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Running your own small business is exciting and rewarding, but can also be very hard, particularly in the first few years.

Many businesses fail due to a lack of planning or issues with capital, so it’s important to be prepared and remain as focussed as possible. Here are 4 things that could help make your start-up a success.

Keeping on top of finances

One of the main reasons for businesses failing is due to financial issues. You need to be realistic about the level of capital that you are going to need to make your vision a success. Put together a business plan and, if needs be, consider getting a small business loan to fund your venture.

Monitor your outgoings and be sure to account for every penny, including salaries, running costs, stock, and any other expenses that you may incur along the way. Spend time sourcing suppliers who provide the best value and monitor your spending.

Keep on top of your taxes and make sure you are adhering to current policies. The bottom line is that if you aren’t in control of your finances, you aren’t likely to get very far.

The importance of staff

Staff are a valuable asset to any company, so it’s important to keep staff turnover to a minimum, carry out regular training, and ensure you have regular two-way communication. A recent article published by Maryville University, suggests that millennials and members of Generation Z, in particular, may struggle with face to face communication which can cause issues to arise.

If you employ younger members of staff, make sure you find communication methods that work well for all. It will not only help your team members develop confidence but will increase the chances of them remaining loyal and committed to your business.

Planned marketing

A well-planned marketing strategy will ensure that your business keeps moving in the right direction. Prepare your content in advance and structure it well. 

Social media is a great platform to not only increase your customer base but your brand recognition. Interact with your audience regularly and keep your posts interesting and engaging. From email and SMS marketing to blogging or hosting a competition on your website, there are lots of different marketing methods you can use to increase sales and attract new customers.

Marketing data is one of the most useful tools you can use to build your business, so analyze the results of each campaign until you find a formula that works well for your business.

The competition

Finding out what your direct competitors are doing can prove very informative. You may discover a gap in the market or decide that certain products are in oversupply and need to be reviewed or discontinued.

If you experience a sudden drop in sales, you need to establish why. Are they undercutting you? Are their products the same price as yours but of superior quality? Find out why and make changes where needed.

A bit of competition is good, and the information you obtain could prove to be invaluable.

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