5 Small Business Success Strategies

Small Business AccountingThe marketplace today is more competitive than at any time in history. On the one hand, the digital age has opened more small business opportunities than ever before. On the other hand, with many of these opportunities, the barrier to entry is so low, the competition is heavy. Despite the challenges, entrepreneurs can still be highly successful in today’s economy if they have the right approach.

No matter what type of business you want to be in, there are some common strategies employed by nearly everyone who becomes successful. Here are five of the most important:

Be Passionate About your Business

When you decide to start a business, you are making a commitment to dedicating a major portion of your life to the venture for the foreseeable future. Plan on 15-20 hour work days (in the beginning at least), and working well over 40 hours a week for probably the first couple of years or more. When you spend this much time on something, make sure it is something you are not doing just for the money, but you are passionate about.

For example, if you have no medical background and little interest in caring for elderly in your community, a senior care business is probably not your best choice; even though it is projected to be among the most lucrative business models for the next few decades. Bottom line: be sure you love what you are doing, you will be much happier building your business this way, and your chances of success will increase exponentially.

Create a Business Plan

You may be familiar with the saying “people who fail to plan, plan to fail”. This is true not only in business, but in every area of your life. When you go into business, create a detailed plan that covers all the important aspects of your operation. And unless you are trailblazing a new industry, there is plenty of help available in this area. Speak with others who are already in the industry and learn from their experiences. There may also be business plan templates available to help you get started.

Be Flexible in your Approach

Although you are creating a detailed plan, it is also important to have some flexibility built-in. You will undoubtedly face challenges on the road to success, so be willing to make changes (when necessary) that may deviate from the business plan. A good analogy is a football game. At the beginning of the game, you have a game plan. But during the game, and especially at half time, you make adjustments based on what is working and what it not working. Bring this same approach into your business.

Love your Customers

Your customers/clients are the lifeblood of your business. As such, it is essential to ensure they are satisfied; and this is the end goal for most companies. But what if you decided to go beyond just satisfying your customers, and decided to develop personal relationships with them? If this is a business you are passionate about, it will be much easier for you to employ this strategy. Become friends with your customers and get to know them on a personal level. If you do this, they will be loyal to you for life.

Master the Tax Game

During your lifetime, upwards of 50% (or more) of your income will go to federal, state, and local income and sales taxes, as well as hidden fees you never see. This is an area you must effectively address; otherwise, far too much of your hard-earned income will be taken from you. Fortunately, there are numerous tax reduction strategies small businesses can employ. If you do not have the time to learn them all yourself, the next best thing is to partner with a local accounting firm. A qualified small business accountant can help ensure you pay the very minimum legally allowed in taxes, so you can keep more of your income and live the lifestyle you have worked so hard to achieve.

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