Starting a small business is an exciting and rewarding endeavor, but it’s also one that comes with numerous challenges and hurdles. It’s estimated that one-third of businesses fail before the two-year mark, and half don’t make it past five years. However, various factors contribute to the success of a small business, and with the right tools and strategies, you can increase your chances of succeeding. In this beginner’s guide, we’ll explore some essential pillars to starting and growing a successful small business.
Leverage Technology
Leveraging technology is vital in growing and running a successful business. Keeping up with the latest tech trends can give your small business an edge over competitors. By adopting technologies such as social media, computer networks, mobile computing, and online software, you can operate faster, smarter, and more efficiently.
Intuit, the makers of TurboTax, QuickBooks, and Mint, is a leading brand for small business success. It’s committed to providing financial tools that empower you to take control of your prosperity. Intuit is powered by an “unrivaled set of small business data and sophisticated technology,” and it’s making these tools available to small business owners to “save them time, deliver more money, and provide greater confidence in their financial decisions.”
Here are some of Intuit’s amazing tools that can help you and your small business excel financially:
– TurboTax: Taxes can start to get complicated as a small business owner. Let the pros at TurboTax help you navigate those murky waters.
– QuickBooks: QuickBooks makes it so easy to keep your business accounts organized and in one place. It’s simple to use, and you don’t have to be an accountant to figure it out. And as time goes on, more and more companies will create products that integrate with QuickBooks.
– Mint: Having your personal finances in order is the cornerstone to having successful business finances. Mint allows you to link all of your accounts so you can track your spending, create budgets, and find new ways to save.
Marketing
Marketing is a fundamental strategy that’s critical to the success of your business. By leveraging technology to draw more customers to engage with your business online, you can keep the customers coming. Ignoring the importance of marketing and building a strong brand image could mean the difference between being in the 50% of small businesses who make it to 5 years or the 50% who don’t.
Incorporating social media, explainer videos, and email campaigns can get your brand name out there. While traditional marketing methods are still relevant and important, keeping up with the latest tech trends can give your small business an edge over competitors.
Financial Literacy
One critical tenant of running a successful business is managing your finances. It seems glaringly obvious, but so many small businesses get this wrong and never make it out of the red. Understanding the basics and being able to read financial statements and understand the financial and tax implications of your business decisions is crucial.
If you don’t consider yourself financially literate, there’s no better time than now to get smart on small business financials. There are tons of resources, like Money Smart for Small Business provided by the FDIC, that can help get you up to speed for free.
Partner with Big Businesses
Just because you’re a small business doesn’t mean you have to operate in isolation. Partnering with big businesses, like Intuit, who are committed to powering prosperity and helping small businesses grow is an excellent way to excel financially.
In partnership with Intuit, Smallbiztechnology.com has explored some essential pillars to help small business owners to succeed. Keeping these three pillars in mind will empower any small business owner to grow and excel!
– **Leverage technology to operate faster, smarter, and more efficiently.**
By adopting technologies such as social media, computer networks, mobile computing, and online software, you can take your business to the next level.
– **Marketing is key. Ignoring it could mean the difference between success and failure.**
Incorporating social media, explainer videos, and email campaigns can get your brand name out there, and keep the customers coming.
– **Financial literacy is a key tenant.**
Knowing how to manage money, being able to read financial statements, and understanding tax implications are all critical for small business financial success.
Following these essential pillars will help guarantee success with your small business. Remember that starting a successful business is a marathon, not a sprint. It takes time, effort, and patience to build a thriving business. But with the right tools, it’s a journey well worth the effort!
