Smart Moves to Make Right Now as a Small Business Owner

by Josh Biggs in Business on 18th July 2020

Smart Moves to Make Right Now as a Small Business Owner

Being a small business owner is all about making the right choices. One wrong move and you could lose clients, profits, and hope for success. You have plenty of decisions to make as you grow your company and you’ll have to thoroughly evaluate each choice. You’ll take time to decide what needs to get done, how to do it, and examine the results to make sure you made the right decision. If you’re becoming anxious about each little decision you make and thinking too much about the effects of your choices, here are a few smart moves you can make right now that you don’t have to stress about.

Save money by purchasing refurbished electronics.

Expenses can be the biggest problem for a small business owner. If you have a physical space, you’re paying for rent, heat, and electricity. You pay your employees and maybe yourself (many small business owners don’t take a salary when they’re just starting out). You have to buy software, pay an accountant, and stock up on supplies. If you’re in retail, you have to purchase everything you intend to sell. The costs add up, and many small business owners find themselves wasting their money on replacing electronics. If you’re just opening your business, buy great technology that you won’t need to replace shortly after. The Store offers excellent refurbished electronics at a low cost, but you won’t have to worry about a computer or cell phone dying after a few months. These products are ReStored and work like new but with a refurbished price tag. Save your budget for other important purchases and spend less on great refurbished electronics.

Implement OKR software.

If you’re not using any kind of okr software, now is the time to start. OKRs, or Objectives and Key Results, help your business grow. When you’re just starting out, it can be challenging to solidify the company’s goals. You’re not sure how you’ll grow or what you’re hoping to accomplish. OKR software helps you understand what goals you’d like to reach and how to get there. Each objective or goal is backed up by several key results, which quantify how you’ll reach that goal. You can create OKRs for the entire organization, each team, and individuals. Reviewing them periodically will help you and your employees understand what you’re working for and what you’ve already accomplished. This goal-setting framework will help your company grown and thrive, so you should start using it right away.

Take a look at your marketing strategy.

It might feel like you have a million things on your to-do list and creating the company’s Twitter probably isn’t the highest priority. But a smart move you can make right now is to take a look at your marketing strategy, no matter how long you’ve been in business. A robust social media presence and a great website can make a huge difference in your success. Contrary to popular belief, it doesn’t take much effort to create a great digital marketing strategy. You can set up a regular schedule of content on your business’s Facebook, Twitter, and Instagram and even start publishing a weekly blog on the website. If you feel like you don’t have the time or knowledge to create a good strategy, hire someone to help out. Even an expert who works a couple of hours a week can make a huge difference. An incredible digital presence will help customers find you and continue to use your business, so don’t neglect your online marketing plan.

Being a small business owner certainly isn’t easy. Try accomplishing one smart change every day and you’ll notice a huge difference in your growth and success.

Categories: Business