Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
These 6 Tips Will Make Things Much Easier For Every Small Business Owner
Jul 13, 2022
Image source: Unsplash
Small business owners have a ton of major tasks. They're responsible for everything from marketing and sales to accounting and customer service. It can be challenging to keep up with it all, especially when you're just starting out. That's why we've put together this list of 6 tips that are designed to make life easier for small business owners.
1. Let The Internet Help You
Thanks to the internet, you can view blogs, specialist articles, and Youtube tutorials. And when you’re ready to start marketing your business, there are endless resources and strategies available online. You can also use the internet to connect with other small business owners (using Facebook/LinkedIn groups and forums dedicated to helping entrepreneurs). These can be a great way to get advice, collaborate on projects, and form strategic partnerships.
If you have a specific issue, all you need to do is make a Google search. It may be that you own a small business with multiple hourly workers. If so, you may need help converting minutes for payroll when your employees work partial hours. Specialist websites explain how to do this in 3 steps, providing free conversion charts and supplying rounding guidelines.
2. Let Technology Support You
Technology can enable you to automate tasks that would otherwise take up valuable time. (A side benefit includes the fact that this reduces the risk of human error). It can additionally help you keep track of important data and information, making it easier to make decisions and stay organized.
Some specific examples include:
- Using accounting software to automate bookkeeping and financial reporting
- Using CRM software to manage customer relationships and sales leads
- Using project management software to plan and track projects
- Using online tools to collaborate with team members or customers remotely
3. Invest In Cloud-Based Software
The main benefit is that this can be accessed and edited from anywhere with an internet connection. This makes it very convenient for small business owners who are always on the go. It's more affordable than traditional software programs because there are no upfront costs or maintenance fees. You can also enjoy cloud-based data storage and backup solutions.
This software is very simple to set up and use, so most small business owners can get started quickly and easily. Some other advantages include:
- automatic updates and security patches
- scalability - you can easily add or remove users as your business grows or changes
- collaboration - multiple users can work on the same document or project at the same time
Image source: Unsplash
4. Learn To Delegate
The benefits of the delegation are that it can help increase efficiency and productivity. It also frees up your time to focus on other tasks (such as growing the company) and helps you improve your work-life balance.
Start by identifying which tasks or projects can be delegated, then consider who'd be best suited to complete them. When allocating jobs, be clear about what needs to be done and provide any relevant information or resources. Finally, agree on a deadline, seek regular updates, and provide feedback.
5. Create A Business Plan
This is a written document describing your business, its objectives, strategies, the market you're targeting, and your financial forecast. It forces you to think through every aspect of your business, do market research and understand the competition. It also allows you to track your progress against specific objectives and timescales.
See: Need to Bootstrap Your Business? Here’s What You Need to Know in 2022
The document should be regularly reviewed and adapted as things change along the way. And if you ever need to raise capital or take out a loan, investors and lenders will want to see your business plan - making it a powerful tool for obtaining additional finance.
6. Develop A Marketing Strategy
This is a plan of action designed to achieve a specific goal, such as increasing sales or becoming more well-known. The first step is to conduct market research in order to understand your target audience - what they want and how best to reach them. Once you have this information, you can start developing your marketing mix, which includes elements such as product development, pricing, promotion, and distribution.
There are many benefits to having a marketing strategy, including:
- Increased sales and profits
- Improved brand recognition and awareness
- Greater customer loyalty
- More efficient use of resources
These 6 tips can make your life easier as a small business owner. You'll have the information, technology, and human support that you need, and your business and marketing goals will become more focused. As a result, you'll enjoy your work as never before and your staff and customers will reap the benefits.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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