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Starting a small business can be a huge risk. There is uncertainty ahead of you, and you’re not sure how your products will evolve or whether you’ll qualify for a business loan. And with the effects of the coronavirus pandemic, surviving through many challenges and stiff competition is not guaranteed.
According to the, approximately 20% of small businesses do not succeed in their first year, and only 50% survive beyond the fifth year.
However, your business can be among the most successful, year by year, only if you have the best strategies. Here are five proven ways you can protect your small business.
1. Stay Organised
As a small business entrepreneur, you will wear many hats. This means you have to balance a plethora of tasks effectively and efficiently. Tasks can quickly pile up, and valuable time is spent trying to find information.
But good organizational skills will save you stress and time. Stop wading in a multitude of seas of paperwork and use a filing system that works for you. Having a filing cabinet is a good start. You may also consider using a calendar, digital alert, or planner on your phone or computer to keep you on track and focused.
2. Invest in Technology
You need to move with speed for your small business’s survival. Technology is progressing faster than ever, and it has become an integral part of both public and private spheres. Be ahead of the curve to avoid your competitors from outperforming you.
3. Be Creative
Encouraging and nurturing innovation will enable you to overcome issues that might cripple your business. Practice divergent thinking where you can offer multiple solutions for a single challenge.
Bring in people with different backgrounds and skillsets to help you brainstorm concepts. Shake yourself out of that comfort zone and diversify your experience.
4. Secure Your Business
Just because you’re running a small business, that doesn’t mean it’s not prone to hacking, fires, thieves, and other calamities. Create a culture of safety by ensuring your business with reliable companies such as Coterie.
Create a robust security system against hacking. Keep the emails clean, protect passwords, and invest in reliable anti-virus software. If you run a retail store you should install an alarm system for commercial storefront.
5. Deliver Great Services
Resolving customer queries with speed is the cornerstone of stellar customer service. People believe valuing their time is crucial. Speed is of the essence.
Personalize your services to suit customers’ needs. Do you know the name of your clients? What about their hobbies, interests and birthdays? Do you make them feel appreciated and acknowledged? Ensure your customers feel valued.
The Bottom Line
Starting a business can be simple but maintaining it is quite challenging. If you want to succeed in your small business, rigorously pay attention to these six tips, which are the smart ways to get there.