Running a small business is no easy task. It takes knowledge, diligence, passion, pride, and of course a decent amount of money as well. There are some basic essentials involved with not just running, but keeping a business in business. It’s like ingredients in a cake, you need all of them together in order for it to successfully turn out. Not enough sugar, then no-one is willing to taste your wares, not enough baking powder, and your efforts all fall flat. Listed below are five major necessities that every successful business owner should depend on having.
#1. Financial Stability
- Access to Money: Equity and income are two important factors that banks take into consideration on whether or not to loan your business money. This is why you always need to keep both your business and your personal finances in order, even after getting your small business loan, in case you need to borrow some more money in the future.
- Ongoing Capital: Cash is King in small business, but credit is still royalty. Make sure that you keep your credit line in good standing, especially for all of those unexpected expenses that usually pop up every year. Keep up-to-date and accurate credit scores by checking it through all of the three major credit check agencies.
- Future Investment: Once your small business is well established and starts to be profitable, you might want to think about expanding or making some needed improvements to your business. This is where inventory, deposits, equipment, and bank savings can all make or break a future loan attempt. Make sure that you regularly update your documentation and show all of the recent upgrades to your business, plus any new steady revenue increases on your financial portfolio.
#2. Business Security
- Onsite: There were over 5,000 robberies in New York City in 2016, as well as 4,000 burglaries last year. These two crime statistics out of the many that New Yorkers face every day, make it essential for small businesses to install and maintain proper security gates, window shutters, and garage doors, along with adequate security alarms and video monitoring.
- Identity: Identity theft is an ongoing worldwide problem, and it’s an especially important issue for small business owners, who often are targeted by identity theft and cyber-attacks. Customer data should always be kept in a secure location with restricted access. Employee education about the latest security threats should be scheduled on a regular Part of maintaining your security is also remembering to update your computer anti-virus and firewall software.
- Employee: Employee thefts are an unfortunate part of owning a business. Many small business owners find this out the hard way after having their trust violated by in-house stealing. Even petty theft from one employee over a period of time can financially hurt a business. This is where installing security cameras in high-risk employee theft areas (IE: cashier areas, back exits, store rooms, etc.) will help to discourage the age-old negative aspect of human nature called Thievery!
#3. Marketplace Popularity
- Community: New York City’s modern consumer market is full of millennials ages 18 to 34, but, even though that’s an important demographic for every business owner to consider; the community that the business serves is the real focus that a small business owner needs to constantly stay in tune with.
- Return Business: These days, consumers need to feel engaged with a store or product. The consumer also wants to feel rewarded for their loyalty in a very competitive marketplace. Small business owners now have access to customer loyalty point programs; by using economical marketing software or firms that are specifically centered towards small businesses promotions.
- New Customers: One thing that most every potential customer likes to do these days, not just millennials, is search online for new products and the latest trends. People also love to read reviews online from other customers and then decide whether or not to buy a service or product. Small business owners need to be fully aware of this common consumer trait and take full advantage of it.
- Free Social Media Advertising: No matter what the product or service being sold, a business should engage itself in social media by having its own website, Facebook page, and Twitter account, along with other popular social media outlets – Most of them free to use for small businesses.
#4. Productive Sustainability
- Product Shelf-life: Every product or service has a shelf life, no matter what it is. History is full of businesses that survived becoming obsolete by adapting and reinventing their product or service in order to better reflect societies and technology. Those who steadfastly refuse to read the signs of the times eventually go out of business!
- Short and Long-term Business Plans: A small business needs to have, and also constantly revise and improve upon, both a short-term and a long-term business plan. The business can then adapt to the often, roller-coaster ride of public fads and trends; while still staying true to the basic foundations and goals of the business.
#5. Workforce Employability
- Recruiting: Successful small businesses are usually successful because of good employee recruiting practices. Sometimes, finding those great employees can be easier said than done. Make sure to make a list of the exact skills that you’re looking for first – before interviewing or even placing an add. Make sure that you search out like-minded individuals with an obvious grasp of what you are trying to achieve. Use facts and judgment not opinions or emotions when choosing potential candidates.
- Training: Working guidelines are important in setting the rules, standards, and professional boundaries that will act as an ongoing example for your employees. Setting these principles as a training foundation ensures their practice continues in your daily businesses future. Job training should also include ethics, security, and customer service rather than just the initial basics of how to perform a job. Employees should be fully trained in how to properly fulfill all aspects of the job, not just the basic mechanics – metaphorically speaking or otherwise.
- Long-term Employees: High employee turnover has proved to be highly unproductive. High turnover can also be very financially draining to a small business due to the high cost of training a new employee. A business owner is basically paying double for the same amount of work when training a new employee the basics. This cost of training can add up quickly when going through too many already trained employees; draining a small businesses payroll funds. It behooves a business to give decent staying-on incentives to their best employees; knowing that the cost of keeping just one good employee will be much less in the long-run than having several cheaper short-term bad employees.
Properly securing your business means properly working security gates and garage doors – Let New York Gates supply their trustworthy and convenient services by Contacting Them Online or Calling them directly at 718-614-0616.