Entrepreneurs wear many hats and have countless responsibilities in order to keep their small businesses up and running. As such, making sure you have effective business practices in place can help ensure you spend more time running a successful operation and growing your customer business base and less time bogged down in operational issues. Evolving as a leader is also an important element of entrepreneurial success. Advisors like Arrowhead Consulting can provide you with the tools you need to be a front-runner in your industry. But to be the best leader for your business, you need to implement certain practices. 

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Pre-Launch Necessities

Whether you plan to start small with a home-based business or you’re ready to launch a storefront, creating a business and marketing plan will help you stay focused and on track. These two documents will help you map out a strategy for all fundamental aspects of your company, including financial management and operational functions. 

Having a strategy in place will also aid in hiring staff, determining your customer demographics, and developing an advertising strategy. A business plan is also a necessity if you plan to apply for a business loan, so creating one at the start can be an asset.

Establishing Your Operation

When you launch your small business, it's important to make sure that you're compliant with all state and local laws. Visit your department of business and industry or secretary of state’s office to ensure you have the appropriate business licensing and insurance necessary for your type of business. 

You may need special use permits or be limited by zoning issues, so if you're operating from a home-based business, you might have to look into local ordinances and homeowner association rules and regulations. This is especially true if you’ll have customers or clients visiting your home for business purposes. 

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Running Your Business

Marketing and customer service are two key elements of successful small business operations. Joining an organization like a local chamber of commerce can provide an avenue to learning about best practices for small businesses, participating in professional development, and getting involved in business-building workshops and seminars. Chambers may also offer cost-effective advertising and marketing vehicles to help you reach your target demographic. Joining a chamber or other local businesses or industry associations can also help you build your network, make new contacts, and expand your customer base.

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Managing Your Income

Managing your income can be an incredibly time-consuming part of small business operations, but it’s also an important aspect, as it keeps revenue flowing in a timely, well-organized manner. To help ward off payment delays, an invoice creation and tracking system can be a wise investment. Good record-keeping provides a better understanding of your overall financial picture and makes for an easier time when you file your income taxes.

Fortunately, invoicing doesn’t have to be overwhelming. Rather than manually invoicing, speed things up with a reliable, free invoice generator. An invoice generator allows you to customize invoices for your clients or customers with necessary business information including your company name and contact information (i.e. email, phone number, and address) and amounts owed.

Marketing And Customer Service

Every customer is important to a small business, and word-of-mouth advertising is crucial to establishing a good reputation for yourself and your company. According to MSN Money, look for cost-effective ways to market your operation and implement website, email, and social media marketing strategies. Build your business by pricing yourself competitively and by asking happy customers and clients for referrals. Being involved in your community can also help you establish a stellar reputation, particularly if you align yourself with a charity or organization that's a reflection of your personal and business values.

small-business-marketing

Every customer is important to a small business, and word-of-mouth advertising is crucial to establishing a good reputation for yourself and your company. According to MSN Money, look for cost-effective ways to market your operation and implement website, email, and social media marketing strategies. Build your business by pricing yourself competitively and by asking happy customers and clients for referrals. Being involved in your community can also help you establish a stellar reputation, particularly if you align yourself with a charity or organization that's a reflection of your personal and business values.

Conclusion

Small business owners are charged with oversight of every element of business operations, and as such, hiring out non-essential tasks can be a worthwhile investment. Whether that's hiring somebody for bookkeeping and payroll, utilizing a software system, or getting a personal assistant, the more you can farm out, the more time you can focus on running your company.

If you’re interested in taking your business to the next level and honing your personal skill sets, visit Arrowhead Consulting for details on services or courses at (918) 631-7321 or reach out on our contact us page. 

Guest post by Gloria Martinez - Women Led

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