Ways to Help Your Small Business Survive the Early Years

Starting a small business requires passion and a desire to offer customers a product in a way you feel isn't available currently.  Anyone who takes the risk and effort of doing this should be applauded, for it is anything but easy.   The next challenging part though is staying open during those first five years.  That takes determination, creativity and resourcefulness.  They say most new businesses fail within the first few years, but if you can make it to roughly the 4-5 year mark you have probably got things figured out and are in pretty good shape.

As a small business owner, being resourceful meant figuring out the most cost effective solutions available to the business.  Additionally, this means the time you and any workers spend must be as productive as possible.  Otherwise you're losing profit and risk being unable to make it in this competitive market.  Here are some methods that have helped many, including myself, in keeping our businesses open and making them profitable.

Tip # 1: Automation

If there is a cost effective way to automate or computerize a task within your business then do your research and acquire said means.  There are only so many hours in a day, don't spend your time or have your paid employees spending their time sealing, opening or writing addresses on mail or doing similarly mundane tasks.  Technology has given us letter and envelop folding machines.  There is also addressing software and machines that will address envelops for you.  This is but one example of where automation can be implemented.  The hours many small businesses lose to tasks like this is far too many, especially where there is machinery available which can do in seconds what takes your minutes or longer.

Tip #2: Be Ready To Evolve Your Business Plan

Far too many business owners think there is only one way to go about things and that their way is the right way.  As a business owner you need to keep your ears and mind open to suggestions, especially when customers comment about how they would appreciate and enjoy certain changes.  Being creative and adapting to your clientele's needs will help create loyal customers out of them and in all likelihood turn them into promoters for your business.  Obviously, don't take on a new strategy that loses you money. 

Tip #3: Network & Partner Up

Create a network and actively use it to promote your business and to find out what people are saying about your business.  It's important to hear criticism and take it in good fashion.  Use it to help hone your skills and flaws that may exist in your business.  If you know of another small business in the area, it may be worth discussing with the owner the proposition of making a small deal.  For example, if a customer buys something at your store they get a 10% off coupon for the other store and vice versa.  This can help both of you drum up sales and provide advertising for each other. 

Hopefully these three tips have given you food for thought that can help your small business or will help you when you start it.