How to keep your small business growing.
Donovan Reed, EVP – Chief Lending Officer
If you own a small business, then most if not all of your daily efforts should be focused on one thing: growth. When you’re growing, you’re thriving. When you’re not growing, you can be pretty sure that your competitors are gaining an edge on you.
The success of any business depends on avoiding certain mistakes and adhering to the right principles. Here are a few important steps to growing your small business.
It’s important to always work toward concrete, realistic goals. For example, have you determined how much income you want to generate each month, or are you letting market forces determine that for you? Without setting goals, you won’t know how much your business is growing. And it’s important to set goals that are SMART—specific, measurable, achievable, relevant and time-bound. Do you want to increase annual sales by 10 percent? Reduce waste by 20 percent? Setting goals keeps you invested in and excited about your business, and motivates your employees, too.
Stay on top of your taxes.
Constant attention to your tax obligations is a must. Many companies get in trouble when they get behind on their taxes, and end up spending far more in penalties than they would have if they had just remained diligent. Income, sales, payroll and property taxes are facts of life in a small business. When in doubt, hire a good accountant to keep an eye on things. Among the other benefits of hiring a tax professional—it probably counts as a tax write-off!
Remember who your best friend is: your customer.
Listen to a lot of consumers and you’ll hear a common complaint: customer service is a lost art these days. No matter what industry you’re in, whether you’re selling products or services to individuals or other businesses, customer service should be at the top of your priority list. With most everyone connected to social media, word travels fast if you deliver good service—and if you don’t. So, train your employees to go above and beyond in serving the customer. It will pay dividends and keep your business going the right direction.
Source: Small Biz Viewpoints (http://www.smallbizviewpoints.com/2018/10/29/10-dos-and-donts-when-growing-a-small-business/)