If you have been in business for some time, you know how challenging the entrepreneurial journey can be, it can get lonely too. It’s worse if you are a solo entrepreneur or don’t have a dedicated team you work with. In this blog, we will share some tips that will help make your journey a little less of a pain in the butt.
Running a business shouldn’t take up all of your time, especially with small tasks. Thanks to technology, there are automation tools, and many other business systems you can put in place, that can make your life easier. Which we will get into. These shouldn’t cost you a leg and an arm either, especially for small businesses.
According to reports and statistics, some of the common reasons why startups fail are due to, but not limited to lack of knowledge, and poor sales and marketing. Let’s get to it below.
7 tips to make running a business easier:
(1) Build cultures: the culture of an organization affects the running of it largely. If you share the same values, beliefs, attitudes, and practices that you live by in your organization, not only will you work well together, but you will get more done. For instance, let’s take it back to one of our examples of the common startup failure reasons stated above – lack of knowledge. If you have a reading culture in your business you get to learn more and ultimately earn more.
(2) Hire young people: this is practically free. Organizations such as SEDA can lend you, interns, for free. You don’t have to pay them a salary, but mentor them and give them work experience. This can also help you save coins on taxes, this is called Employment Tax Incentive. In his 2022 Budget Speech, Finance Minister Enoch Godongwana announced an increase in the ETI values from 1 March 2022.
(3) Automate: we can’t emphasize how much time you will save by automating things. From bookkeeping systems, accounting, marketing, social listening, and so forth, these things can save you so much time yet do so much for your business to keep it running smoothly. It is even becoming unnecessary to hire an administrator because these things can be automated, even email responses. Depending on the kind of business you’re in, automate things where you can, while you tackle tasks that need your attention more.
(4) Use customers as advocates: a happy customer will give you free marketing! You can use this as a strategy. You’d be surprised how easy it is to get people to do stuff, all you need to do is ask. If you are selling products, send them a personalized card and ask them to tag you when they use it. If you’re selling services, ask them to leave you a review on your page or website. Endorsements are effective, but you need to fully satisfy customers.
(5) Tell stories: people love hearing success stories and things they can relate to… which can help you with their confidence in your product or solution. Storytelling is the use of evoking emotions to connect your brand to customers. Be authentic when building your brand, show what it takes, or what it took for your business to get where it is. Share highlights of your business, awards, the evolution of your logo, social proof/client testimonials, and show them before and after service of a client’s success. Take your community along with you on your journey.
(6) Keep your books updated: you can either do this by setting up software or hiring a bookkeeper to keep your books in check. It can be easy to use business money for personal use, especially if you’re a solo entrepreneur. Poor money management can lead to business failure. Not only does keeping your books up-to-date let you know how much you made or lost, but it also makes things easier during tax season. We have a full guide on this, which we discussed in our Bookkeeping Workshop. Get in touch with us if you are interested in getting the session recording + materials: email@example.com
(7) Cut down unnecessary costs: don’t wait until your ship sinks till you save, start now. Saving money is critical for the survival of your business. Cut down on traditional marketing and go digital, stop attending unnecessary meetings and do virtual meetings instead, unless it’s necessary to do so. Partner with other entrepreneurs, creators, or freelancers, in that way you save on costs while getting serviced. This can also take us to our first point – hire interns.
Let us know if any of these have worked for you, or which ones you are going to try, Feel free to add more in the comment section down below.