Did you know that only about 25% of small businesses survive 15 years or longer?
If you’re trying to figure out how to make a small business last, you have to follow the right tips. With thousands and thousands of small businesses created each year, you have to stand out.
keep reading to learn tips for your small business longevity.
1. Solve a Problem
One of the reasons a business stays in business is because it is needed. This means the business has solved a problem for customers or has brought about something that makes life better.
2. Market with Social Media
Now that we’re in 2022, marketing with flyers and on billboards is not the best move. While you can do that, marketing on social media is key to your small business’s success.
Try to create an account on Facebook, Instagram, TikTok, and Twitter. And be sure to stay active.
The secret to small business success is to automate a lot of the processes so that you are not spending too much time on those things instead of working on things that can’t be automated, like making your business better.
4. Focus on Your Mission
Every business has a mission. And if yours doesn’t, it may be time to create one. Once you do that, the key to success is to always refer back to the mission to make sure you are aligned with your values and goals.
5. Implement Sound Fiscal Management
There’s no denying that financials are a huge part of how to make a small business last. If you don’t feel cut out to do it yourself, there are many services offered that can help you with your finances like taxes, payroll, and budgeting.
6. Be Flexible
Success is all about flexibility. You have to be able to adapt to changes in your environment or in the business world to stay above water.
For instance, when social media came out if businesses didn’t hop on board, they were quickly forgotten. If there are new technological advances in the future, it’s crucial to learn them and hop on the trends.
7. Create an Evergreen Platform
As great as social media is, we’re aware that it can shut down in seconds. Without a platform to point customers to, you may not have a running business.
Here are a few examples of evergreen platforms:
- Website with products
- Email list
Be sure to lock down one of these as soon as possible.
8. Motivate Yourself
If you find yourself in a creative rut or burnt out, it’s important to find ways to motivate yourself to keep your business afloat. Look into new products or services for your customers.
And take care of yourself in the meantime.
9. Always Grow Your Knowledge
As a business owner, it is important to stay up-to-date with what is happening in the world around you — current events, tech trends, marketing trends, and so much more.
Continuing learning can help set you apart from other businesses.
10. Define Your Target Audience
Whatever your business is, it probably doesn’t appeal to every single person walking this earth.
In order to be successful, you need to narrow down your focus to direct your attention and marketing to your target audience.
Tips for Small Business Longevity
Keeping your small business around is not always easy, but with these tips to make a small business successful you won’t be going anywhere!
If you’re ready to hire some professional help for your business, contact us today! Orcutt Financials will help make sure that the financial part of your business is prepared for anything that comes its way, helping with your small business longevity.