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Building a business is tough at the best of times, but with all the economic uncertainty in the world at the moment, it can feel impossible. The good news is that despite everything that’s happened over the past two and a half years, nothing is impossible. As long as you’ve got the time, passion, and skills, you can bring your vision to life.
With that in mind, we’re sharing our top five tips from successful small business owners to give you a boost of inspiration and a little nudge in the right direction.
As technology advances, it is becoming more and more a part of our lives and how we do business. While it’s natural to push back against things that seem new and scary, embracing the use of technology across all areas of your business is highly beneficial.
For example, by implementing automated accounts payable, you can simultaneously free up your finance department’s time, ensure your bills are paid on time, and greatly reduce the chance of problems caused by human error.
Foster an Inclusive Team
Much as a chain is only as strong as its weakest link, a business is only as strong as its weakest asset. For the love of all that is good in this world, do not let your team be your weakest asset. If you choose the right employees, your people will be your greatest strength, so be sure to place a strong emphasis on workplace inclusion and diversity when building your team.
Have a Good Tax Accountant
Mistakes can happen in any department, but if they happen in a way that affects your taxes, you could end up in a significant mess very quickly. In order to avoid this issue, engage the services of a qualified and accredited tax accountant to manage this portion of your business – you won’t regret it.
Don’t Be Afraid to Outsource
No one in this world can do everything themselves. In fact, sometimes even a whole team can’t effectively complete a project. Take global expansion, for example. No matter how skilled your team is, they can’t be in multiple places at once. So, if you really want to thrive internationally, you’re going to need boots on the ground.
Sure, you could hire a new team in each key growth area, but that would take a lot of time and money. Instead, look into hiring freelancers and outsourcing services like 3PL fulfillment to see whether they could be more appropriate for your needs. Therefore, instead of building an internal team from scratch, you can leverage strategic HR expertise that already has the necessary knowledge and resources. Outsourcing doesn’t mean losing control; it means gaining access to specialized information and resources to help your business thrive.
Keep Backups of Everything
Finally, although digital filing makes it easier than ever to keep track of important documents and collateral, it isn’t bulletproof. Human error, security breaches, and myriad other factors can cause issues for your record-keeping.
Losing crucial data isn’t a good look, especially if client data is compromised. That’s why we recommend making use of a cloud-based disaster recovery system. This will allow you to keep backups of all important files, meaning if the worst does happen, you won’t be brought to your knees.
Building something out of nothing is always going to be hard, but that doesn’t mean you can’t make things at least a little easier. Follow the tips in this article, dedicate yourself to growing your business, and surround yourself with passionate, skilled individuals who can help make your dream a reality. Pretty soon, you’ll be able to look around and say, “I did it!” Good luck.