6 Small Business Strategies Entrepreneurs Need to Know

Author: Gabrielle Gulo | April 30, 2016

Happy National Small Business Week! Whether you’re a seasoned entrepreneur or a first-time business owner, this week is for you. Small businesses are integral to local economies and have a huge impact on national job growth. In 2014, small businesses accounted for nearly two-thirds of total job growth—creating nearly 2 million American jobs.

There’s no shortage of information on good business practices, so here’s a list of our best small business strategies:

1. Hire top talent—it’s one of the most underrated small business strategies

Did you know that your hiring decisions could potentially impede your business growth? Stay on the lookout for great talent—and don’t forget to nurture your employees’ professional growth. – 5 Barriers to Small Business Growth

2. Tell your story

It’s not just for children and fairy tales: Storytelling is one of the best ways to market your small business. From branding and design to literal wordsmithing, this approach to marketing will definitely differentiate you from your competitors. – How Storytelling Can Help You Market Your Small Business

3. Invest in internal resources

Have you ever used Wikipedia? An internal wiki can prove to be an invaluable resource for your company, helping you delegate tasks and even optimizing your employees’ productivity. – 5 Entrepreneurs Share: “The Best Thing I Did for My Business”

4. Watch your cash flow

Maintaining smooth cash flow is one of the biggest small business challenges—64% of small businesses wait on late payments! When a Net 30 invoice turns into a late payment, that cash flow delay can affect payroll, rent, and supplies. When that happens, look into invoice financing options like Fundbox. – 64% of Small Businesses Wait on Late Payments

5. Be upfront with slow-paying clients

No one likes to face the reality of a slow or late-paying client, but those kinds of customers can eat into your business financials. Start with diplomacy, such as invoicing as soon as the work is complete and then re-invoicing again. If those don’t work, don’t be afraid to take a more direct approach. – 7 Direct, Yet Diplomatic, Ways to Handle a Slow-Paying Client

6. Focus on building long-term wealth

What does wealth mean to you? For small business owners, building wealth can mean different things, but the first rule is to stay on top of your finances—checking your financial activity every month. – 10 Financial Habits that Help You Build Wealth

Ready for more?

Apply for funding and find out if you qualify today