Key success tips for any small business

by | Jun 5, 2023 | Finance and Business

Running a small business is quite a feat – it takes a lot of time, energy and dedication. But making your business successful is about more than hard work. While there’s no one-size-fits-all guidebook, here are a few tips that can help your company thrive:

Don’t try to do it all. There are only so many hours in a day, so be smart about how you use them. Focus your efforts on tasks you’re suited to and outsource the rest. Balancing the books giving you migraines? Hire an accountant. Don’t know the difference between a TikTok ad and an Instagram reel? Find a social media whiz to manage your channels. The money you spend will be well worth the time you save.

Do consider your cash flow. Avoid becoming a statistic by finding creative ways to lower costs and increase funds. For example, you can impose a late penalty on customers who fail to pay on time, reduce recurring expenses like your pricey cellphone bill, or cut some subscription services.

Don’t burn out. A sure-fire way to leave your small business without its leader is by taking on too much for too long. Burnout is real, and it can force you to take an extended leave from your company and incur extra health expenses. So, think of balance as a business decision – prioritize family, friends and your favourite activities just as much as an important meeting or deadline.

Do explore funding options. Loan terms you researched even just a few years ago may have changed or new support programs may be available, so be on the lookout for new financing tools that fit your business. For example, the Canada Small Business Financing Program has recently been updated to offer businesses new financing options, including increased loan amounts and lines of credit.

Funds from the improved program can be used for day-to-day operating expenses – including ads, marketing and payroll – and intangible assets such as intellectual property. You can discuss your financing needs and options with your financial institution.

Find more information at canada.ca/csbfp

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