Did you know that of the companies operating in 2013, only 83% were still open in 2014? You may believe in your small business. It?s a cut throat world for companies, though. If you?re not constantly looking for ways to improve your approach, you may as well close up shop right now.
Are you looking for ways to improve your small business so that it continues to thrive? Here?s a few things you should keep in mind.
Stop Doing Everything Yourself
Outsourcing often seems like a bad thing for companies to do — why not just do those tasks yourself? But it can actually be a big advantage. Outsourcing helps to free up time so that business owners (and their employees, too) can focus on the actual business operations. It can also help to reduce risks and costs for the business. Take payroll, for example — not following the sometimes complicated rules of tax reporting, remittance and more can result in major fees for small businesses.
Invest in Software When it Makes Sense
There?s no reason to still be pricing out your restaurant expenditures by hand every month. This is exactly what software and spreadsheets were made for. Proposal pricing is another field in which it can make a lot of sense to have software. Proposal pricing software for government proposals can help you make sure you?re presenting all the relevant information needed — and that the information is accurate. Landing a government contract, after all, can often be a very lucrative gig that helps your business stay in operation for years to come!
Pay More For Experienced Employees
When you have a small business, you look for places to cut prices. Many business owners think that it?s easier to hire someone right out of college, and pay a lot less. While this is true, the lack of experience can sometimes cost you. It takes 10 months for a new sales rep to be 100% productive, for example — and sales reps with years of experience have something that reps just starting out simply can?t imitate. As the saying goes, when it comes to hiring new employees, don’t cut off your nose only to spite your face. Sometimes a good representative for your company is worth paying for!
Are you using proposal software, paying more for experienced employees, or outsourcing? Let us know!