How are you going to achieve success in your business during 2013? We’re now well on the way through the first quarter of the year so it’s essential that you get organised and start to make some to-do lists. So, what are our top tips to ensure small business success in 2013? Read on to find out.
1) Analyse 2012
The first step to move forward with your business is to know what went on last year. This might sound obvious, but it’s essential you get a full breakdown of all the figures, including your finances, so you can pin point any areas for improvement. If you understand exactly where you went right or wrong last year you can aim to emulate or avoid those actions in the coming months.
2) Get online
The internet is the best tool for promoting and growing your business with a limited budget. Even the smallest, micro companies can be successful through smart use of ecommerce, social networking and SEO. If you want to boost sales and perhaps even start to sell your products abroad, the internet is the best way to get started.
3) Know your financial options
One of the biggest thing holding many small businesses back is their lack of knowledge of the funding options which are out there. It doesn’t all stop at loans and overdrafts – there are many alternative lending options that could be a better fit for your business. If you’re experiencing late payment and cash flow problems, for example, invoice finance is a flexible, fast and accessible way to access new finance. Get your information sorted and you’ll be able to see what’s best for you.
4) Sort your invoicing procedure
This is one area where many businesses, especially the small ones where resources are tight, often fall down. You won’t earn money if your customers aren’t paying – but we don’t need to tell you that. Make sure you’re invoicing correctly first time, every time, then be sure to follow up with an email and phone call. Be sure your payment terms are correct, and try to gauge which customers are likely to dodge payment for months on end. This can help you to build relationships with the good customers by offering favourable terms, and to make sure you’re getting paid on time by the less reliable ones.
5) Ignore the economic naysayers
Sure, the economy isn’t in great shape at the moment, but that doesn’t mean your business can’t be successful. There are plenty of small businesses out there still turning a good profit and experiencing growth, so don’t be funnelled into the austerity mentality without a second thought. 2013 could be your year!