We may earn money or products from the companies mentioned in this post.
My little blog has been so blessed to have had several guest blog post requests over the past few months. Sharon reached out to me back in September to see if she could write a post about small businesses, and I’m so happy to be able to publish it here today.
Small establishments dominate the business industry in Canada. Official reports show that 98.1% of all businesses in Canada in 2021 were small businesses, and that they employed 10.3 million individuals. Many would-be business owners worry about the data that says 14% and 23% of small businesses fail before the one-year and three-year marks respectively. However, flipping the perspective, this means 86% make it through the first year and 77% last another two years.
If you are a small business entrepreneur, statistically you have a high chance of success. Little Black Checkbook presents five best small practices to raise it further.
1. Stay on Top of Important Legal Changes
Every business is bound by regulations and standards. Potential ramifications for non-compliance include fines, prosecution, damage to reputation and even the shutdown or suspension of your business. Guidelines and rules undergo frequent changes. Proactively keep up with them by monitoring authoritative sources like government sites, attending relevant conferences and events, securing legal counsel and performing regular internal assessments.
2. Invest in an Organized Payroll System
A reliable automated payroll system is hugely beneficial for small businesses for a host of reasons. They include saving time, ensuring the security of sensitive information, minimizing errors and improving accuracy. Note that timely and accurate payroll can even affect employee satisfaction by reducing the number of pay mistakes.
If your staff is too small to derive advantages from an automated system, consider a payroll template. Besides helping with the wage distribution process, it also simplifies tasks, such as employee scheduling, invoicing and tracking time. There are many free templates available online.
3. Ensure Your Team Knows You Value Them
Studies have proven that happy workers perform better, displaying higher productivity and greater loyalty. A survey of 1,714 employees revealed that 88% of those who felt valued also reported a higher level of engagement, with 93% experiencing motivation to exceed expectations and expend their best effort at work.
Make a point to regularly engage with your team. Hold weekly or bi-weekly meetings, and encourage the expression of ideas. Offer rewards and incentives like holiday bonuses and breakfast on Fridays. Emphasize that each employee plays a vital role in a grander scheme. People want to feel as if they are contributing to a meaningful cause.
4. Network and Outsource to Drive Growth
Joining groups can provide your business with invaluable resources and networking opportunities. Small business associations offer access to data, expert advice, and funding. Getting involved with your local chamber of commerce can also help you obtain customer referrals, business contacts, credibility and visibility.
If you regularly do business with international businesses, you may find it helpful to connect with international groups either online or in your area. Look for business groups for various cultural groups, and enquire about joining or participating in some blended activities to increase your cultural awareness. You can also consider using a translator when interacting with international clients to reduce miscommunications and to show that you value their language and culture. You may even want to try learning the language of your primary clients.
5. Continue Learning and Encourage Employees To Do the Same
Pursue lifelong learning and inspire your workers to follow suit. You don’t have to go back to college in person to get an extra degree or certification. The digital age has made available plenty of other options, particularly online degree programs that allow you to learn at your own pace, so you can focus on your business as well as your long-term professional goals at the same time. Ensure that both you and your employees have optimized, balanced work and home lives for everyone’s well-being. Then everyone can achieve their goals.
Being a small business owner or entrepreneur requires effort, perseverance, and strategic actions. It can be a challenging experience, but owning your own business can also be incredibly rewarding. Treat your employees well, use tools to streamline your work process and reduce errors, and show your clients you value them, and you will be on the right track towards success. Implementing the above techniques can help you not only survive but thrive as a small business owner.
Sharon Perry became a remote working mom during the pandemic. Today, she continues to live the stay-at-home, working mom life as she navigates her own career, her children’s schooling, and her partner’s EMT schedule. She sympathizes with any work-from-home parent who’s struggling and created her website to offer advice, support, and a virtual hug when needed!