It can be difficult for small businesses to stay afloat in a competitive industry, and you probably already know that only 1 out of 10 small businesses succeed. This dire statistic can make people give up without giving their business a chance to thrive. Luckily, there are ways to help you manage your business well and enable it to grow. Here are a few tips to help you manage your business more efficiently and give it the best chance to succeed.
Earn a Degree and Become a Better Manager
With so many small businesses popping up, to survive, you need to make sure you stand out. A degree in business can help you do just that. Marian University Wisconsin provides a range of programs that will enhance your general knowledge of business. The Bachelor of Business Administration (BBA) in Management can help develop your skills as a business owner, and it will provide you with official credentials that will look very impressive on your wall. Marian’s BBA can be earned online, which means that you can achieve a degree at your own pace and manage your business at the same time. Earning a degree can help broaden your knowledge in different aspects of business and help up your business management game.
Outsource Certain Services
Did you know that 21.5 percent of startups fail within their first year, 30 in the second, 50 in the fifth, and 70 in their tenth year? A reason given by many business owners is money. A lot of small businesses tend to run out of money, and many business owners think that they can cut costs by doing everything themselves. However, as an entrepreneur, you need to know when to invest your money. Outsourcing certain business functions to a third-party provider may cost you a sum of money. However, it will also allow you to delegate unfamiliar services to someone else while focusing on business growth. As a small business, employing new employees can drain a large number of your funds. A permanent team costs money in terms of both labor and overhead. Going with a third party means that you won’t need to go through the hassle of creating a permanent job role or spend a large amount of money on it in the long run.
Revisit Your Business Plan
As a business owner, you should have an existing business plan that details your original sales strategy, marketing research, business operations, and financial forecast. If your business plan is gathering dust somewhere, dig it out and use it to gauge how well your business is doing. As your business grows, you will find that your original business plan is no longer totally relevant; this is a good thing as it hopefully shows that your company has taken off. You need to look at your plan and note the goals you have achieved and the areas you need to improve. Your original can help you identify your strengths and weaknesses and should be revised as your business expands.