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5 Tips for Business Success

5 Tips for Business Success

5 Tips for Business Success

Owning a successful business is one of the American dreams many wish to obtain. Some only dream of making a business a reality, while others make it a reality. Before you can breathe, a lot of work goes into growing and stabilizing a business and establishing it for the long run. The reward is worth it for those who put in the time.

With being raised in a family of small business owners, a multi-business owner myself, and meeting with many hopeful business owners looking to make their businesses a reality. I find there is often a misconception of how much work is involved, especially on the front end. If it were easy, it would be safe to say many of us would be running successful businesses.

But, as with any skill, there are real day-to-day reps involved that cannot be faked and must be in place as you pursue the path of a successful small business. Hopeful business owners must be ready to roll up their sleeves and put in the vast amount of hours (it is considerable) that their business, their dream, will require to succeed.

Below are five (5) tips and elements to be mindful of that will help move your business forward.

Tip 1: Hire the right people.

Easier said than done, but adding the right people with the blend of expertise and personality that you think will be successful in your business can take the burden off of you. Let’s face it, no one will to care about your business as you do, but adding the right people and empowering them can be a close second.

If you feel you have a great employee, it’s beneficial to consider how you plan to retain them long-term. Consider ways to incentivize employees to increase their income as the business grows. Ask yourself if you are willing to give up a portion of ownership for the right person; so they become more vested and more engaged in the growth and success of the business.

Tip 2: Know your numbers.

Knowing your business finances does not require you to be an accountant. Practice reviewing your finances frequently and adjust your business as needed. Staying in tune with your numbers helps a great deal in making future business decisions.

If there are spikes in expenses or income, identify what occurred during that time and make arrangements to prevent or repeat it.

Tip 3: Calculate your working capital needs.

Most small businesses fail because they don’t have enough working capital to get them to the point of stabilization and cash flow. Consider how you plan to fund your working capital needs as your business grows. An experienced and reputable commercial banker/lender could assist you in determining what your needs may be and plan accordingly.

If your banker is local, that’s a bonus. A local commercial banker would better understand your opportunities, political environment, competition, and threats living within it themselves.

Tip 4: Keep learning.

Continue to learn in relation to your business and industry. Learning through books, podcasts, YouTube videos, conferences, etc., will further your knowledge, provide you with best practices, and offer solutions. You aren’t alone; others have gone through what you want to achieve. Take advantage of their knowledge through networking. Consider joining your local Chamber of Commerce; many have lunch ‘n learns and insightful business seminars.

Tip 5: Secure an off-site team of professionals.

Another beneficial facet of your small business is your off-site team. A successful business owner establishes a relationship with the following professions, or as I call them, The Power 5, listed below.

  • Accountant
  • Insurance Agent
  • Lawyer
  • Financial Advisor
  • Commercial Lender

Accountant

As you enter into a business, your tax return becomes a little more complicated. I advise hiring an accountant who specializes in working with business clients, specifically in your industry. While costly, it is well worth it compared to the expense of fixing it if it’s done improperly.

Insurance Agent

Find an insurance agent specializing in business lines. Not all agents work with businesses consistently. You want to ensure you and your business assets will have protection from potential risks.

Lawyer

A good lawyer, who understands business law, will prove helpful when establishing your entity/ies. A lawyer will assist with the creation of any necessary business documents as well, like an operating agreement, which is highly recommended when working with any business partner.

Financial Advisor

I have seen more times than not, business owners who are exclusively invested in their business, with very little diversity and protection outside of it. Find a trusted financial advisor who understands business ownership and the protections and investment paths to help you diversify and protect your assets.

Commercial Lender

Bankers play a vital role in assisting entrepreneurs achieve growth and success. To accomplish this, consistently have an informative dialogue with your banker to help identify your uniqueness; they should become one of your trusted advisors. Developing this relationship helps them properly assist you and your business, whether it be from a lending or depositing standing point.

Meet the Lender

Eric has been in the banking and commercial lending industry for a combined eight years. All of which have been a part of the Prevail Bank team. Community involvement has always been of importance to Eric. He has an active role in the Stevens Point Country Club, Small Business Development Center as an entrepreneurship instructor and sits on its finance panel. Eric states that "growing up in family businesses and having some businesses of my own has developed a strong passion and respect for what business owners do. I thoroughly enjoy getting to learn about so many different businesses and how best I can make banking a little easier for them so their business can flourish."

Speak with a local commercial lender for more tips and to learn about our business loans.

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