Our Tips for Small Businesses
Small businesses and nonprofits are our jam here at Kaberline Communications. We love being able to offer the marketing and communications assistance your team needs when you need them. We’re able to jump on board, discover where you’re at, and fill your needs.
What we don’t always talk about is the discovery process and all that we’ve learned about small business ownership through our clients and our almost three years in business. Since this week is Small Business Week, we thought we’d list a few tips for those of you who are just starting out or who are considering starting a small business.
1. Make good use out of your free resources.
Take time to do some research and find out what they are for your area. Do you have a Small Business Administration office near you? Does your state offer a small business office? What about local colleges or universities that offer free courses or workshops? Can’t find anything in person - check out SCORE. They offer a number of online resources that are great for small business owners. Looking to do some professional development without breaking the bank? We’re big fans of local libraries. Check them out for great PD books, magazines, and other free professional resources.
2. Build your professional network.
Invest in a local chamber of commerce membership, attend your chamber meetings, and check out any small group opportunities within the chamber. Even if you don’t know anyone, keep going and talking to people. It might be hard to find the time or you may not have much luck at your first event, but keep attending and looking for those professional connections. I recently joined and attended my local chamber, the Schertz Chamber, luncheon for the first time in April. I had a lot of fun meeting fellow professionals and I even walked away with a fun prize!Growing your network allows you to learn from others, explore mentorship opportunities, and stay up to date with what’s happening in your industry and on the local business scene.
3. Network with the goal of simply helping or connecting.
If you attend a chamber event or a networking event, look at it as an opportunity to connect potential new contacts with someone else in your network or to help someone solve a problem they have. Put the idea of sales or gaining a new customer or client to the side and attend the event with only this focus. If networking is overwhelming to you, consider volunteer opportunities. Do you own a clothing boutique? Maybe you could get involved with an organization like Dress for Success. Find something in your niche that will allow you to use your knowledge or skills to benefit your local community. Volunteer work often leads to new connections and when you meet a new professional contact through volunteer work, they’ll already have an idea of your work ethic and the quality of your work.
4. Build a solid support team - personally and professionally.
A strong professional support team is critical to your success. Ask around for personal recommendations for lawyers, accountants, and legal advisors who are familiar with your industry and who specialize in assisting small business owners. You’ll face many challenges as a business owner, but having the right people in your corner gives you the confidence to keep going.
Beyond professional support, an encouraging personal support team is vital. This life is not for the faint at heart. According to Bank of America’s 2016 Small Business Owner Report, 57% of small business owners rely on their friends and family for emotional support. Many times our friends and family also serve as mentors or guides, business partners, or investors. However your friends and family support you, remember to regularly let them know how much you appreciate their dedication to your dream.
5. Have a clear purpose.
We are big proponents of carving your organization’s purpose in stone (we’re speaking metaphorically here - if you rent your office or store space, we don’t recommend carving into the walls!) and keeping your goals and strategies a little more fluid. We aren’t saying that you should ignore them, but we do feel that nothing else matters much if your team doesn’t know and understand your organization’s purpose. Living and breathing this purpose every day helps get you through the challenges and keeps you focused on the big picture. Write it down and make it known to those who work with you and those on your support teams.
6. Find a way to fund your business that works for you.
Funding and financing is a vital part to starting a business, but it isn’t our lane. According to an Entrepreneur.com article, 82% of small businesses fail due to cash flow problems. Besides ensuring you have a strong accountant on your professional support team, we recommend checking out your local Small Business Administration office or similar state-run organization for more information on funding. If you’re military-connected, the Institute for Veterans and Military Families at Syracuse University is a great resource for entrepreneurs and they offer some great resources that can point you in the right direction when it comes to funding and financing.
7. As your business takes off and becomes more successful, know when to outsource or grow your team.
There are some things that are easy to outsource, but looking for areas to outsource that would allow you to improve your productivity or efficiency is the right place to start. If you need to grow your internal team, do so slowly. Take time during the interview process to ask the right questions and learn more about potential candidates. Call references and ask for work samples, if applicable. Though it’s an adage everyone uses, we still feel strongly about it: hire slow and fire fast. You may be in a situation where you need help quickly, but do all you can to avoid having to make a quick decision.
There’s so much that goes into running a small business - these tips by no means capture all of what we’ve learned. There are no guidelines or secret book that gives you all the answers (at least that we know of); however, our team has learned that by using your resources, growing your network, and leaning on those closest to you, you’ll be able to wake up everyday ready to pursue your passion and live your organization’s purpose.