If you ask ten successful business owners to share the secrets of their success, you’ll probably get ten different answers. However, you’ll also find a lot of common ground.
In the spirit of the new year and all the hope it brings, we’d like to share a few business management tips to help you make the most of the energy.
Though every business is unique, success can be templated to a certain degree. Today, we’ll look at what most thriving small businesses have in common so you can apply these ideas to your plans for the coming year.
Small Business Management Tips for 2023
Here are a few tips to fuel your fire.
1. Don’t measure success by the bottom line
This tip might seem counterintuitive. After all, you’re running a business and need to make money. Just keep in mind that money isn’t the only thing that makes a company successful. In the words of Richard Branson—someone who knows a thing or two about success—if you’re having fun and making the world a better place, the money will come. Branson goes on to state that he’s “never gone into business to make money.”
2. Use technology to its fullest advantage
We live in extraordinary times where automation fuels productivity. The right technology will put time back into your day and may help you expand your capabilities dramatically. Look to your biggest competitors to find out what tools they use and how they differentiate. Even if you can’t afford enterprise-grade software, you may be able to reduce the amount of time you spend on manual tasks, which may then enable you to take on new business. Today’s third-party apps are billed on a subscription basis, making it easy to get started quickly without a massive upfront investment.
3. Prioritize lean methodologies
Reducing business costs is essential in today’s volatile economy. Here are a few ways you can run lean and start seeing the value immediately:
- Review your service contracts. Cancel what you don’t need or see if you can either find a more cost-effective alternative or negotiate a better deal.
- Cancel monthly subscriptions you no longer use.
- Cut your overhead. Do you really need a full-time office space? Consider switching to a coworking environment or virtual office to reduce your monthly overhead.
- Consider outsourcing over hiring. Outsourcing gives you access to highly specified talent when needed—without the risk and expense of recruiting and payroll.
- Revisit your pricing policies. Inflation has affected every sector of industry. If you have not reviewed your pricing recently, perhaps it’s time to do so.
If you’re looking for more great tips to help you win in 2023, we’d love to help! Speak to the Heritage Office Suites team at our Round Rock or Georgetown locations—we’ve got plenty of ideas and services to help you manage and grow your business.
