The 7 Boxes to Tick When Running Your Small Business

As a small business owner, you wear many hats. You’re responsible for the overall success of your company, from sales and marketing to product development and customer service. To be successful, you need to be a jack-of-all-trades and have a deep understanding of all aspects of running a business.

Here are seven things you need to know to run your business:

1 – Know Your Business Model.

The first step to running a successful business is understanding your business model. What are you selling? Who is your target market? What is your pricing strategy? What are your costs? Creating a business model is not simply completing a business plan then forgetting about you, you need to answer these questions and use this model to guide decisions in the future.

2 – Have a Solid Business Plan

A business plan is a roadmap for your business. It outlines your business goals, strategies, and tactics. It also details your financial projections and marketing plan. A solid business plan doesn’t have to be pages upon pages of information, an amazing business plan CAN be condensed into one page.

Your business plan should simplify your business dreams into reality, organize the things that are ticking away in your brain and prioritise the important ‘things’ so that results can be achieved. At MKS Group we can help your business get a one-page sustainable business scaling strategy proven for growth. Ask us how…

3 – Understand Your Target Market

Understanding your target market is vital, there is no point in selling an incredible product or service if you are marketing it to the wrong people! Ask yourself; Who are you selling to? What are their needs and wants? What are their buying habits?

Answering these questions will help you develop a marketing strategy that resonates with your target market. Researching your competition and looking at your current customer base are also other tips to help define your target market.

4 – Build an Online Presence

In today’s world, it’s essential to have an online presence. Your website is often the first point of contact between you and your customers. Make sure your website is professional and easy to navigate.

Using social media helps create a connection with your customers and build relationships or showcase what you can do. You can also use your social media to direct your followers back to your website to help convert into customers. Producing content that followers find engaging on social media also increases your credibility and has the ability to reach new users in a cost-effective manner.

5 – Surround Yourself With Mentors and Advisors

Stop trying to learn to do it all alone, being in business can be hard work and at times, extremely challenging. No one knows EVERYTHING about running a business. Having a business mentor in your corner can be vital for the growth and success of your business, they have been where you currently are and can guide you into what to do and what not to do.

A business mentor assists in developing new ways of thinking, an outsider’s perspective, greater knowledge (from other clients & industries), is someone that can keep you accountable and someone to rely on or seek assistance from when you need it most. Overall a business mentor will help you stress less and build confidence in your business! To begin the conversation with an experienced business mentor click here.

6 – Know the Numbers

Your choice to go into business wasn’t to do accounting and bookkeeping, so as a small business it’s important to ensure you have an accountant in your corner to assist with knowing your numbers. You need to know your revenue, expenses, and profit margins. You also need to understand your cash flow.

Knowing your numbers will help you make informed decisions about your business and avoid financial problems down the road. Invest your time wisely and leave the numbers to a professional – contact the team at MKS Group.

7 – Don’t Go At It Alone

You can’t do everything yourself. As your business grows, you’ll need to delegate tasks to others. Hire employees or contractors to help you with the day-to-day operations of your business. This will free up your time to focus on more important tasks, like growing your business.

Conclusion

There are seven things you need to know to run your business: your business model, your target market, your value proposition, your competitive landscape, your sales and marketing strategy, your team, and your financials. Each of these seven areas is critical to the success of your business, and you need to have a clear understanding of all of them to be successful. If you can tick these boxes off, then you are on your journey to creating a successful small business.