Running a business is exciting; however, it’s not for those who are intolerant to risk. Despite the excitement and satisfaction that comes with running a business, it takes a lot of work and can come with quite a bit of uncertainty. Even if your business does well, there will be some lean years along the way—maybe even some that are scary lean. However, one of the biggest things that makes a business successful is the stick-to-itiveness of an owner who is willing to work hard and make it through the rough times as well as celebrate during the good ones.
Business survival isn’t just about holding on the best you can when things aren’t going well, though. There are a number of things that you can do preemptively to help avoid facing the loss of your business and keep things running smoothly, even if times are rough.
Be Wary of Debt
Starting a business costs money and it’s not always possible to have all of the capital you need to get your business going. Luckily, there are plenty of options like bank loans, investors, crowdfunding, and more that can help you raise the necessary funds. It’s important to be cautious when going into debt, though. Interest rates, investors with high demands, partners with selfish motives, etc. can cause a lot of problems.
Even if you get the best of the best in all areas, too much debt can give you enough trouble to cause your business to go under.
Make a Budget and Stick to It
One of the main reasons that businesses fail is because of money—approximately 82 percent of businesses fail because they experience cashflow problems. Some people think of budgets as loose guidelines, but if you want your business to succeed then you need to not only make a budget and try to follow it, but you need to stick to it with conviction. That may mean making sacrifices, tough decisions, or even dealing with second-hand equipment and bargain shopping, but it’s better to do it now and get a good handle on things than it is to permanently shut the doors later.
Make Both a Short- and Long-Term Marketing Plan
Your marketing is a big part of what will help your business survive. Although it may be tempting to focus a lot of effort on short-term marketing, such as pay per click advertising to get site visitors right away or using the best Instagram tools to help you grow your audience now, there are plenty of other ways to build your brand. These may take more time to get results, but they are just as worth it as the short-term strategies. For example, SEO is something that takes more than just a few days. Although it doesn’t yield results right away, in the long run, it can have quite an impact on your brand and the business your company gets.
Outsource as Needed
Remote workforces have become much more common these days and for good reason. Even if you don’t want to hire a remote workforce, outsourcing certain projects and certain jobs to freelancers and contractors can help you save money on things like office space, a hiring package, and so on. It makes it so that you don’t have to scrape together enough cash to hire a full team or spend a lot of your valuable resources on salaries but still enables you to have quality work product and have all of your needs met.
Be Present and Active on Social Media
Having social media accounts for your business is a good first step, but to make the most of them, you need to be active, present, and posting every day. Using top Instagram tools like SocialSteeze.net or management tools for Facebook can help you keep up with posting, get followers, drive engagement, and make the most of your efforts. Social media may be fun for individual users, but for a business, it’s a major marketing medium.
Go Big and Go Home
When starting a business, you likely have big plans for where you’ll end up, and while you should set goals that will help you achieve the level of success you want to, you shouldn’t overlook the smaller details. For example, while you may want to market and gain attention and business on a national or even global level, it’s important to put time, effort, and money into local marketing too. Did you know that “near me” searches have grown by 900 percent in the last couple of years? That’s a lot of business that you don’t want to and shouldn’t miss out on.
Get a Good Lawyer
A lawyer who is on your side can be your business’s best friend. Even if you aren’t being sued or suing someone, having a trustworthy attorney is a huge asset. They can help with everything to ensure that all of your intellectual property is properly filed and protected. Lawyers aren’t just for the big and scary issues—having a good lawyer can help you cover all of your bases and keep your business protected and running smoothly.
In Conclusion
Running a business can be risky and difficult, but when the successes come, the reward is worth it. While there will inevitably be ups and downs, following the basic rules for survival can help your business make it through the tough times and do well during the good times.
What are you doing to keep your business surviving when things are going rough?
