Small businesses are booming in America. They’re often touted as the backbone of the country, and with a growth rate faster than the U.S. GDP, it’s easy to see why.
Starting a successful small business is no easy feat, but it’s even more difficult to keep it alive. For any business to succeed, it’s essential to adjust and refine your business in accordance with the market. Businesses that fail to adapt to technology and consumer preferences might not be around to see another tax year.
You’ve got a good foundation; now, put these four best practices into motion to continue building your legacy.
1. Refocus on Your Mission Statement
Think back to when you first got into the business. What were the driving factors behind your venture? What did you ultimately want to achieve?
Now, think about your current situation. Have those goals shifted? Did you achieve those goals, or are you at least on the right path?
Your mission is the guiding light to your business and should help you make decisions that will prime you for growth. As you transform, so will your goals, which is why it’s important to re-examine your mission periodically.
2. Invest in Employee Retention
The economy is strong and unemployment has hit all-time lows. While this is great news in many regards, it’s also troublesome for small business owners. If an employee suddenly quits, you might struggle to find a quick replacement.
It’s expensive to hire someone new. From posting a job and interviewing candidates to training them until they’re fully competent in their job, a new employee can cost about 6-9 months’ salary, on average.
Instead, small business owners should focus on keeping the people they have. Create a workplace culture that not only makes people want to stay but will also attract top talent when you need to scale.
3. Document Your Processes
Major companies like McDonald’s have attributed their long-term success to their easily repeatable processes, and small businesses should take note. It removes confusion from what your people are supposed to be doing and leaves little room for miscommunication. The more you can systematize your business, the more you can count on predictability.
If someone were to leave your company, it will be easy to slide someone into their role because you’ve documented your processes.
4. Treat Your Executive Office Space Like an Asset
Choosing where you do business shouldn’t be taken lightly, especially if clients will see it.
However, many small business owners treat their office more like an expense rather than an asset. Granted, running your own office is expensive. You’re paying for utilities, furniture, upkeep, technology, and all the other little costs that eat into your bottom line. Many business owners spend as little as possible on their office space, but outdated decor and cramped quarters do little to instill confidence in your clients.
A viable alternative is to rent executive office space that’s already outfitted with everything you need.
Many small business owners can significantly cut their overhead costs by finding business space for rent instead of owning it outright. The more money you save, the faster you can turn a profit and the more likely your business is to stay on a path of growth and success.
To begin reaping the benefits of shared office space, simply find the Office Evolution location nearest you and come in for a tour!