In 2019, the US was home to a whopping 30.7 million small businesses. That’s 99.9% of all businesses in the country.
These figures are only going to rise in the years to come,
as more Americans will opt for self-employment. In 2020, an estimated 27
million US adults will transition to full-time self-employment.
If you’re one of these folks, it’s not enough to just make your business survive. You want to aim for the top and be a successful business owner. It’ll take time, but so long as you manage your time and resources, you’re more likely to “make it.”
Ready to learn all about how to get into business and start
off on the right foot? Then keep reading, as that’s exactly what this post is
1- Make Accounting a Breeze With an Accurate Accounting Software
There are more than 1,000 accounting terms that can get even the most seasoned CPA confused. Thanks to accounting programs like QuickBooks though, there’s no need to memorize everything.
Of course, you should still nail the basics, like
“credit,” “debit,” and “balance.” Familiarize
yourself with “expenses,” “income statement,” “cash
flow,” “capital,” and “balance sheets.” These are the
most common terms you’ll encounter when using accounting programs.
Either way, accounting software makes it easier to automate
accounting formulas. These apps will let you send pre-scheduled invoices and
pay your people’s salaries. Many of them also let you prepare for the tax
season to avoid IRS penalties.
2- Keep Expense Reports Accurate With an Expense Management Program
One of the most important tips for business owners is to
master the art and science of expense tracking. Otherwise, you’re likely to end
up mismanaging your business’s financial resources. If this happens, your
business is likely to run out of cash.
Keep in mind that “running out of cash” is the
second-leading reason behind failed startups.
That said, small business success relies greatly on knowing
where the cash goes. To do this, you need to keep track of all your business
expenses as you do the spending. That means recording cash outflows as they
happen, or at least by the end of the business day.
Doing this manually, however, not only consumes time, but
also has a huge potential for errors. Manual data entry is prone to mistakes,
such as typing in the wrong numbers.
This is why you should invest in an expense management
program, such as Expensify or Xero. These programs allow you to simply take a
photo of a receipt. After that, they’ll do the automated transcription of the
receipt details for you.
3- Be in Sync With Your Team Through a Project Management App
One of the main functions of project management software is to simplify collaboration. For instance, the Trello app allows users to create customizable individual cards. Users can then create a list of each step needed for a project.
Users can also assign each of the steps to other members as
well as enforce a due date. They can also upload documents, images, and videos
on the platform. Checklists are also customizable and even come with various
Aside from Trello, Asana and Basecamp also offer similar features. There are also SharePoint packages that are great for collaborating on SharePoint websites. Moreover, these platforms allow for easier management and tracking of documents and records.
With these apps, every member of the team will know who’s
supposed to work on which aspect of a project. It helps reduce and even
eliminate duplicate work. All these can help lower the risks of delayed project
Completing projects on time translates to happy customers.
Happy customers are more likely to repeat business transactions with you.
Repeat customers, in turn, are essential to a successful business.
4- Get Everyone in the Loop With a Team Communication Platform
Some project management apps do have a built-in instant
messaging feature. However, it’s best to have an immediate method to get in
touch with your people.
Team communication platforms, like Slack and Skype, fill in
5- Track Everyone’s Time With Time Monitoring Software
Here’s a piece of small business advice for those who have
remote employees: Get a time tracker! This can help you monitor how your team
members use their time and if they use it efficiently.
Keep in mind that distractions are a leading cause of
non-productivity. What’s more, it can take up to 23 minutes for a person to
recover from a distraction.
A time tracker will serve as a reminder for your people that their on-the-job clock is running. It will help them remain aware of the task in hand. By seeing those numbers constantly change, they’re less likely to get distracted.
6- Safeguard Your Network and Assets With Cybersecurity Tools
In 2019, more than 4 in 10 data breach victims were small to
medium enterprises. Unfortunately, as many as 60% of victimized SMBs will close
after such an attack.
The best way to prevent cyberattacks is through managed IT
services. If the cost is a little too high, you should at least invest in top-of-the-line
firewall protection. All company devices should also have phishing, spam, and
Master These Strategies Now to Become the Next Successful
Today, becoming a successful business owner isn’t just about
being an accounting wizard. You do need math skills as much as you need
leadership and team-building skills. However, you’ll also need to factor in
external obstructions, such as cybercriminals.
So, as early as now, follow the strategies we’ve listed
above. They can all help make it easier for you to manage your people and your
business. Plus, they can help you avoid the costly after-effects of cybercrime.
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