4 Success Strategies

4 Success strategies for SBEs trying to ride out the pandemic do exist. You did so when you started your small business, knowing there would be ups and downs. The pandemic was a down, but also opened up opportunities. 

So while you knew there would be ups and downs, you never expected a once-in-a-century pandemic. You’re not alone; no one did. COVID-19 has forced everyone across the marketplace to adjust rapidly to unique difficulties. If you were in business before the pandemic, and you’re still operating today, you no doubt got a crash course in crisis management. Congratulations, you passed. As many have, you might also have made severe shifts in your business. 

The pandemic is receding in the United States, but it is far from over.  Still, you may be brainstorming for additional solutions to keep your company intact and thriving despite the moment’s challenges. As many businesses have closed during the pandemic, there are many markets that now have more room for you to sprint ahead. Or, if you were thinking about opening a business, but haven’t yet, now may be the time to ride the wave of recovery. 

Here are 4 success strategies for SBEs and small business solopreneurs. 

Review and adjust your budget

The budget you set for your business before the pandemic may have changed, or needs to. Some of your expenses may have dwindled, especially if your workers have all gone remote. You may also have lost revenues during 2020 in the economic downturn, and thereby need to reinvest in marketing.  

If I was down to my last dollar, I would spend it on public relations!” 

– Bill Gates

So you need to review your financial records for the past year to see if you can cut any unnecessary expenses or new ones you need to invest in. Before you do, however, do you have accounting software — such as QuickBooks, Zoho Books, Xero, or FreshBooks, among others? If not, get one today!

You can’t run a successful business if you don’t have an absolute and crystal-clear overview of your finances. This includes monthly and yearly overhead expenses and what is owed to you, what’s past due, and what’s not. Make sure you build a budget within that software to compare it to actual income and expenses and make monthly and/or yearly comparisons. 

As quoted in the article Win or Fail Depends on Defense, “offense gets the glory, but defense wins the game!” If sales could be considered the offense, the contract negotiations and accounting management are the defense.

So that you know, tip #1 is to get your records in order. This is the foundation on which you build your business. Without a solid foundation, it will crumble. Good record-keeping and the ability to generate accurate reports will also help if and when you need to seek out loans, lines of credit, or merchant cash advances.

Step into eCommerce

With the boom in e-commerce due to quarantines and health concerns, any small business with an online presence automatically has an edge. Some companies may already rely heavily on e-commerce, but others may not have online sales as an option. If you don’t have your products to sell or a digital service that you provide, set up affiliate programs with Amazon Associates, Walmart, or Commission Junction. Or set up a white-label turn-key reseller program for domain registration, hosting, and other services. White label means you add your logo and are ready to begin marketing and making money. 

Whatever your industry, strategize to see whether you can add or increase your e-commerce offerings. For some companies, these may become a long-term source of passive income, which can increase your productivity and viability even after the pandemic.

Tip #2 is to sell your products or services digitally or resell 3rd party products or services.

Cut costs and automate with tech investments, while also increasing sales reach

While you may initially feel reluctant to purchase or subscribe to software, apps, or programs that assist with business operations, many of these can save time and money. The quote I often repeat time and again is by Rory Vaden, who noted:

Automation is to your time what compound interest is to your money

Rory Valden

In other words, the longer you use automation the more time you save.

Cut your management work hours with productivity tools, especially if you have remote workers. We discussed earlier accounting, and if you’re using QuickBooks, for example, like others, they have payroll management tools.

Other highly efficient productivity tools that can reduce redundancies and increase output include task management, project management, and customer relations management. My shortlist — if you’re using QuickBooks, FreshBooks, or Xero for accounting —  is to use:

• Teamwork for projects, Customer Service Tickets, and CRM
• Google for Work for business email, calendars, as well as non-client tasks

If you don’t have any systems set up, or even if you do, you can look into Zoho One, which provides 40 different modules, all fully integrated.

If you provide subscriptions for your services, Zoho subscriptions is excellent; Books is very good for billing and accounting, but you also get a private social network for your employees with groups, tasks, and more, plus Project management (with task lists, milestones, tasks, sprints) and fully integrated with Books. Moreover, it provides lead-gen forms that link your website to the CRM and email and social media campaign management.

• If you’re recovering, budget for marketing as a priority. We have an experienced team of business operations experts if you need guidance. Talk with them today!.
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Lastly, in today’s shifting business environment, video conferencing is a must. There are many options, though my two recommendations are Zoom or Whereby.

Outsource when needed

If you are feeling overwhelmed by the new management strategies you’re trying to master, outsource specific tasks to experts in their given fields to give yourself a break without sacrificing productivity. Some work that can easily be outsourced includes content writing and call center services.

Hire an accountant to ensure your books are in order, even if you need a restructuring of your systems and/or a bookkeeper, and be sure to set up automated systems. contact us

While every small business is different and has challenges and concerns, these strategies can help any entrepreneur increase their business’s chances of success. Plus, some of these strategies will benefit you and your company even after the pandemic has passed. 

For more, read The #1 Success Trait

For restaurants, check out these tips or talk to the restaurant consultant there.

Image via Pixabay