We love small business owners – we’re one of them. Small biz is the backbone of our economy and fun fact – businesses with fewer than 250 employees (that’s us small guys) accounted for more than half of the jobs created since 2010 (Federal Reserve Chair, Janet Yellen’s, data says so).
If you’re a small business owner, take a pause and pat yourself on the back – we’re doing alright.
However, we do know that small business owners suffer some real struggles on a day-to-day (and on a month-to-month, and year-to-year) basis. So, for our fellow budget-strapped entrepreneurs out there we’ve compiled six perspectives we believe every owner should keep in mind to help get over some of the hang-ups that come with being a small business.
Small Marketing budgets competing with big ones.
Bigger companies have more staff, more connections, and deeper pockets. When it comes to marketing dollars, you’re not in the position to compete with them directly; however, when it comes to strategy – there’s no reason why you can’t be ahead of the curve.
There is an advantage to being the little guy, the underdog, because you have a greater ability to adapt and fine-tune new tactics.
Stay on top of trends in social media, conduct market research, always be innovating. Try out unproven strategies while seeing how you can improve on accepted methods. Get help from a digital marketing agency like Tribu. Don’t be afraid to make mistakes.
Finding the right crew when you can’t necessarily pay their retirement fund and the other guys can.
Never forget the one thing that all the money in the world can’t buy is this:
Create a culture that’s proud of being small, that sees the value of working in a company where real change can be affected and where the employees know and are “all in” with their boss. You have the intangible tools to empower people in ways the big guys can’t – use them. It’s easier than you think.
More than talent, leadership, or vision – you need people you absolutely trust working for you. A big part of building trust is transparency. When you’re open and honest about who you are and the work you do it becomes contagious; it creates an environment free from judgment and one where simple thoughts grow into big ideas.
Stop trying to do everything yourself. Learn to put a value on your time. Opportunity cost is a real thing. Delegate.
Along with being the boss, you probably wear many different hats at any given time. This behavior is typically the product of necessity – especially early on in the life of a new business. However, if you’re a business owner, eventually you need to remove yourself from the day-to-day dynamics of doing business, so you can concentrate on something even more important – growing it.
Time is money and time is of the essence. Your challenges of streamlining efficiency, reducing expenses, and investing revenue are too important to ignore. Let go of any hang-ups you might have about not having your hands in every facet of the business. See the big picture, with you at the center – directing, delegating, and watching things get done.
Don’t let lack of capital stop you from a big idea, or the “next phase” of your growth. By the same token, learn to be smart with your funds.
What holds us back often isn’t lack of inspiration or ideas, but lack of capital.
It takes cash to run a business, and if your profits aren’t helping fund your growth, you will be in position where taking advantage of opportunity will be difficult.
Fortunately, new financial services are available that help businesses take steps toward genuine growth in a responsible way. Kabbage is one of them – helping small businesses gain access to funds that supplement their cash flow and overall financial health. Kabbage works by cutting out the middleman – the bank – and let’s businesses find out instantly if they’re approved for loans as high as $100,000.
Remember, cash flow is just as important, if not more important than accounts receivable. Apply for a Kabbage insta-loan today and find out how a cash loan can help when it comes to growing a healthy business.
It’s ok to be day-to-day, but you have to make time to think big picture and long term.
How do you keep the ‘big picture’ at the center of it all when there are so many details to take care of?
Realize you are not so powerless as a “little guy” – that you can compete and even beat the big guys. Invest in people who crave culture – not cash. Treat your time as an irreplaceable commodity. Accept that sometimes getting your business to that “next level” means you need more dollars – not just ideas.
By constantly cultivating these 6 perspectives, you’ll be able to successfully make strategic decisions that will help streamline your business for months and years to come – not just from day to day.
Need some more fresh marketing perspective? Let’s talk.