If you are a small business owner, you probably feel like you are being torn into several different directions at once. It goes with the job. It is like being a one-man show and everything needs your personalized attention. However, the old saying that you should work smart and not hard definitely can apply to owning a business. If you can streamline some of the things facing business owners, you can enjoy the process a whole lot better.
Do You Need a Brick and Mortar Store?
With online businesses of all sizes flourishing at the moment, there is no reason not to make your business entirely online, too. You could save serious money if you don’t have to pay rent, mortgage, insurance, and utilities. And any time you are saving money, you are making more of a profit. It is a win-win situation!
Go All-in with Technology
You should view your own business as a mini-Amazon. This means incorporating technology whenever possible. You should have a software program in place to reach out to your current customers every so often. You need to have an accounting program operational and fully functioning so it can keep your books throughout the entire year instead of just around tax time. By investing in these things now, it will make your life much easier for years down the road.
But perhaps you are unsure of where to turn. Not everyone is able to be a wizard with technology. You can definitely make it easy on yourself if you contact a FinancialForce consultant. They will help you through the process and guide you effectively to get started.
Try to Reduce Credit Card Fees
Most small business owners are affected by credit card fees, both by using your own and accepting your customers’ cards. For many business owners, it is basically 2.75 percent on all transactions. This means that for every $100,000 of business you bring in, the credit card companies get $2,750 of it. As a small business owner, this could literally make or break you at some point.
However, if your customers can use a debit card instead from a banking facility that is linked to their checking or savings account, you can avoid these fees altogether. This can be accomplished more often if you let your customers know that credit card fees are hurting your business and you would like to operate more through cash or debit cards in the future.