Entrepreneurs face many challenges when starting a small business and the failure rate can be daunting, so direct marketing firm MarketStorm Global are offering their tips to ensure a small business is efficient.
Small businesses are particularly important to the economy and to local communities because they provide new job positions and hiring opportunities. This leads to an improved consumer income and greater confidence in consumer spending. Small businesses also give back to the community by trading locally. MarketStorm Global points out that it is therefore important small businesses survive to help the economy sustain future growth.
The firm also points out that because of the risk of failure and the challenges that entrepreneurs come up against when starting a business it is important to make sure that a small business is efficient and will run smoothly. To do this MarketStorm Global is offering businesses a checklist to go by:
Evaluate the efficiency of the business Before even starting, it is important to understand the most efficient way to utilise the resources available. This includes managing time and skills in the most resourceful way. Overseeing all areas of the business means needing a wide array of skills to ensure all tasks are completed on time and in budget. Possessing the right skills and knowledge is essential. To help a business run more efficiently and effectively it is important to:
- Evaluate the start-up
- Identify any skills gaps
- Determine how that gap will be filled
- Apply relevant training and up skilling or recruit new staff
- Know the employees' expertise to efficiently delegate work.
Take advantage of financial opportunities Profits don't come straight away so it is important to lay the foundations for future success. Having a great idea is one thing but realising this vision will require years of investment. Hidden costs will inevitably arise and it can sometimes be hard to take advantage of all the opportunities available. When running a small business it is important to make money go further so having someone that can analyse accounts and seek ways of saving the business money is essential. Accountants are fundamental to the financial growth of a business.
Have a structure in place to see return on investment. Entrepreneurs are required to look at the bigger picture and to make critical decisions to drive a business forward. To do this a structure needs to be in place that reveals the progress of the business:
- What is everyone trying to achieve?
- What is working?
- What isn't working?
- What key performance indicators are in place to monitor progress?
Take time out of work As a business owner, balancing work and family life can be difficult. Realising the vision of a successful business will be a lengthy process and support from loved ones is needed, likewise they will need you! Working to point of exhaustion is only going to hinder operations and business growth; remember to take some time out! Re-energising and coming back fresh will help to make smarter decisions for the business.
MarketStorm Global is an outsourced sales and marketing firm based in Leeds. The firm specialises in a personalised form of face-to-face marketing which leads to long-lasting relationships between brand and consumer. This helps to improve customer acquisition, brand loyalty and brand awareness for their clients.
Press release distributed by Pressat on behalf of MarketStorm Global Ltd, on Wednesday 3 December, 2014. For more information subscribe and follow http://www.pressat.co.uk/