4 Best Practices and Small Business Tips

There are more than 23 million small businesses in the United States. Not surprisingly, business advice is just as diverse as the range of companies. How do you prioritize time, money, strategies, and solutions to know which answers are the right ones? Start with a few rules of thumb.

Auditing your business processes and fine-tuning best practices is smart no matter what size of business you’re running or how big your budget. Let’s look at 4 best practices for keeping a small business bustling.

1. Invest Instead of Spend
The faster you grow, the more changes you need to make: software, bank accounts, vendors. You don’t need to waste money buying paper stock, or waste time switching between providers. Invest in services that will grow and change with your business.

  • Do you spend money on monthly subscription services that you never seem to utilize to full capacity?
  • Do you print costly materials only to realize you need to make an edit or adjustment?
  • Have you ever printed business cards and then changed your website, address, or phone number?

 

2. Maintain Records
Ever watch those restaurant makeover shows, where they reorganize and revitalize the business from the inside out? People rediscover their purpose, their space, and develop more proficient systems. You may want to rejuvenate your work processes with just as much vigor.

  • Develop a system, or outsource your process to an application that works with you
  • Keep things in the same place
  • Decipher ways to organize, maintain, and search records easily

Records capture vital business transactions. Maybe you wish you had a great system in place for inventory, shipping, or taxes. You can. Online. All the time.

 

3. Separate Personal and Business Bank Accounts
Keeping your business books up to date saves you effort when preparing taxes, and gives you greater leverage to borrow capital. Wouldn’t it help if you could track all of your invoices and payments in one application?

  • Pay your business expenses from a dedicated business checking account
  • Keep your transactions as separate as possible
  • This allows you to accurately target, track, and translate your business expenses

 

4. Cut Costs Where Possible, Control the Rest
It costs money to make money, and a small business can be inundated with fixed and variable costs. Some of these costs you cannot control, like rent (or your love for exotic coffee).

  • Control the things you can
  • Evaluate your expenses, and trim the excess
  • If you cannot eliminate something, recalibrate and recalculate
  • You can cut costs while maintaining your business processes
  • Sometimes you can get the same service for a cheaper price
  • Sometimes you can get exceptional service for a fraction of the cost

 

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