Are you running your own small business for the first time? If so, you know the feeling that comes with making it through that first month in one piece. Then, if you survive for six months or a year, the emotional impact can be truly exhilarating. What about the next couple of years, that segment of time during which many entrepreneurs fail to achieve long lasting profitability?
Are you ready to go for the long haul and turn your enterprise into an income producing concern that endures for decades? Fortunately, there are some tried and true strategies that company founders and owners can use to their advantage. The following techniques don’t necessarily apply to every company but are universal enough to make anyone’s top five list of success hacks for new entrepreneurs.
Working Long Hours is Counter Productive
Burning the midnight oil might work during inventory weeks and for a few days prior to a tax audit, but exceeding the usual 40–50-hour workweek will only burn you out over the long run. This is especially true for solo entrepreneurs, owners who do it all without using paid employees. The smartest way to go the distance is to get proper sleep every night, keep a consistent work schedule, and try to relax during off-hours and on weekends.
You’re Not Too Small for Fleet Management
If you use vehicles of any kind to do what you do, never assume that fleet management systems and solutions are only for mega corporations. They are actually best suited for smaller and medium sized entities like yours. One of the many benefits of using fleet software solutions is fuel savings. Not only can the programs increase fuel efficiency, but they’re great at managing overall costs and discovering ways to reduce the amount of vehicular fuel you use from day to day. The best way to know exactly how to implement these kinds of programs in your organization is to review an informative guide on fuel management systems that can show you how much money your business could be saving from the first day of implementation.
Outsourced Accounting Services are Worth the Cost
Unless there’s a designated accounting pro on your team, outsourced services represent an excellent value these days. Find a local CPA firm that specializes in assisting small companies, and make sure they have experience with major chores like payroll, quarterly tax filing, internal audits, budgeting, and standard bookkeeping.
You Need Solid IT Security
Even if your office consists of a few desktop computers and a couple of laptops, don’t take IT security for granted. This is one of those functions, like accounting, that calls for special attention. If you don’t know how to install and set up a comprehensive system that includes all the key security features, outsource the job to a respected technician.
Precise Budgeting Prevents Many Disasters
Fine tune budgets early in the company’s growth and you’ll avoid many pitfalls that swallow up so many new businesses. The two things you want to instill in the budgeting process are precision and real-world thinking. Making a detailed list of expected income and expenses calls for honesty, research, and discipline.