5 Tips for Your First 5 Years as a Small Business Owner

Written by Posted On Thursday, 05 December 2019 12:21

When it comes to small businesses there is a lot to be said with changes that occur from the beginning of the startup phase through the first five years of business. The ups and downs and in between of running a successful business takes skills and a whole lot of effort and planning to get you there. There are a few tips which include knowledge of your market and customers along with finding hidden gems with financial capital opportunities. Growth over these past few years has also come with challengers with your staff and finding the right path for your growth with the future. Finally, expansion doesn’t happen without new customers and boosting your community to build a stronger community in which you all can see change happening in. With a steady set of guidelines and tips that direct you where and what you should do can lead to a solid outlook for the next 5 years of business. 

Know Your Market and Clients 

Your business plan was all based on the facts and analysis of your market and industry charts. You based your entire platform on these statistics. Following through with engaging and connecting with your customers has taken time. You have built a solid reputation with your clients so gaining access to more customers is a must. Gathering more marketing connections with a loyalty and referral program will help create a desire with additional sales and revenue. Social networking with your creative marketing strategy through top rated social media channels can help trend new clients to your business. 

Have Additional Funding Available at Your Fingertips

A key player in growth over the first 5 years would not be possible without the help of key players like Seek Capitals ability to find additional capital opportunities like larger small business loans. They can also direct you to business credit cards with additional perks like hotel and airline bonuses and higher cash back kicks. 

Dependable Reliable Staff 

Having a great team of employees to work with and for your small business can have its challenges. You might have run into the problems with too little staff, too much staff, or unreliable staff. These are all common hiccups that occur within the first five years of business. Finding the people that you can depend on and rely on being in the additional sales and revenue comes down to your ability as a leader to give them the tools and guidance to do an exceptional job. Your leadership defines your business as a whole and showing your staff they are valued and appreciated will take your business to new levels. Their customer service skills are also one of the highest rated skills one can have in any small business. Holding training meetings to fine tune their attention to these skills can really gear your business for the potential to grow faster and stronger. 

Steady Growth Plan in Place

People talk about growth like it is something that just happens. That is not true. Sure, there might be spikes of business sales at times with the market, it’s the steady growth that takes the hard planning. What things in your business can you see could be improved on? What things are holding your business back from that next stage? A lot of times it can be the technology which your business operates on. Other times it can involve gaining another location or expansion on your current location. There could also be a desire to grow other product lines. It could also mean you might have the ability to open another production line. All these additional growth decisions require capital to expand on. Along with the capital needed you also must use your marketing analysis and update it to the current stage. Asking current customers for feedback is a great opportunity to seek out what your customers are desiring now. Really ask the questions with your test market on what improvements you would like to see and if there are any additional products or services they need. This is the time you can spread your wings and open new opportunities. 

Marketing and Networking Expansion

Your networking through the first 5 years included going to local networking social lunch- ins, evening events, trade shows, and joining organizations which you helped sponsor to gain the attention of your customers. You should strive for your ability to not only succeed as a business but also help contribute to your community’s growth as well. A strong community can create a more robust society for your growth to take place in. Your trade shows you attend should not only inform your potential customers about who and what you do as a small business, but you also have the ability to gather information with offering raffles with the help of having customers fill out their contact information for the ability to win promotional products. This is helpful with community festivals as well. 

When you are planning your growth on your business plan for the first five years you may think it would seem like it’s a lifetime away but taking a snapshot at your business it will happen in the blink of an eye. So, create a structured small business that has strong foundations for growth so that with the ups and downs all markets seem to see over time, your small business can continue to grow over the next five years and beyond.

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