Running a Small Business: 5 Valuable Tips
Tags: ERP  
27/05/2011 12:00 AM

Succeeding in small business can be difficult. It’s a tough market out there with a seemingly never-ending parade of would-be entrepreneurs attempting to find the formula for success. If you’re running a small business of your own, it pays to keep the following five tips in mind: know your market, remember that time is money, use the internet to your advantage, keep meticulous records and invest in Business Software

1. Know your market
Research your competitors and know what they’re doing. Take inspiration by all means, but more importantly, make sure your business has a difference. In order to succeed, you need to find your niche. You’re not going to succeed if you’re doing exactly what everyone else is doing. These days, with so many advertising and marketing strategies saying exactly the same thing, potential customers will appreciate something which is a little outside the square.

2. Remember that time is money
When dealing with clients, make sure that you value their time. Everybody appreciates something which is done quickly and efficiently, especially when it comes to business. Be prompt in returning phone calls and emails. When setting deadlines for completion of a job, make sure you’re capable of meeting them. There’s nothing more annoying than delays in getting a job done, especially when people have schedules to keep. If possible, finish earlier than expected; this is always a pleasant surprise for any client.

3. Use the internet to your advantage
These days, with the way people use the internet in their everyday lives, you simply can’t afford to get by without a web presence. Ensure your webpage is attractive, informative and easy to navigate. Potential customers have a very short attention span when it comes to scouring the web for services – make sure you draw them in. Familiarise yourself with search engine optimisation (SEO) techniques, or consider hiring a company that specialises in this area – a high Google ranking means more leads. Be active with social media, too – Facebook and Twitter are great ways to get your message out there, and to drum up interest in your business.

4. Keep meticulous records
Australian tax law requires you to keep records of income and sales, expenses and purchases, bank transactions, contracts and agreements, asset purchases and more. Although when you file your tax return the Australian Tax Office assumes all the information you’ve provided is correct, if you’re audited and can’t produce the appropriate records then you could face hefty fines. Ensure you have a well organised filing system so that you can access records whenever you need them

5. Invest in business software Enterprise Resource Planning (ERP) software can be the best purchase a small business can make, particularly if that small business is experiencing growth. ERP software works to automate several of the more tedious processes associated with running a small business such as quoting, collating data, producing reports and keeping records for tax purposes. As your business grows, these tasks accumulate, so investing in ERP business software allows you to spend less time on the grunt work and put more time into growing your business.

Leave a Comment:
Name (required)
Your URL (optional)
Comments (required)
Add Comment