engages in marketing in one way or another. Whatever your current marketing strategy looks like, try to incorporate social media into the mix. Social media is a powerful marketing avenue. For small businesses, in particular, social media posting offers an affordable and effective method for spreading brand awareness and connecting with customers. CoSchedule explains that you can also use social media to provide speedy customer support.

If you’re new to social media marketing, navigating a sea of different social platforms can feel a little overwhelming. Instagram is a good place to start. The photo and video sharing platform is ideal for sharing glamor shots of your products and behind-the-scenes snaps of your business operations. 

You can also share posts containing text and graphics to convey information to your audience. Take advantage of online tools that enable anyone to create professional graphics for Instagram. For example, this Instagram post generator will help you fill your feed with engaging content. Just choose a pre-made template and customize it however you like.

Focus on Customer Service

The quality of your customer service can have a significant impact on the growth of your business. According to BenchmarkOne, good customer service can increase brand awareness, boost your customer lifetime value, and reduce your customer churn rate. Focusing on customer service is an excellent way to compete against big brands that can offer better prices for similar products. Remember, many customers are willing to pay a bit more for a great shopping experience and pain-free support.

You don’t need to reinvent the wheel to grow your business and get ahead of your competitors. Turn to tried and true best practices. By paying attention to important business basics like building a strong team, monitoring your finances, and prioritizing customer service, you can take your business to new heights.

Grow your business and entrepreneurial skills by joining the Cy-Fair Houston Chamber of Commerce today!

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