Turning a small business from an idea into a profitable enterprise takes a lot of hard work and dedication. This line probably reads a little repetitive, as a small business owner, you know how hard it’s been to get your business off the ground. Though you’re not making a huge profit yet, you are starting to see the fruits of your labor: you’re establishing a loyal client base, your staff takes their job duties seriously, and you’re getting good reviews on social media.
What else can you do to make things better; especially, after you invest money and time into your business? To get your business moving, keep reading. Below are three small business investments you can make now.
Find a Mentor
According to U.S. News and World Report, small business owners should take advantage of their business connections to find a mentor that will teach them the ins and outs of running a business. A mentor offers insight and experience that a new business owner doesn’t have just yet, and they will help you to recognize valuable skills and characteristics your business needs to be successful.
In addition, the Small Business Administration (SBA) found that small business owners who spoke regularly with a mentor for three or more hours “achieved higher revenues and increased business growth.” 70 percent of small businesses who use mentoring services have been in business for more than five years. 80 percent of small businesses fail shortly after celebrating their first anniversary. Mentoring will keep your business from failing and help you to continue to grow as a business owner.
Invest in a Small Business Insurance Plan
Moreover, small business owners should, by law, carry business insurance. The requirements vary by state. The most popular insurance requirements in the country include disability insurance and workers’ compensation insurance. You will notice that the two insurance policies listed here are to the advantage of your employees. If an employee gets hurt on the job, workers’ compensation and disability insurance covers the costs of medical care and lost wages suffered by the injured employee. To get these benefits however, employees must sign a contract waiving their right to sue your company if they are injured on the job.
You may have some concern over the number of small business insurance policies you’ll need to have to take care of your business, especially if the premium cost is higher than you would like to pay. No worries. Websites like CoverHound offer small business owners a bevy of affordable (and competitive) small business insurance quotes. After filling in some general information about your small business these sites will look for discounts and work to get you a low-cost insurance plan that offers satisfying protection.
Hire a Personal Assistant
You may think because the business is yours all major tasks should be on your shoulders. Well, on the contrary, not every administrative task should fall upon you. Here’s the issue with thinking that way, the more your business grows, the bigger the trench you’re digging. Don’t miss important meetings and deadlines, because you have overwhelming tasks. Instead, delegate your some of your tasks to an assistant. Hiring an administrative assistant will take some of the load off, leaving you to take care of the big things. You can’t do everything alone. Instead, it’s essential to hire a hardworking and loyal staff who share your vision for the company.
Furthermore, there’s a lot that comes with being a successful business owner; one of those things is knowing when to ask others for help. Building relationships, protecting your staff and taking care of yourself will help you take care of business.
Reader Question: What is one think that you wish small businesses in your community did better?
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