Tips From Successful Small Business Owners

Learning is an ongoing process which enriches your life and work. It is all the more significant for entrepreneurs as they need knowledge and advic...

  • Tips From Successful Small Business Owners
    Antoine Fraser Image Antoine Fraser

    Tips From Successful Small Business Owners

    • Wednesday 4th of December 2019
    • Strategy

    Learning is an ongoing process which enriches your life and work. It is all the more significant for entrepreneurs as they need knowledge and advice to keep growing and building their enterprise. Although the best lessons are learnt from failures, there are various gems of wisdom shared by successful small business owners that can help aspiring entrepreneurs in the creation of profitable ventures.

    Over the years, local success stories like Canada Drives, Vets To Go, Canada Goose and several others have carved a niche in the market. Their owners have similar insights to offer as shared by a plethora of other global business owners. If you are an entrepreneur or plan to purchase a profitable business for sale in Canada, then you must pay heed to the tips suggested by the game-changers. These guidelines from experienced and talented people can help you in dealing with hardships and challenges with a renewed zeal and passion.

    1. Find A Market Gap And Fill It

    Identifying a niche is extremely vital, or you might end up trying too many things which can jumble everything up. If you are trying to chase two rabbits, you won’t be able to catch even one of them. You must understand that you need to determine a customer need that is not being met currently, and find the best way to fulfil it.

    If you are not able to do it, then the target audience will not be interested in your offering. You don’t exactly have to create a monopoly, but you must have a competitive edge to get a share of the pie. The focus should be on exceeding expectations of the consumers so that you can stand out in the crowd.

    2. Build A Strong Team

    Although you are the face of the company, you are not running it alone. The support and hard work of your employees give the business a solid foothold in the marketplace. Thus you need to get the best talent onboard which can provide efficient assistance to create the perfect goods and services.

    Besides being skilled, experienced and knowledgeable, your workforce should understand the vision of the company and work towards its accomplishment. As the leader of the group, you must strive to create a productive work environment for such people so that they can deliver the desired outcome.

    3. Communicate Your Goals With Conviction

    You must have a business plan even if you have acquired an existing organisation. It must clearly define your vision, mission, short-term and long-term goals. It should give an insight into the financial projections and the processes and procedures of running the operations.

    The goals and objectives must be communicated to all the employees and aligned to their key performance areas (KPAs). The productivity of the workers must be measured against the achievement of these quarterly and annual goals. The plan allows you to create a strategy for success and stick to it under all circumstances to give a direction to your employees.

    4. Do Not Delay The Payment Of Bills And Taxes

    As a responsible entrepreneur, you must pay all the debt and outstanding bills on time to maintain a credible reputation among the lenders, suppliers, vendors, etc. If you delay them due to laxity, you will not be able to sustain business relationships and disturb the management of cash flow in the company.

    Similarly, you must pay appropriately calculated taxes as per the Federal rates and keep track of all the deadlines to avoid problems. Your accountant can help you with the claiming of the small business deductions so that the tax rate is lowered and you can make some savings.

    5. Market Your Products Well

    Doing business without marketing is like making a masterpiece and not putting it up for sale. In such circumstances, the world is oblivious of the art piece you have created, and it will never get recognised. So make sure your marketing initiatives are on point. You need to contact customers from every possible channel and send across a message that influences them to react and take action.

    Digital marketing is a budget-friendly and highly popular way of reaching your target audience and engage them. You can create an intuitive website, social media profiles, join discussion forums, advertise on search engines, and do a lot more to maintain visibility. Brand recognition is the key to taking your business to the next level.

    6. Keep Innovating

    By innovation, we do not mean starting a new product line. You must try to improve on the exiting processes to make the buying and consumption experience smoother and gratifying for the consumers. You can utilise the latest technology to reduce the manufacturing time or introduce an intuitive payment feature on your website or provide a demonstration service, etc.

    There are various business resources which can free up your time, and you must be aware of them. It can help in scaling the business and increasing the clientele. Once you have crossed the growth stage, you can think about introducing new product lines to expand your offerings and leverage your extensive and loyal customer base.

    7. Build A Business Network

    Every person needs the support of friends, associates, acquaintances, and a business owner is no different. In an extremely competitive marketplace, it becomes necessary to build relationships with other business owners in your community. Your contact list should have all the people who can prove beneficial for the development of your organisation.

    Although networking can become tough when you are loaded with a lot of work, you need to find time to attend industry seminars and workshops. Become a part of social media groups and engage with likeminded people.

    8. Delegate Your Responsibilities

    You are the owner of the company, but it does not mean that you have to slog day-in-and-day-out. You need to start trusting your employees and allocate different jobs to them so that you can focus on the growth and development part. It will make the employees feel appreciated and reduce your workload at the same time.

    In fact, your recruits might be better at performing those tasks and will be able to finish it faster. You will always have the authority to keep checking on the progress and evaluating the results.

    9. Avoid Unnecessary Expenditure

    While establishing a business, entrepreneurs often go overboard with their excitement and spend a lot more than what is required. However, down the line, they all understand that it is better to keep the expenses under check. Thus you must stick to your budget without going all fancy and showy. An upscale office will do you no good if your products are not selling. So focus on the indispensable expenditure and keep all the glamour part for later.

    10. Focus On Yourself

    In their quest for success, a lot of entrepreneurs have suffered from serious emotional and physical issues. So it is vital to pay attention to your mental and physical well-being since you are the leader of the organisation. Take time off from work and exercise regularly. Read books, listen to music, seek advice from industry veterans and socialise with people who are not associated with work. Give ample time to your family and never let work-related tension spoil your personal relations.

    Conclusion

    Building a successful empire is not an easy task. You need to work on several aspects of your life and work. Thus if you are planning to acquire a business for sale in Canada, then you must keep these tips in mind to ensure a fruitful career.

  • Author Info Antoine Fraser

    Antoine Fraser (born in 1981) is a writer and guest lecturer of Masters in Business Administration in different Universities of Ottawa. He was born and raised in Belleville, Ontario and moved to  Ottawa, Ontario, to attend the most prestigious Carleton University. He also holds a PhD degree from School of Management, Branford. The interest of his research has been in the field of small business programming, public policy and small firm growth. He has also published in trade publications with insight from globalisation and finance. His affiliation with Business2Sell is a matter of pride for us.