Best Business Practices for Small Business

You have likely heard of best business practices- outlining the most forward-thinking and highly adapted strategies being employed in the current industry, but here we want to be more specific towards small businesses.

What are some of the best business practices or principles that are timeless, and best modified towards supporting small business platforms? We compiled a list!

  1.  Stay up to date on your sales tactics. Anyone can create a product or service, but if you can’t sell it, none of it matters. In a small business setting this is even more heavily emphasized because likely for most of your inaugural growing years, you as owner will likely also play the role of sales person. If you are not comfortable selling, it will be obvious and your bottom line will struggle.
  2. Focus on being unique, not just on being the best. Again, this is industry wide, no matter what your niche is. There can be plenty of the best, but offering something unique is what will help you build customer loyalty and return business- two things that small businesses cannot afford to operate without.
  3. First be a giver, than be a receiver. Small businesses are based on relationships- relationships should always be made up of both giving and taking. Step up first and partner up, start on the giving end. Focus on building mutually beneficial relationships and focus less on what you want, but more on how and what you can offer up to get there.
  4. Keep your eye on the future. No matter how successful your initial product or service, there will always need to be a ‘next up’, in order to sustain your success. Just think about the iPhone- what are we on, number ten already
  5. Be wary of business blinders. No matter what stage your business is in, it is always easy to fall into a very focused mind-set, and tunnel-vision yourself into a one-track mentality. Be wary of this- as a small business, once again it is easy to fall into this pattern, take time out of each day to broaden your focus, looking ahead into the future, ensuring your hyper focus on today’s activity has its purpose in your long-term plan.