What better way to celebrate “Small Business Week” than to hear from some of the best in the business on their thoughts on what it takes for any small business to succeed. Before we do that, let’s check the pulse of the small business world! Earlier in the year, it was reported that 74% of small business owners, according to an American Express study, were confident enough in the surging US economy to take risks in growing their business. Now you could say, a small business owner has already taken a big risk in already starting his/her business. While that’s true, an entrepreneur has plenty of possibilities and pitfalls to watch out for.
To stay on track, here are some tips and wisdom from top entrepreneurs and business coaches:
James Altucher, a successful hedge fund manager, best-selling author and founder of some 20+ companies says, “Don’t buy into the 20-hours-a-day entrepreneur myth. You need to sleep 8 hours a day to have a focused mind.” That’s sound advice since it takes a heck of a lot more than just raw passion and drives to be successful. Rational thinking and a clear vision don’t come when you neglect the basics.
KNOW YOUR AUDIENCE
It’s incredibly important to do your research and understand your target market. While this might sound like common sense, you’d be surprised what digging deeper to really get in tune with your ideal clients can do for you. Get and ask for customer feedback and listen to what they say. Forbes Coach Council member, Penny Elliot advises to, “take this intel and craft it into an irresistible solution for them to be able to get easier yeses in your business”.
Sure, we all think we embrace technology but are all small business owners doing as much as they can? Automation a major step in the right direction when it comes to technology. It not only alleviates mundane, time-consuming tasks but can also save you money. Perhaps Peter Thiel, one of the most successful entrepreneurs in Silicon Valley and co-founder of PayPal knows a bit about this. He says, “customers won’t care about any particular technology unless it solves a particular problem in a superior way. And if you can’t monopolize a unique solution for a small market, you’ll be stuck with vicious competition.” We agree. No matter what your small business does, you have to make sure that whatever the service or product it is that you sell, it needs to solve a real issue for your customers. As Thiel points out, your customers won’t care about what you build, they care about how you can remedy pain points better than the competition.
Every new business, especially in the early goings, has its ups and downs. Don’t let low cash flow issues slow you down from hiring the help you need or growing the business overall. Taking advantage of financing, when you need it, of course, helps you stay afloat and moving forward.
Joel Kohn, CEO and owner of the HR Platform, Fingercheck, says, “low cash flows will eventually happen, and when they do it’s important to have a trusted financing option to get you through it”. His company, Fingercheck, offers flexible financing options, so any small business never has to miss making their weekly, biweekly or monthly payroll, which is critical. In addition, Fingercheck provides convenient payment plans, specifically designed for small to mid-sized businesses to benefit from.
So, there you have it – some top advice from those who know small business best. Be sure to visit the Fingercheck blog often and scroll to the bottom of this page to sign up and receive our monthly newsletter for useful advice, trending HR news and other helpful information.