7 tips for running a small business in 2023

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Being a successful small business owner often comes down to what potential customers think of you.

Main points

• In everything you do, keep an eye on how it affects customer service.
• Flexibility allows you to make improvements on the go.
• As a business owner, you don’t have to know everything. Use counseling services.

Few things are as exciting as starting your own business. You decide the direction of the business. And write the script and execute the plan. However, no one can be expected to know everything when first starting out. These seven tips are designed to help you feel more confident moving forward.

1. Organize

Most business owners are busy, busy, busy. And all that busyness can easily lead to disorganization. A receipt for inventory, and a letter from a vendor there. It can all be too much. The weight of disorganization hits when you can’t find the documents you need or walk into your office and don’t know where to start organizing.

Set aside a day to set up a system of organization and put things where you know you’ll find them. Then, every day, take the time to make sure everything is as it should be.

While you’re at it, teach at least one or two other people where everything is. That way, if you’re gone, someone else can find what you need to keep the business going down with them.

Here’s the thing about being organized: Keeping your customers happy is a must. Let’s say you have a small clothing store and a regular customer comes to you, asking if you can order a certain item that is the size of her sister. Being organized means you don’t have to dig through your records to find out which vendor is selling. Because they keep all the information in one place, you can easily find the information you need.

You’ll save yourself the stress while providing excellent customer service. In addition, it makes accounting much easier.

2. Be flexible

Even if you’ve been in business for years, flexibility allows you to adjust when changes need to be made.

Let’s say you own an online store that sells handmade, uniquely designed cloth diapers. A large retailer moves into the space and undercuts your price. Flexibility allows you to:

• Decide if you want to lower your price to compete or not
• Personalize your services in a way that differentiates you from the competition

3. Keep learning

At the family reunion, that sly uncle can agree, no one is born knowing everything. Again, as long as you’re in business for yourself, there’s always something to learn if you’re willing to listen.

Connect with other business owners to stay on top of the latest trends. Connect with a small business management consultant. Receive feedback from employees on the front line. In other words, be open to learning as you go. Not only does it keep you sharp, but it also keeps your business fresh.

4. Make it personal

Customer service is key in everything you do. Complaints and concerns should never be dismissed (this is especially important for educating employees). If a customer has a complaint, address it promptly and patiently. If possible, work until you find a satisfactory solution.

We all know that some people cannot be satisfied. But that doesn’t mean you shouldn’t try. At the end of the day, people know when you are thinking and trying to make things right.

5. Continue your competition

Look at successful competitors to learn what they do that attracts customers. And keep an ear out for news of what their customers are doing. Look, it’s not a scam. It’s about figuring out how to move yourself up the pecking order. Here are a few things to check:

• Are you competing for the same customers? If so, what can you do to make your business more attractive to those customers? For example, does offering a quarterly discount to your most loyal customers keep them coming through your doors (virtual or otherwise)?
• How is your competitor’s online presence? Are you posting on all types of social media? Is their website darn perfect? Compare it to your online presence. Is there anything you could improve on in Keeping Up With The Joneses?
• Think of yourself as a customer, not a business owner. Is there something about your competitor’s business that draws you to them? If so, you know it’s time to make an adjustment to your own business.

6. Build a team you can be proud of

When it’s time to hire, the people around you are critical to your success. Take the time to find out what applicants have to offer and do a gut check to find out how easy it is to work with this person. Hiring today is undoubtedly harder than ever, but that doesn’t mean you have to accept anyone who applies.

Before you give someone a job, ask yourself how happy that person would be representing you or your business.

7. Save money

Recessions are part of the normal economic cycle, and it’s not a matter of if the US will experience another recession, but when. The best way to prepare this year (or any year) is to put money in a rainy day fund. These funds, whether you keep them in your business account or another liquid account, will see you through the lean months and ensure you’re still open when business picks up again.

There is a distinct difference between working for someone else and working for yourself. Everything depends on you, including how you move forward in 2023.