Be a Small Business Guru: Employ Best Practices for Optimal Success

by Gloria Martinez http://womenled.org

There are hundreds of factors that go into a successful small business or entrepreneurial enterprise. As the term implies, best practices for small business owners and entrepreneurs are proven strategies that promote success. Following best practice guidelines means heeding the advice of successful business predecessors. Small business owners and entrepreneurs don’t need to reinvent the wheel when it comes to finding effective ways to run the business; tried-and-true methods already exist. As technology grows, new strategies for business success are being developed regularly. You can decide which practices work best for your small business.

Finding Best Practice Methods That Resonate

As you consider the many examples of best practices for small businesses, it may help to embrace the methods that align with your values first. Exploring the values that drive your small business or entrepreneurial projects can help distill the best practices that resonate for you. Consider big-picture questions such as “what is the mission and purpose of my company?” and “what do I hope to accomplish for myself and my loved ones through this business venture?” Think about your short and long-term goals and establish solid methods for reaching those goals through the use of best practices.

Best Banking Practices

You may not realize it, but not all business bank accounts are created equal. Opening an account that suits your business’s needs can keep you ahead of the competition and improve efficiency. Look for a small business bank account with features such as cash flow projections and seamless payroll integration. An account that offers high-yield interest, no monthly fees, and free ACH transactions can help you save as well.

Best Marketing Practices

It’s easy to get stuck in a rut with marketing. Despite the digital age, many business owners still rely on older methods to market their companies. To truly get the word out about your business requires tapping into modern tools and finding ways to stand out from the competition. This starts with a stellar website since your website is the very first impression most people will see. If your website has glitchy pages, dated features or is hard to navigate, it’s time for an upgrade through a top-notch web design firm like Wise Design Group. In addition to an updated website, it’s ideal to have optimized web pages, and it helps to tap into SEO strategies. Add social media marketing and Google Ads to your marketing campaign, and you can be well on your way to seeing a significant increase in clients or customers.

Best Payroll Practices

Payroll is a key element to running a business, and every business owner fully understands the stress of payroll. Add in manual entry, payroll scheduling, tracking time and timesheets, and it’s a real headache. Not to mention the importance of paying your employees accurately and on time. However, payroll doesn’t have to be troublesome. For starters, enlist the help of time tracking software that handles computations for you. The right platform will not only make it easy to calculate time worked, but should also make it easy to manage employee shifts, manage your team, offer quick reporting and seamlessly integrate with your payroll system.

Best Connection and Collaboration Practices

Few businesses operate in a vacuum. Most companies rely on other businesses to succeed, whether it is supply chain relationships or customer referrals from one company to another. Because of these inherent connections, best practices relating to collaboration and connection may be highly effective. Small business owners who embrace values of connection and collaboration may find that joining their local chamber of commerce is an ideal way to build a sense of community. The credibility and free publicity of joining this type of organization are valuable. Additional benefits include forming a greater understanding of the needs of the community and working together for

the greater good. Companies that offer collaborative promotional deals and discounts often find this strategy to be useful. When businesses that offer complimentary services or goods collaborate, everyone benefits, including customers.

Customer Service Best Practices

Happy customers make for a successful business. Referrals and word-of-mouth promotion from existing clients can elevate your success exponentially. According to American Marketing Association, 75 percent of consumers find word-of-mouth referrals important to making a purchase. Some companies even find that forming an advisory board consisting of peers and customers

can be a practical way to stay on track with business goals and intentions. Stay open to the suggestions of others, while maintaining your focus on the larger goals and values of the business. Your small business can thrive if you allow for the guidance of others and create sustainable security and a structure to protect your assets. Your small business can use best practices and local resources to build a legacy of success. Small business resilience is achieved through the wisdom of collaboration, establishing a values-based strategy, and building in self-protection.