You might be an expert accountant, a talented resume writer, or an exceptional baker, but if you lack strong business skills, your small business may struggle to grow.

After securing the required permits and licenses, forming a legal business entity, and offering a legitimate product or service, you are officially a business owner—on paper. However, running a successful business requires much more than just getting started.

Neglecting crucial administrative tasks like bookkeeping or supplier relationships can create serious challenges. In fact, some of the main reasons businesses fail include poor marketing strategies, lack of a plan to scale with demand, or offering a product or service that lacks a viable market.

According to 2019 statistics from the Small Business Administration (SBA), about 20% of new businesses close within the first year, and around 50% shut down within five years.

To help your business thrive, here are some essential tips:

1. Stay Organized Keeping good records, managing your time well, and automating repetitive tasks can make a huge difference.

• Track Finances Accurately: Record every transaction, including customer payments and vendor invoices, at least weekly. Keep copies for bookkeeping and tax purposes.
• Set and Meet Deadlines: Use project management tools to set deadlines, assign tasks, and store important documents in one place.
• Plan Ahead: Schedule social media posts, automate email marketing, and use communication tools like Slack and Zoom to streamline operations.

2. Be Flexible Businesses that can adapt to market changes tend to succeed. Pay attention to data, listen to customer feedback, and be open to change.

If market research shows that your product isn’t resonating with customers, don’t hesitate to adjust your business model. If your website isn’t driving enough traffic, consider updating the design to improve user experience.

3. Automate Whenever Possible Automation saves time and prevents small details from slipping through the cracks.

• Follow Up with Leads: Use a CRM system to automatically send follow-up emails to new contacts.
• Automate Bookkeeping: Use accounting software to reduce manual data entry.
• Recover Lost Sales: Set up automated emails to remind customers about abandoned shopping carts.

4. Maintain a Personal Touch Small businesses have the advantage of offering personalized service. Consider sending handwritten thank-you notes, small gifts, or exclusive offers to loyal customers. Use your CRM to track customer preferences and create personalized experiences.

5. Protect Your Intellectual Property Secure your trademarks, copyrights, and patents to prevent competitors from copying your ideas. Consulting an attorney can help you avoid costly mistakes when filing for legal protections.

6. Build a Strong Website Your website is a crucial part of your business. Make sure it is user-friendly, mobile-friendly, and optimized for search engines. Clearly communicate your brand’s value proposition and use high-quality product images.

7. Create Unique Content Engage customers with original content. Share behind-the-scenes photos, create instructional videos, and showcase your team to make your brand more relatable.

8. Use Data Analytics Monitor website traffic, social media engagement, and financial reports to assess business performance and make informed decisions.

9. Manage Costs Effectively Regularly review your budget to identify unnecessary expenses. Look for cost-saving opportunities such as finding alternative suppliers or cutting underused software subscriptions.

10. Minimize Distractions Use project management tools to stay focused and stick to your business plan. Avoid spreading yourself too thin by trying to cater to too many different markets too soon.

11. Prioritize Customer Service A strong customer experience can set your business apart. Ensure that customers can easily reach you and receive prompt responses.

12. Deliver Outstanding Experiences Manage expectations by being clear about your capabilities. Focus on delivering consistent quality and personalized service rather than trying to compete with large corporations on speed or price.

13. Adopt an Omnichannel Approach Provide a seamless experience across all marketing channels. Maintain consistent branding and ensure your website is mobile-friendly.

14. Study Your Competitors Analyze competitor strategies, target audience, and strengths to identify ways to differentiate your business.

15. Find Your Niche Focusing on a specific market allows you to define a clear value proposition and better meet customer needs.

16. Provide Excellent Customer Service Use templates and scripts to streamline customer communication. Maintain a friendly and professional tone that aligns with your brand.

17. Build a Strong Team Surround yourself with dedicated and skilled employees who align with your business vision. Use customized job application forms to attract quality candidates.

18. Keep Up with Marketing Trends Stay informed about changing digital marketing trends, including video content and social media algorithms, to maintain an effective strategy.

19. Stay Passionate About Your Business Successful entrepreneurs are passionate and persuasive. Remind yourself why you started your business and stay motivated to push through challenges.

20. Enjoy the Process Running a business should be fulfilling. While the early days may be tough, your hard work will pay off in the long run.

Final Thoughts

Success looks different for every business. Set realistic goals and adjust them as your business grows.

FAQs

How can I make my small business successful? Success requires passion and strong business management. Keep accurate records, cut unnecessary costs, and focus on customer satisfaction.

What are the best business tips? Writing a solid business plan is key. This helps you assess costs, define your market, and refine your strategy before launching.

What do small business owners need most? Time is a precious resource. Use automation and delegation to stay productive and focused on growth.