Every leader is searching for small business hacks to grow and expand their business. They face tough challenges such as healthcare costs and government regulations. Other problems involve taxes and finding qualified employees.
If these businesses don’t get solutions fast enough, competitors could surpass them. Worse still, they may have to shut down their companies due to reduced income.
Read on to learn small business hacks that will help you succeed.
The Top Small Business Hacks
About 50 percent of small businesses survive five years or more. The rest fail because of poor strategies, uncontrolled growth, and weak management. Such businesses don’t have enough cash flow and are not profitable.
Here are five must-know small business hacks for growth and success:
1. Outsource Non-Core Functions
Outsourcing is a powerful tool for delegating work to external vendors. These vendors offer great value because they specialize in key business functions. This could be in payroll, marketing, IT, and others.
As such, you’ll save on costs while increasing your efficiency. You’ll get fast and personalized services that make your business run smoothly. Moreover, outsourcing gives you peace of mind to focus on core business functions.
2. Do a Business Appraisal
While appraisals occur when selling businesses, you can gain great insights from doing one. It will tell you the value of your assets, intangible assets, and cash flow. It also shows how your value compares to your competition.
This information is vital for planning. After all, you can’t know where you want to be if you don’t know where you are.
Plus, this information can help you make strategic decisions. For example, you may want to merge your business with another small business. Thus, both of you must know how much your companies are worth.
3. Find and Use Great Office Tools
A clean, uncluttered, and well-supplied office improves productivity. Examples of office tools include a multi-use dusting brush and a headphone stand. Others include a USB solar charger, a monitor raiser, and a standing desk.
Such tools allow employees to stand instead of sitting too long. Other tools allow them to clean accumulating dust from their keyboards. Those who focus on environmental stuff can use the solar charger for their devices.
4. Establish Several Sources of Revenue
When starting out, every business has one key idea they are selling. This is their one and only source of income. Yet, as profitable as it may be, it poses a long-term risk to the company’s survival.
If another company replicates your idea better, your company will struggle for revenue. A better option is to create many sources of revenue. For example, if you sell books, you should consider selling audio books as well.
5. Improve your Marketing
Great marketing techniques open up new streams of revenue. They also boost your brand and connect you with your customers. Unfortunately, this is an area small businesses get wrong a lot.
Try this instead. Hire external marketers and designers to promote your business. Make better use of social media. Most importantly, optimize your website for mobile use. These techniques will help you reach customers on the devices and the media they use most.
Learn More Hacks and Tips
Using these small business hacks will put you a step ahead of your competition. Analyze your business, get better office tools, and improve your marketing. Don’t forget to outsource. It will give you time to focus on innovating for your business.
Visit our website to learn more hacks and tips.