Lessons Learnt by Small Business Owners

Lessons Learnt by Small Business Owners – “it doesn’t seem like a job”

In a recent study, a whopping 92% of surveyed small business owners said they have no regrets, and 88% would do it all over again if given the chance. That is just wonderful news! The survey respondents attributed their happiness to the fact that owning an American small business really does help one achieve the American dream. 73% said owning a small business improved their financial well-being. 55% said that going into business for themselves makes work fun, “it doesn’t seem like a job” they reported.

We know running a small business is hard. Very hard. How did they build businesses that worked, and achieve happiness? Here are some key lessons we can take away from some happy, and successful small business owners.

Cash Flow

This is a small business lesson very near and dear to our hearts.
Obviously, money is important when you run a business.
Without it, your business is done.
With it, you can grow your business and continue pursuing your entrepreneurial dream.
How much money is going in and out of your business?
The three main financial statements you can use at your small business are the income statement, balance sheet, and cash flow statement.
The income statement measures the profitability of your business during a certain period by showing your business’s profits and losses.
The balance sheet shows your business’s financial health, measuring how much you owe and own.
And, the cash flow statement shows how liquid cash is at your business.

Finance

The most important piece of advice for new or aspiring entrepreneurs is to keep business related finances separate from personal finances.
Just avoid that whole mess altogether- it isn’t worth it!

Marketing

Equally important to these successful small business owners was the realization that marketing, partnerships and promotion is worth every penny.
Do more marketing than you think you should.
If anything, they would have invested even more time and money in marketing, and earlier on too!

Team

Many of the surveyed small business owners reported they initially hired family or friends to save money on salaries, but when they switched to hiring instead the most qualified person for the job, they saw significant improvement.
If you want your small business to succeed, you need a fantastic team.
Surround yourself with people that are smarter than you.
A company can accomplish amazing things when it has leadership and a team who is inspired, hardworking and believes in the company’s mission.
24% said this was most of the most important lessons they learned.

Advice

72% of respondents said that the advice and partnership from an expert was the most important of all their outside help.
49% of surveyed small business owners said that advice from an expert helped them significantly along the way.
A large portion of the small businesses owners said that they could have grown their businesses and achieved success more quickly if they had spent more time early on seeking out subject matter advice.
Now they know to regularly read blogs and business papers.
Never forget, there are many ways to work with a business advisor that you can benefit from!

Service

Customer satisfaction is also an important part of business which depends on reliability and exceeding customer’s satisfaction by good customer service.
In order to close a sale, people have to trust your product, which will happen only when you deliver what you have promised. This is called value delivery.
Take a look at your competitors, and offer something even better.
A simple and direct way to success is simply providing the best service.
Sterling customer service will take you very far.

These lessons are more valuable than any pricey business class. It’s real life advice from small business owners just like you, who are living the American dream: started their own business, achieved success, and now look back on the endeavor with happiness and no regrets.

It’s the fact that runs our whole business mission, being one of the best companies offering technology to make normally time-consuming tasks go just a little bit easier. Our mission is to make it easier for small businesses to succeed, and their owners to be happy. Get in touch with HyperEffects for our free one-hour session especially designed for the success of small businesses.