5 Truths Every Small Business Owner Needs to Hear
Posted By Kade Wilcox | May 11, 2021
According to Oberlo, there were 31.7 million small businesses in America as of August 2020. That staggering number even takes into account the global pandemic we all faced, which only furthers the truth that small businesses truly make up the backbone of America.
But, even with small businesses making up 99.9% of all businesses in the US, there are some sobering truths every entrepreneur needs to hear in order to not only be one of those statistics, but stay that way.
Have a Clear Vision
First truth first. If you don’t know where you’re going, you’ll never get there.
Some small business owners might liken their vision to their business plan, and could very well get the job done. But regardless of whether it’s laid out in a document or in your head, you NEED a clear and concise vision on where you plan to take your business and you need to share it with your team so everyone marches forward toward the same north star.
Otherwise, I promise you: you’ll be spinning your wheels and never get there.
Prioritize Unparalleled Operations
Technology is ruling the world, and I don’t say that as an exaggeration.
So many small business owners, myself included, look at failures (and the triumphs of those failures) as a badge of honor. But, it’s important to remember that you are only one person and there are only so many hours in the day.
No matter how hard you want to change that, you can’t.
They should change the saying, “...in this world nothing can be said to be certain, except death and taxes”...and that there are only 24-hours in one day!
But seriously, as an entrepreneur and small business owner myself, I understand that the initial transition from having manual oversight over everything to the world of automation can be daunting. But, it’s so worth it.
Automation, at this point in time especially, is not in new and uncharted territory. Automation has proven itself as a both financially rewarding investment that pays back dividends on how your operations function.
So, if you’re looking to capitalize on your growth (which I know you are), make sure you prioritize technology, systems, and processes that aim to increase efficiency and efficacy within your business sooner rather than later.
Embrace Sales and Marketing
Without your clients, you have nothing. No growth. Nothing to invest in. No awareness of where you can grow or where you should cut your losses. There’s a lot more I can add but I’ll stop there.
So, how do small business owners really focus building and nurturing the relationship with their clients?
By having a sales and marketing team that connects, communicates, and savors each victory together.
In other words, committing to sales and marketing alignment.
Never Neglect Your Financial Management
One of the number one reasons small businesses fail is not for lack of heart, but lack of sound financial management.
Keeping a close eye on your intake and expenditures, while also constantly analyzing your budget, might not be your strength.
But that’s not an excuse to get lazy, especially in this department. So if financial management happens to not fall under your umbrella of strengths, don’t get defeated. There are people and companies out there like Elevate Financial, for example, who specialize in offering sound financial guidance and strategy so you can focus on the rest of your business.
Remember, the health of your finances is directly correlated to the health of your business. Without cash, you can’t invest (and I seriously mean “invest”) in: equipment, stock, technology, employees, marketing and sales plans, etc.
And trust me, neglecting this investment is not a hard truth you want to swallow.
Always Aim for a Healthy Company Culture
Contrary to what once landed as popular belief, a thriving company culture cannot consist of catered lunches or unlimited vacation days alone.
Because no amount of delicious Thai food or trips to Yosemite National Park can convince an employee to buy into their company if their day-to-day lives are flooded with a lack of purpose, lack of direction, gossip, unfriendly competition, or (dare I say it) more.
So, listen, a healthy company culture should fundamentally adhere to two rules.
- Really lay out a set of non-negotiable values that everyone (even leadership) is held accountable for, and
- Make sure your culture is sustainable regardless of your financial environment. (That means if you rely on bringing in weekly chair massages to keep morale high, you’ve already got one foot headed in the wrong direction.)
Although it might not have found itself high on your priority list, having a healthy culture should be a top tier desire. Your people are incredibly important to the sustainability and longevity of your brand. When your team has purpose and feels backed by a collective mission, they’ll fight for your company by going above and beyond for you and your clients.
This trickle down effect is invaluable to your growth and the sustainability of your brand – two things you’ll want from the get go.
As a small business owner, you are the backbone of America. And luckily, if you play your cards right, there are a lot of truths out there still ready to be learned, and ripe for the taking.
Entrepreneurship is a challenge uniquely created for you, the thick-skinned and resilient. I hope these tips prove helpful, and while I know hard-work and determination are still in your future, I hope these five truths serve to lighten the load a bit.
Like What You're Reading?
Tips, tricks, and answers to your digital questions.