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5 Helpful Business Tips for Small-Business Owners

Apr 20, 2018

Small Business Week is celebrated April 29 through May 5. Follow our tips for small-business owners to make a dream business a success.

5 Tips for Small-Business Owners during Small Business Week

Network

Stay connected with the larger business community to allow your ideas to grow. Collaborating with other entrepreneurs can open up doors for partnership opportunities and help to increase your customer base. Maintaining ties to the local community are also important to better understand the needs of your customers. Creating a connection with your neighborhood is key to building long-term relationships.

Identify Your Goals

Diversifying your business isn’t always the best option. Losing sight of your goals can add too much to your plate and deliver poor results. Focus in on a particular niche to provide a top-notch product or service to your customers. Stick with your main priority to make your small business a success.

Hire New Employees for Support

It’s not easy to go it alone. The more growth your business experiences, it’s inevitable that you’ll need a few extra hands. Delegate tasks to new employees to help run your small business in an efficient manner. The support you’ll receive from additional employees will free up your time to focus on your main priorities.

Manage Overhead Expenses

Any expense big or small can add up quickly. Cut down on any operating costs that aren’t necessary to the daily function of your business. Consider operating your business in a home office space or use a low-cost office shared space like “WeWork” to reduce monthly rent. Take a close look at your utility and phone bills and shop for an insurance plan that is suitable for your business to reduce costs.

Identify When It’s Time to Leave Your Current Job

If you want to quit your day job to run with your small-business idea, evaluate the pros and cons to determine when it’s time to leave. It’s important to get some traction under your belt with your small- business idea before cutting ties with your full-time employer. Networking with other entrepreneurs and finding employees are critical to having a strong foundation. Also consider how much money you have saved up to account for the uncertainty of starting a new business. While rewarding, operating a small business can at times feel like an overwhelming task. Seeking out networking opportunities, focusing on your goals, hiring additional employees, managing overhead expenses and identifying when it’s time to take a leap of faith to start your business will help bring your dream to life.

erin_elis

Erin Ellis
Accredited Financial Counselor ®
Philadelphia Federal Credit Union
eellis@PFCU.COM
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