12 Essential Strategies for Running Your Small Business

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Guest Author:  Carleen Moore

If you’re a small business owner, you know that learning never stops. Every day, you’re coming up with new ideas for products and programs, and you’re always trying to figure out how you can improve internal processes. By following these best practices for small business ownership, you’ll be able to enjoy company growth and bring your entrepreneurial visions to life!

 Conducting Market Research

 Get to know your customer base and your competition with these strategies.

• Deepen your understanding of your average customer in order to define your primary audience.
• As you come up with new marketing strategies, test out these initiatives to measure their impact.
• You can conduct robust market research to analyze your industry and identify how you differ from your competitors.
• Register your company as an LLC to establish a professional presence in your industry.

Effective Communications

 Your approach to communication could be the key to securing lucrative new contracts.

• Pitch your product to new vendors by emphasizing a mutually beneficial outcome.
• Follow these guidelines when you’re setting up a new vendor contract so that the process goes smoothly.
• Manage your vendor relationships easily with frequent communication and clear expectations.
• Sweeten customer relationships by offering incentives for customers who pay early.

 Creating a Thriving Culture

 If you want to ensure employee retention and drive innovation, you need to create a positive internal culture.

• Bring out the best in your employees through comprehensive employee development programs.
• Want to check in with your team and get their opinions on potential new products or policy changes? Directly ask for their feedback!
• If you want to bring your team closer together, try these suggestions for increasing employee engagement.
• During performance reviews, highlight your employees’ creative ideas to encourage them to continue sharing their insights.

Mastering the art of entrepreneurship takes time. But by sticking to some basic, tried-and-true principles, you can navigate the many challenges that come along with business ownership. By centering your business strategy around these best practices, you can make smart entrepreneurial decisions!

About the Author:  Carleen Moore has more than 25 years of experience running her own business. Familiar with the unique challenges for women in business, she is also an advocate for female entrepreneurs everywhere. In her spare time, she loves reading and spending time with her French Bulldog, Nano.