Setbacks in your business can be scary but don’t let them crush your entrepreneurial dreams for good. Instead, reassess and regroup making strategic moves toward the future you desire. Consider this list of steps from Portfolio Management Group for getting you and your business back on the path to success.
- Know Your Strengths
When starting your business, there are many things that will come naturally to you. Maybe it’s product creation, or perhaps it’s interacting with customers and making business connections. Whatever you’re best at, that’s the thing you should be focusing your energy and time on, bestselling author Gary Keller suggests. Other aspects of the business you should outsource or delegate to others who are more suited to those areas.
- Develop Your Skills
In the competitive world of business, you should alway be striving to improve your knowledge and leadership skills. With a Master of Business Administration degree, you can develop skills in operations, management, and communication. If you enroll in an online program, you can start the coursework at a time of your choosing and balance work and family obligations.
- Outsource Important Functions
Payroll is an essential function that businesses need to be orderly and timely that is easily outsourced. Look for payroll services such as Gusto that have automatic payroll scheduling and automatic calculating and tax filing. Ideally, the service will also have mobile payroll options available on both Android and iOS so that you can manage payroll on the go.
Accounting is another area where outsourcing to a professional can gain you big results. You may feel able to keep track of numbers, but accountants are trained to do much more than that. They’re experts in detecting financial trends, knowing where and how you can save or should spend, and giving you advice driven by data that is not always easy for an untrained person to disseminate into useful strategies.
Marketing online can be highly effective with the right data informing it, and social media has made it easier than ever to reach potential customers when used correctly. Hire a digital marketing manager to make sure your online efforts are reaching the right audiences with the message they need to hear to turn them into customers.
- Make Your Website Experience Perfect
An appealing and functioning website is key to online business success. When a potential customer visits your website, they are assessing your business for competence, style and functionality. Your website is an extension of your product, so if it looks haphazard or is difficult to manage, customers will make similar assumptions about your products and services. Ensure that your website is streamlined and organized with easy-to-navigate sections, regardless of whether a customer is visiting on their phone or computer. If you aren’t confident in website management, delegate or outsource the job to a professional who can.
- Build Community Connections
Having the support of your community can go a long way in helping your business succeed. Consider joining your chamber of commerce or other local business organization to make connections with fellow entrepreneurs in your area. Not only can you learn a lot from those who have found success right where you live, but you can also use these relationships to build client confidence and get access to more customers through your collaborations.
- Streamline Your Home Office
These days, more and more businesses are existing mostly (or even entirely) online, which allows business owners to work from home. To stay on track, though, you really need a home office dedicated to work. Make that office as comfortable but efficient as possible, and make sure you separate your professional and personal duties. The good news is that renovations like this actually raise the value of your home, in addition to providing a dedicated workspace to help your business grow!
You can come back from business setbacks and build the future you want with the right choices. And with over 25 years of expertise, Portfolio Management Group can help! Call 727-370-3080.