You’re a member of an elite club. That small percentage of society who is crazy enough to have started their own business.
And we’re going to go out on a limb and say you want it to be a success.
The good news is that there are plenty of people that have come before you. Made mistakes that you can avoid, and have learnt lessons you can adopt all with the aim of maximising your chances of business success.
Here’s our list of 37 awesome tips every business owner should know. Let’s get on with number 1.
Get a Business Plan in Place
Cliche time – if you fail to plan, then you plan to fail. Your business plan is a crucial document that outlines your business goals, target market, marketing and sales strategies, financial projections, and operational plans. It helps you to define your business, set clear objectives, and track your progress. It also serves as a roadmap for your business and helps you to stay focused and on track. Doesn’t need to be war and peace, can be informal, but needs to exist!
Work Out Your USP
Why should I do business with you? If you can’t answer that, you have a problem. Your Unique Selling Proposition (USP) is what sets your business apart from your competitors. It’s the unique value that you offer to your customers that they can’t find anywhere else. Your USP should be relevant to your target market, and it should be communicated clearly and consistently in all of your marketing efforts. Practice saying it in the mirror.
Perform Market Research
Market research is an important step in the planning process for any new business. It helps you to understand your target market, identify customer needs and preferences, and gather insights about your competitors. Market research can be conducted through a variety of methods, including surveys, focus groups, and customer interviews. By gathering this valuable information, you can make informed decisions about your business strategy and positioning in the market. Even if you don’t do anything too formal or sophisticated here, the point is that your business needs to have some footing in reality and data, rather than wishful thinking, hunches and intuition.
Establish a Strong Online Presence
In today’s digital age, it’s essential for businesses to have an online presence. This includes having a website and being active on social media platforms. Your website is your online shop front, and it should be easy to navigate, visually appealing, and informative. Social media is a powerful tool for reaching and engaging with your customers. By posting updates, promotions, and other relevant content, you can build a strong online presence and drive traffic to your website.
Find your next accountant now!
Build Relationships with Suppliers, Partners and Customers
Strong relationships with suppliers, partners, and customers are key to the success of any business. By building these relationships, you can secure better deals, collaborate on projects, and gain valuable insights and feedback. Make an effort to get to know your suppliers, partners, and customers, and be sure to communicate openly and transparently with them.
Utilise Automation Tools to Save Time & Money
Automation tools can help to streamline your business processes and save you time and money. There are many automation tools available, ranging from customer relationship management (CRM) systems to project management software. By automating tasks such as scheduling, invoicing, and customer communication, you can focus on the most important aspects of your business and improve efficiency.
Create a System for Tracking Sales & Expenses
It’s important to track your sales and expenses in order to understand the financial health of your business. By regularly monitoring your income and expenses, you can identify areas where you can improve profitability and make informed decisions about your business. There are many tools available to help you track your sales and expenses, including accounting software and spreadsheet templates. Your best option is to pick a bit of accountancy software that has a decent mobile app for taking snaps of your expenses.
Diverse Revenue Sources If You Can
Having multiple sources of revenue can help to mitigate risk and increase the stability of your business. Consider offering a range of products or services, or look for opportunities to diversify your income streams through partnerships or collaborations. Yep, this can be a bit harder at the start, but it’s a good one to aim for. We helped a company once who were very successful in the world of software, but were completely reliant on one customer. When that customer pulled the contract, it caused their business to fold as they couldn’t afford to pay their suppliers. If they’d have had multiple sources of income, this might not have happened.
Prioritise Self-Care
As a business owner, it’s easy to get caught up in the hustle and bustle of running your business. However, it’s important to take care of yourself and prioritise your own well-being. Make time for self-care activities such as exercise, relaxation, and hobbies, and don’t be afraid to delegate tasks or ask for help when you need it. By taking care of yourself, you can stay energised and focused, and be more effective in running your business.
Build a Strong Team
Building a strong team is crucial for the success of any business. Look for team members who are skilled, reliable, and a good fit for your company culture. Invest in their development and encourage open communication and collaboration. By building a strong team, you can delegate tasks, share ideas, and work towards common goals. The good thing about starting from scratch is you can set the culture. Think ahead about the sort of workplace you want to build and set sail for that from day one.
Related Guides
Provide Excellent Customer Service
Customer service is a key factor in building customer loyalty and attracting new business. Make sure to always be responsive, helpful, and respectful when interacting with customers, and go above and beyond to meet their needs. By providing excellent customer service, you can create a positive reputation for your business and encourage repeat business.
Find a Great Accountant
A good accountant can be a valuable asset to your business. They can help you to manage your finances, prepare for tax season, and make informed financial decisions. Look for an accountant who is experienced, knowledgeable, and responsive, and be sure to communicate openly with them about your business needs. Having a great accountant on your team can help to ensure the financial success of your business. Oh, did we mention you can find an accountant through us?
Utilise Customer Feedback
Customer feedback is a valuable resource for improving your business. By regularly soliciting feedback from your customers, you can gather insights about their needs, preferences, and experiences with your business. Use this feedback to make improvements, address any issues, and enhance the customer experience. If you don’t have time and budget to run fancy feedback processes, pick up the phone and ask a few customers what you could do better. They’ll appreciate it.
Set Achievable Goals
By setting clear, achievable goals, you can stay focused and motivated, and track your progress. Make sure to set both short-term and long-term goals, and be specific about what you want to achieve. Don’t be afraid to adjust your goals as needed, but be sure to stay committed to achieving them. The idea is simple enough, if you don’t know where you’re headed, you won’t know if you’re on the right track to make it there. Make a plan. Do the plan. Have the plan.
Network and Build Relationships
Networking and building relationships is an important aspect of running a business. By making connections with other business owners, industry professionals, and potential customers, you can gain valuable insights, collaborate on projects, and grow your business. Look for opportunities to network, such as industry events or online groups, and be sure to follow up and nurture these relationships. Building strong relationships can be key to the success of your business. You’ll be amazed at how lucrative good relationships can be.
Find your Next Professional Now!
Invest in Quality Marketing Materials
Marketing is an important part of any business, and investing in quality marketing materials can help to effectively promote your products or services. This can include materials such as business cards, brochures, and social media graphics. Make sure to have a cohesive brand image, and consider hiring a professional designer to create materials that are visually appealing and consistent with your brand. Nothing says ‘watch out potentially bad product / service’ more than poorly designed marketing materials. If you can’t be bothered to make the first impressions look nice, why should the customer think you’ll treat their business any differently.
Hire Reliable Employees
Look for candidates who are skilled, reliable, and a good fit for your company culture. Properly screening candidates and conducting thorough background checks can help to ensure that you are hiring reliable employees. We have a deep dive guide on getting those early employment decisions right and it’s a big mess when it goes wrong. So get it right.
Create an Effective Pricing Strategy
Consider the value that your products or services offer to customers, as well as the costs associated with producing and distributing them. Make sure to regularly review and adjust your pricing as needed, and be sure to communicate your pricing clearly to customers. By creating an effective pricing strategy, you can maximise profitability and stay competitive in the market. Think 3 bears and bowls of porridge. You don’t want your pricing to be too high, or too low. You want it to be like the 3rd bowl of porridge. Just right.
Prepare to Make Sacrifices
We’re not talking about killing goats in the name of your new business, but starting and running a business does require a significant amount of time, energy, and resources. It’s important to be prepared for the sacrifices that you may need to make in order to achieve your goals. This may include working long hours, putting your personal life on hold, and investing your own money into the business. While the sacrifices may be challenging, they can ultimately lead to the success and fulfilment that come with running a business.
Understand the Risks and Rewards
Starting a business involves taking on risk. It’s important to carefully consider the potential risks and rewards of starting a business, and to be prepared for the challenges that you may face. While there are no guarantees in business, it’s important to have a realistic understanding of the risks and rewards, and to be prepared to adapt and pivot as needed.
You can make a lot, you can lose a lot. If that doesn’t feel like a life you want, then don’t do it. If it were easy, everyone would do it.
Keep Detailed Records
Good record keeping is essential for any business. By keeping accurate and up-to-date records of your sales, expenses, and other financial transactions, you can stay organised, track your progress, and make informed decisions about your business. Make sure to regularly review and update your records, and consider using tools such as accounting software to help you stay organised. Accurate record keeping can also help you to prepare for tax season and to meet any legal requirements. Get yourself QuickBooks, Xero or Freeagent etc and you’ll be fine.
Think Carefully Before Working with Friends or Family
While working with friends or family can have its benefits, it can also present unique challenges. It’s important to carefully consider the pros and cons before deciding to work with friends or family, and to be prepared for the potential challenges that may arise. Make sure to clearly define roles, responsibilities, and expectations, and to communicate openly and honestly with each other.
For lots of small businesses, it’s a husband and wife team and it works really well, but there are a lot of stories of relationships being strained between parents and children, in-laws etc. It’s one thing if a business relationship goes sour, it’s another if it trickles into your family. You’ve been warned.
Surround Yourself with Very Smart People
Surrounding yourself with smart, talented people can be key to the success of your business. Look for team members who are skilled, knowledgeable, and dedicated, and be open to learning from them. By surrounding yourself with smart people, you can benefit from their expertise, insights, and ideas, and work towards common goals.
Try and have a simple rule – if you are paying for specialists to do things for you, they should know much more than you about the topic. Otherwise, what’s the point in paying them?
Remember, It’s Your Vision - So Own It
As a business owner, it’s important to remember that it’s your vision and your business. While it’s valuable to seek advice and feedback from others, ultimately it’s up to you to make decisions and take ownership of your business. Don’t be afraid to take risks and trust your instincts, and remember to stay true to your vision and values. Owning your business means being willing to take charge and make decisions that are right for you and your business.
Be Passionate About your Business
Passion is a key ingredient to the success of any business. By being passionate about your business, you can stay motivated, energised, and committed to your goals. Your passion will also be contagious, and it can inspire and engage your team and customers.
Customers, suppliers, investors and staff members all feed off positive energy. Your passion is part of your story. It’s part of your mission and goes to the question of ‘why’ you do what you do. Live it and love it as you go.
Have Fun
While running a business can be demanding and challenging, it’s important to remember to have fun. Look for opportunities to enjoy the journey, and make time for activities that bring you joy and relaxation. By having fun and enjoying the process, you can stay motivated and energised, and create a positive culture for your business.
There are a lot of little perks to owning a business. Make sure you take advantage of them. Finish early every now and then. Take a client to lunch. Learn, grow and become better at what you do. Enjoy it as you go.
Stay Up-To-Date with Industry Trends
By keeping track of emerging trends and developments, you can stay ahead of the competition and position your business for success. Look for opportunities to learn about industry trends through conferences, trade shows, industry publications, and online resources. Staying informed about industry trends can help you to make informed decisions and stay relevant in your market.
Customers buy into knowledge and authority. They’ll accept more as an expert if you are up to date and current on things.
Celebrate Your Successes
Take time to celebrate your successes, no matter how big or small. Recognising your accomplishments can help to keep you motivated, and it can also be a great way to bring your team together. Make sure to celebrate your successes regularly, and take the time to reflect on what you’ve achieved.
In the end, it feels good to acknowledge when something has gone well and it reinforces the experience of achievement so your brain knows what it’s aiming for.
Free Advice
Stay True to Your Values
As a business owner, it’s important to stay true to your values and to operate your business in a way that aligns with your beliefs and principles. Your values should guide your business decisions and shape your company culture. By staying true to your values, you can build a business that is authentic, meaningful, and fulfilling.
They’ll be times when you’ll be tested, whether it’s through negotiations or dealing with annoying customers. Stay true to yourself and you’ll be better for it in the long run.
Get Business Insurance
Business insurance is an important investment for any business. It can protect you and your business against potential risks and liabilities, and give you peace of mind. There are many types of business insurance available, including property insurance, liability insurance, and business interruption insurance. Make sure to research the options and select the coverage that is right for your business.
Get Support with Bookkeeping & Payroll if You Need It
Bookkeeping and payroll are important tasks for any business, but they can also be time-consuming and complex. If you’re not comfortable handling these tasks yourself, or if you don’t have the time, consider getting support from a professional. A bookkeeper can help you to stay organised, manage your finances, and ensure everything runs smoothly.
Be Persistent and Resilient
Starting and running a business is a challenge, and it’s likely that you will face setbacks and obstacles along the way. It’s important to be persistent and resilient in the face of these challenges, and to stay focused on your goals. Don’t be afraid to pivot and adapt as needed, and remember that setbacks are a normal part of the process. By being persistent and resilient, you can overcome challenges and achieve success.
Ask for Help When Needed
As a business owner, it can be easy to try to do everything yourself. However, it’s important to remember that it’s okay to ask for help when you need it. Whether it’s hiring additional team members, seeking advice from a mentor, or outsourcing tasks, getting help can be key to the success of your business. Don’t be afraid to ask for help when you need it, and remember that you don’t have to do everything alone.
It can be lonely running a company, asking for help is a sign of strength.
Think Omnichannel
In today’s digital age, it’s important for businesses to have an omnichannel presence. This means having a presence on multiple channels, such as a website, social media, email, and in-store. By thinking omnichannel, you can reach and engage with your customers in a variety of ways, and create a seamless customer experience.
If you’ve got limited resources, then your work is to think about how you can automate these channels as much as possible.
Study Your Competitors
Understanding your competitors is an important part of running a successful business. By studying your competitors, you can learn from their strengths and weaknesses, and identify opportunities to differentiate your business. Look for ways to stand out from the competition, and be sure to regularly review and assess your competitors.
You can easily find tips for pricing, market positioning, USP’s and more by paying attention to what the competition is doing.
Don't Be Afraid to Experiment
Experimentation can be key to success. By trying new things and being open to new ideas, you can discover new opportunities and find innovative solutions. Don’t be afraid to take calculated risks and try new things, and be prepared to pivot and adjust as needed. Remember that experimentation can lead to growth and success. There’s the old expression, that you don’t fail, you simply learn how something isn’t done a number of times on the road to success.
Delegate Whenever Possible
As a business owner, it’s important to know when to delegate tasks and responsibilities to your team. Delegating can help to free up your time, improve efficiency, and allow you to focus on the most important aspects of your business. Make sure to delegate tasks to the right team members, and provide clear instructions and support as needed. By delegating whenever possible, you can help your business to grow and thrive.
Find your next accountant now!
Awesome Business Tips - Final Thoughts
Boom, there it is. 37 awesome business tips to fast-track your success. You know something, we’ve been doing this for a while now and probably the most important piece of advice we can give you is to show up. Not physically, although that kinda matters too, but mentally. You need to pay attention to the relationships you form, how you conduct yourself, the deals you sign, your responsiveness to customers and staff. You need to reflect on all this and ask yourself how well those actions contributed to your overall goals and if they were the best version of yourself and were consistent with your values.
So get out there and be the best business person you can be.