I’m raising a toast to celebrate a decade in business!
When I left the corporate world to start up my company, I had no idea that I’d still be learning new things 10 years down the line. However, that is the reality and joy of being the boss! I’d like to take this opportunity to share some of my key learnings, with 10 essentials for small business success.
Be your own boss
Most of us love the idea of being our own boss. However, it takes a degree of courage to leave your colleagues and a steady income to go it alone. I made that decision a decade ago, when I knew I wanted to specialise in document design. In a previous role, I’d gained incredible satisfaction from presenting content in a professional and visually appealing way. That, along with my project management experience, prompted me to see if I could make it work as a business.
At times, it’s been a steep learning curve. So, I want to share my experience and insight to help your company reach the decade milestone. Here are some of the things I have learned…
10 small business essentials
Excel at customer service
The first fact is, there is no company without customers. Therefore, they have to be a top priority. While no small business has the marketing budget to compete with the big corporations, we are far better equipped to build relationships.
In a digital world, most people really appreciate personalised service, proactive communication and someone they can call when they need a hand. The return on what you give to customers is their loyalty. You also benefit from word-of-mouth recommendations, which introduce you to new business opportunities.
Commit to business planning
I love a plan, and I think this is essential to business success. But what does success look like for you? How do you know when you are making it? By setting out your vision and goals, you begin mapping out the steps and resources you need to take to reach them. This forms the structure of your business plan, along with the key performance indicators (KPIs) that help you track progress.
Business planning isn’t simply a way of keeping yourself accountable for progress. It is also a must if you decide to apply for funding or support from the bank, business angels and other stakeholders.
Work efficiently
There are only so many hours in the day. So, when you run a small business, you need to make the most of every minute. That requires some honest assessment of your peak working conditions. Are you fired up first thing, or do you need time to get into the flow? Can you focus at home, or are there too many distractions?
Working efficiently also recognises what resources are needed to fill your skill gaps. I’ve found that digital tools and outsourcing have really helped. It’s the same for my clients, who find producing professional documents isn’t the best use of their time and skills. By outsourcing to me, they can focus on their specialism.
Financial management
Believe me, the income and outgoings of a small business are not straightforward. Unlike a regular salary, your figures will fluctuate. You’ll be flush one month, then worried about covering costs the next. I found it useful to schedule regular slots to maintain financial records. If you leave it for a few months, it can soon feel like a mammoth task.
Having an up-to-date picture of my finances has allowed me to make informed choices about when to invest in the business without causing cash flow problems. It can also support pitches for funding. If you plan to pitch for funding to scale your business, I can transform dry data and present it in professional, branded reports and slide decks.
Get organised
It all goes to plan, you’ll soon have multiple customer requests and orders, in addition to the many business responsibilities. To avoid feeling overwhelmed, I found it valuable to set up systems, processes and templates. Using these helps me keep track, streamline and ensure that nothing is overlooked.
Fortunately, there are lots of online tools, many with a free or low-cost, basic package for small business use. Explore which of these can help you to stay organised. Equally, I can assist with setting up branded templates for proposals, quotes, newsletters and other documents. That is a great way to cut the time involved in business admin. Contact me to discuss your requirements!
Prioritise cyber security
Small businesses are not immune to cyber-attacks. The latest Government statistics reveal that 35% of micro businesses and 42% of small businesses reported a cyber breach in 2024. Therefore, it is wise to install protection on all devices used and invest in insurance that covers cyber breaches.
Another good practice is to only work from locations with private Wi-Fi access, which might not be the setup in your favourite cafe. Also, use passwords, pass keys or authentication to restrict access to any software and devices with customer, employee or business data. Cyber Essentials provides more steps to keep intellectual property and information secure and GDPR compliant.
Who do you need in your team?
Every business has a team, even when operating as a sole trader. Your team may include trusted suppliers, freelance and outsourced service providers, a landlord, stakeholders and employees.
What’s important is to find people with skills, experience and expertise in areas where you aren’t so strong. As with customers, building relationships with everyone in your team is important. In addition, I advise you to agree on responsibilities, costs and expectations from the outset.
Know your competition
No business trades in isolation, so it is good to know your competition. It’s not just other local businesses in your area; you’ll have considerable online competition too. Gather as much market insight as you can to understand what you are up against. Use this to undertake a SWOT analysis, where you identify your business strengths, weaknesses, opportunities and threats.
I’d also recommend proactively gathering customer feedback, as this helps you to understand why they have chosen to work with you rather than your competitors. On that note, view customer complaints as valuable insight for ways to improve your offer.
Consistent branding
With so much competition, it’s important to make your brand memorable. That requires a strong design and brand values that are represented in everything you do. When every interaction with your business is consistent, you’ll start to build brand recognition, trust and a positive reputation with customers.
Branding is much more than sticking your logo on everything. As customers, we select brands that align with our values, so what does your business stand for and how do you communicate that on your branded documents?
Be adaptable
Yes, you have a vision and a business plan, but these shouldn’t restrict you from considering fresh opportunities. Customer needs and wants are ever ever-shifting market, and that means your business evolves to remain relevant and of value.
I started as a Virtual Assistant, offering a range of business admin support beyond documents. Having been asked to do more presentations, handbooks and infographic worksheets, I’ve focused on creating business documents. Then, one client asked me to format her book for self-publication. At the time, it wasn’t a service I offered, but I embraced the process and ended up writing my own book on goal setting. I’m so proud of that achievement!
The best things about being your own boss
For me, setting up in business is about doing what you love, being part of a supportive small business community and meeting inspiring customers. Equally, I enjoy the variety, which means that a decade on, I’m still excited about what I do.
What inspired you to set up in business, and what do you love about being your own boss?