According to the U.S Small Business Administration, 99.7% of U.S employers are small businesses, making them a true driving force of the American economy. With consumer confidence and spending on the rise, now is the time for budding entrepreneurs and seasoned business owners alike to evaluate how they are managing their businesses and identify opportunities for growth in the year ahead.
Sharon Miller and Steve Strauss, Small Business Expert have tips to guide your business to success.
Some of their tips include:
- Develop a business plan: This will serve as the roadmap to build your business and should include everything from the name of your new business and how you’ll market it to what you need in terms of initial financing.
- Leverage your network: Tap into your personal and professional networks to help build a robust community to support your business.
- Take advantage of technology: Leverage technology like social media and business management platforms to operate more efficiently and avoid stressors.
- Be thoughtful in your hiring: As you grow your business, make sure you are poised to compete with large corporations to attract and retain top talent.
- Remember the “5 C’s”: Keep in mind that generally, creditors will evaluate you against the “5 Cs” of credit when making financing decisions: Capacity, Collateral, Capital, Conditions, and Character. In addition to these 5 C’s, there’s one more C that can make a world of difference: communication!
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