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Being a small business owner presents many challenges in terms of business size and functionality. Small business owners must master the challenge of revenue, transportation, finance, management, and business growth with few or even no employees. The most important thing is to maintain interest from stakeholders: customers, suppliers and the team working to build the force in short time. Running a small business makes a lot of sense both personally and financially.
Steps
Drafting the Right Business Plan
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Sketch ideas on paper. The most important thing is to form ideas on paper. Successful businesses often offer a new product or service or support an existing niche in the market. Whatever your goal is, you need to have a plan in place. [1] X Research Source
- You can write multiple draft plans and then choose the best one.
- Make a detailed business plan. Thinking deeply about the details will benefit you more than ignoring them.
- You can add questions to the draft plan section. Verifying what you don’t know is just as important as listing what you are sure of. You don’t want to present a plan with open-ended questions to potential investors, including relevant questions in the draft will help you determine the right answer to the final business plan.
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Meet your local Small Business Development Center (SBDC). SBDC will help you in the process of running your business. They can help you make a business plan to reach investors and give advice completely free of charge. [2] X Research Source
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Identify customer sources. In your plan, you need to define the audience that will buy your product or use your service. Why do they need or want to use your product or service? The answer will help you decide on many aspects of your business. [3] X Research Sources
- This is the time to ask questions about the service or product. For example, you want to ask the following question, will my product/service appeal to young people or old people? Is my product/service suitable for low-income people or high-end? Does my product/service appeal to customers in a particular environment? You can’t sell ski wheels in Hawaii or sell towels in Alaska, so be realistic about the appeal of the product.
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Budget projections. In your plan, you need to address the key question of the trust situation of your business.
- How profitable will your product/service be? How much money will they get? How much does it cost to produce the product or service? How do you intend to pay expenses and wages? These are important questions that you need to answer in your business financial plan. [4] X Trusted Source US Small Business Administration Go to Source
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Project development. All successful small businesses need to grow their customer base and product capabilities from the start. You need to determine your business’s ability to respond to its growth potential. [5] X Research Sources
- Real with growth potential. Always keep in mind that business development always comes with capital development. Projects that thrive in a short period of time can lose potential investors quickly.
Create Good Financial Habits
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Choose the right bank. Run your small business with effective financing by exploring the full range of bank offers available to small business owners and choosing the right bank to execute your financial plan. Many financial institutions offer low-fee accounts, low-interest loans or free deposit programs for small business owners. Work with the organization that offers the best deals so that every penny you spend doesn’t go to waste.
- Take the option of one bank to talk to the other bank to raise the largest source of capital with the lowest interest rate. For example, if a bank lends you VND200 million at an interest rate of 4%, you can tell that offer to another bank to see if they can provide you with a larger amount of capital at a lower interest rate. Are not.
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Secure a loan or investment. Successful businesses need investment capital. You need to arrange and secure enough financial backing for your business, production, and marketing costs until the business is in a position where it can be maintained and operated on its own profits. [6] X Trusted Source US Small Business Administration Go to Source
- Learn about the different interest rates for small business loans.
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Secure collection method. You need to explain the revenue on the invoice and the balance owed by the company. A successful business needs a steady source of money. Not accepting customer payments or giving out debt will destroy your business. [7] X Trusted Source US Small Business Administration Go to Source
- You need to decide whether to accept cash, credit cards, checks, or a combination of methods for your customers.
- Cash transactions are the easiest to do, but difficult to review over a long period of time. At the same time, receiving cash is also difficult to ensure the safety of the company’s revenue because workers can steal money from the safe.
- Paying a check can prevent thieves from within the company, but the check can bounce, causing you big problems from the bank.
- Credit cards and international debit cards are the safest form of payment, but there is an additional payment fee to the card issuer depending on the size of the business, which is a bit of a waste. [8] X Trusted Source US Small Business Administration Go to Source
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Consider using a credit control app. There are many apps that help small businesses improve cash flow with clear day-to-day revenue management and control over customer credit payments. The app allows you to add new customers or track existing ones, track bill payments or transfer money more securely. Many vendors can help you with the management like iKMC, you can try their software. [9] X Trusted Source US Small Business Administration Go to Source
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Manage inventory effectively. Inventory management can make or break a small retail business, so it must be carefully managed so that every penny spent is well worth it. First, check the amount of inventory and then continue to track the quantity to see if they are sold or not. Regularly sort inventory to remove hard-to-sell items and replace them with new ones. [10] X Research Sources[11] X Research Sources
- Inventory management is often dictated by the “lifetime” of the products you sell. For example, if you sell perishable products, you need to get the oldest product out of the warehouse first to maximize the profit of your business.
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Consider hiring a financial professional. This is a worthwhile investment when it comes to hiring staff with the expertise to take control of your small business finances. Accounting can help you identify areas of your business that are not performing well from a financial standpoint, helping you maximize profits.
- You don’t need to hire full-time employees to manage your finances. For example, if you have a solid grasp of inventory management and cash flow, you only need a CPA (Certified Public Accountant) when calculating taxes.
Small Business Management
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Apply for a license. Be sure to register and apply for a small business license at the regulated facility in your industry. This is an important step to ensure legal business operations and compliance with industry regulations. Remember to apply for permits related to services you provide such as home repairs or tax preparation, they also require registration and paperwork. You cannot hire good employees if the business is operating without a license. [12] X Trusted Source US Small Business Administration Go to source
- Not all businesses need a license. You should check with your local small business administrator if your business is one of them.
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Employee certification. Recruit individuals with qualifications related to the business field such as a certificate of certified accounting or electrical repair. Qualified employees are highly skilled and increase customer confidence. [13] X Trusted Source US Small Business Administration Go to source
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Always arrange. Organizing time, labor, finance, and inventory is key to running a successful business. Create spreadsheets that help you review important details so you don’t have to memorize them in your head, reviewing everything once a week. [14] X Research Source
- Schedule weekly, bi-weekly, or monthly staff meetings to ensure that everyone is productive and to avoid wasting time when team members overlap. The meeting also helps to analyze who has not completed the assigned work well. [15] X Trusted Source US Small Business Administration Go to source
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Assign responsibility. You can’t do everything on your own, so delegate some tasks to good employees. Small businesses require employees to do many things outside of their profession.
- You can divide your business activities into specific areas and then delegate them to multiple employees or team members.
- At the same time when delegating responsibilities, you need to supervise when assigning specific tasks to employees. For example, you may not want an accountant to handle legal matters on your behalf or a lawyer to organize your finances. Think of each function in this way to identify needs in the hiring process.
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Participate together. After deciding who to delegate responsibility, you need to continue to monitor the work to ensure that the employee is qualified to perform the assigned task. At the same time, you need to take responsibility for the needs of your customers. Need to be aware of the needs and feedback of guests, do not neglect to take care of customers even when it has been assigned to the staff.
- From time to time, you need to hire and fire employees. You need to know the law to deal with problems that arise when hiring or firing employees. [16] X Trusted Source US Small Business Administration Go to Source
- Letting employees handle customer feedback harshly is a dangerous tactic. Employees will benefit more if only conveying you positive customer feedback, which will lead to loose company management. For example, employees need to show proof when reporting a business. This is your company and you need to put yourself at risk, so be proactive in monitoring business results.
Customer Resource Development
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Create promotional and marketing campaigns. This is an important step to promote the company. Make sure the money spent on promotion is properly used according to demographic research. This will help you plan your promotion and marketing effectively. [17] X Trusted Source US Small Business Administration Go to source
- Think about the promotion and marketing campaign in accordance with the capabilities of the business. Broadcasting on national television is not a good option if your business is only local.
- Think about who will be interested in your product and why. For example, if you sell dentures, it doesn’t make much sense to include young people in the marketing category.
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Network link. Seek support from local small businesses by contacting the business owner. Join small business associations and community events to boost your business’ reputation. Participate in many community events to reach out to potential customers. [18] X Research Sources
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Know your business. Always catch the news and trends to increase the competitiveness of businesses in the industry. Subscribe to our newsletter or online to stay up to date with the latest happenings in your industry. Keeping up to date with the latest and greatest in business will help you entice customers from competing companies. [19] X Research Source[20] X Research Source
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Provide references. Draft a list of satisfied customers to serve as a reference for potential customers. This helps new clients appreciate your work and customer service. [21] X Research Sources[22] X Research Sources
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Always connected. Make sure your customers can contact you and your company whenever they need to. The best way to develop a reputation is to be accountable to the needs of your customers. [23] X Research Sources
- Large businesses can hardly respond to all customers and will lose a number of customers over time. Small businesses can’t do that. As a small business owner, you can connect with potential customers. This may require you to provide mobile phone numbers and email addresses to customers if you want to grow your business.
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Fulfill a promise. A small business needs to offer a certain product or service to be successful. However, if you grow your business by growing your customer base, you’re not just giving your customers what they want, but you’re delivering on what you promise. If your product or service is not as advertised, you will have a hard time developing a customer base. [24] X Research Source
- Delivering what you promise starts with adjusting revenue access. If you and your sales team deliver or promise too much, customers will be disappointed when they receive the product or use the service, which will lead to a lot of negative reviews and bad word of mouth about your business. your career. Remember, good sales tactics should focus on identifying and understanding the customer’s needs, making them realize the benefits that the product brings, not deceiving customers with the potential of the product. Products.
X
wikiHow is a “wiki” site, which means that many of the articles here are written by multiple authors. To create this article, 26 people, some of whom are anonymous, have edited and improved the article over time.
There are 11 references cited in this article that you can view at the bottom of the page.
This article has been viewed 22,849 times.
Being a small business owner presents many challenges in terms of business size and functionality. Small business owners must master the challenge of revenue, transportation, finance, management, and business growth with few or even no employees. The most important thing is to maintain interest from stakeholders: customers, suppliers and the team working to build the force in short time. Running a small business makes a lot of sense both personally and financially.
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