Top Essential Resources and Best Practices for Any Small Business Owner
To succeed in business, there are several best practices all entrepreneurs must follow. We’ve highlighted 12 of these best practices in the sections below, helping you to better manage your small business finances, marketing efforts, vendor relationships, and more!
Financial Best Practices for Entrepreneurs
Managing your small business finances can be challenging, especially when you’re new to entrepreneurship. These resources will help you to manage payroll, track expenses, maintain a good credit score, and choose the right legal entity.
- Keep a few payroll best practices in mind to avoid payroll processing mistakes and delays.
- Use apps like FreshBooks, QuickBooks Online, or Expensify to easily track your business expenses.
- Maintain a good business credit score.
- Choose the right legal structure for your small business. LLCs and sole proprietorships are two common options, but other types of legal entities include partnerships, corporations, and S corporations.
Marketing Best Practices for Small Businesses
All small businesses must market their products and services in order to reach their target customers. Here are four marketing best practices to grow your small business.
- Set realistic marketing goals for your small business.
- Create an eye-catching website that allows you to connect with your customers and sell your products and services.
- Look for affordable ways to promote your business online.
- Incorporate video into your small business marketing strategy.
Best Practices in Business Management
Entrepreneurship is tough work, but these resources will help you to stay organized, engage your employees, suppliers, and vendors, and take your small business to the next level.
- Keep your workspace decluttered, automate as many tasks as you can, and create email and social media templates to better organize your business.
- Implement employee engagement activities such as mentorship programs, brainstorming sessions, and relationship building.
- Strengthen relationships with your vendors and suppliers.
- Learn how (and when) to say no. Though it may not seem like it, saying no can actually help to grow your business.
Running a business is challenging — especially when you’re filling many roles — but applying a few best practices can help to simplify your business processes and keep your company organized. After all, small business best practices are meant to help you perform better, minimize mistakes, and get more work done in a lot less time!