Real talk: running a small business can be exhilarating. It can also be challenging. While it’s natural to experience ups and downs in business, it doesn’t always have to be such a rollercoaster of emotions.
Together with TD, here’s a closer look at how to get off that rollercoaster while helping your business remain on track.
1. Hone your business plan
Managing a small business can often feel as though you’re in survival mode from one day to the next—and when you’re overwhelmed, planning for the future seems next to impossible. That’s why you should consider establishing a concrete business plan before you launch your business.
This may include putting to paper a realistic vision for growth, with goals and objectives laid out clearly.
It’s important to make sure your goals are specific and achievable, paired with measurable targets to help you track your progress and highlight areas for improvement. Not sure where to start? Consult TD’s small business market research page and other tools and resources to help you on your way.
Having a solid plan in place will help give your business a strong foundation to build off, while laying out a roadmap for potential future success.
2. Be financially proactive
Managing the financial side of a business doesn’t necessarily come naturally for many entrepreneurs. Consider setting up a business banking account with a reputable bank like TD, which offers dedicated small business advisors who can help you find an account that works for your business’ long term goals.
When it comes to making and receiving payments, for example, small businesses can suffer from a lack of organization and support. Working with a business banking partner like TD can provide tools to help integrate payments and optimize cash flow. Managing multiple payment methods doesn’t have to be a headache. Whether you’re paying vendors and suppliers, employees or government taxes, TD offers a wide range of options for making payments, with enhanced security features to help keep your funds safe and business transactions secure.
It might also be a good idea to seek additional help, such as an accountant or a bookkeeper, to optimize key areas like cash flow, taxes and payroll. Proactive financial management could help you avoid headaches and stumbling blocks down the road.
3. Automate where possible
Growing a business means you’ll have to spin a lot of different plates. Luckily, there are a number of automation tools available to help small business owners. By maximizing automation of routine tasks, you could potentially save time and money while increasing productivity.
One example is using email marketing software to automatically convert leads, personalize content and manage marketing campaigns. Similarly, you could automate data tracking using integrated software tools to help get quicker data insights.
Automation can also help provide crucial insights to help with cash flow forecasting, managing seasonal demand and more.
4. Prioritize your health
Prioritizing your mental and physical health is an important, yet often-overlooked aspect of running a small business. As an entrepreneur, the wellbeing of your business often depends on your own personal wellbeing.
Just like with your business’ finances, it’s all-too-tempting to put things off as long as possible. It’s important, however, to find a balance between strong work ethic and good health habits, especially as your business grows. So remember to give yourself a breather from time to time. Being realistic when it comes to workload and how much you can handle isn’t just good for you—it could also be good for your business.
5. Build a team you can rely on
As your business grows, you may need to have an extra set of hands around to help out. While hiring comes with its own set of costs, when building a team, you may find it helpful to view your employees as assets, not expenses.
Consider focusing on what each potential new hire brings to the table—do they have a particular skill set your team may be missing? Can they handle tasks that free you up to focus on other areas of your business? Streamlining operational efficiency can help increase productivity, and having a strong team behind you may help you feel more comfortable delegating tasks, helping you maximize your time, money and resources.
Need assistance managing your new team? TD’s Small Business Account Managers can introduce you to Ceridian for payroll and HR solutions. TD also offers a range of secure and reliable online payment solutions for paying employees.