No Matter What Your Business Is, Know It Well
Running a business is hard work. If you’re a small business owner, then you’re likely doing almost everything yourself. It’s a lot to take care of, all those parts of a business, and you have to do everything well. The state of your business very often depends solely on you.
As small business owners, the principals of Ray Access have found themselves in the same boat — and to maintain this analogy, you’ll agree that when you have to do everything yourself, the boat sometimes springs leaks. When you’re working, you’re not marketing. When you’re doing payroll, you’re not earning any money.
Get These Parts of a Business Right
It’s a small business trap. It’s about balance… and knowing when to call in outside help. It’s about forging ahead… without killing yourself. It’s about recognizing the value of your time.
But some things require your touch. These are parts of a business that you must understand backward and forward. These are business aspects that you have to know so well that you dream about them. And let’s be frank, when you’re starting a business or nursing a small business, you’re dreaming about it most nights.
5 Parts of a Business to Worry About
No one person has all the answers. Ray Access is no different. We advise you to read and digest the information presented below, but how you approach them may be as unique as your unique value proposition:
- Operations. No matter what your company produces — whether it’s yoga eggs or accounting services — you need stay on top of your day-to-day work. To keep your business running smoothly, you need to nail your business operations. Keep your customers happy, keep your employees happy and keep the production flowing. This is perhaps your #1 priority. Without having your finger on your company’s pulse, your business can collapse from neglect or poor decision-making.
- Customers. No matter what you sell, your customers keep you in business. It’s imperative therefore that you learn as much about them as possible. Where do they hang out? What do they enjoy? How much do they make? How old are they? Create buyer personas so that you can better tailor your wares to your best customers. Personas also help you target the most appropriate market when advertising.
- Financials. To succeed in business, you must understand the three major financial statements: profit and loss statements, balance sheet and cash flow. To know how your business is doing at any point in time, you have to know how to read these documents. Fortunately, you can find software solutions, including QuickBooks invoicing that make your financials much more accessible.
- Research. The world continues to evolve. Don’t be caught with an outdated solution to a problem that no one experiences anymore. To stay current, keep up with research in your field. Advances are overtaking almost industry. With the Internet of Things (IoT), every business is or will be changing. How will your industry evolve? That’s your charge.
- Marketing. No one beats a path to your door — most people don’t know where and how to find you. You need to keep your brand in front of your target audience. Without marketing, your business is a corner shop on a deserted street. It’s no longer enough to be the best plumber, for example; you have to let everyone in your market know that you’re the best plumber — and provide the reasons.
All five of these parts of a business contribute to the success or failure of your company. Learn them. Use them.