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Category: Business

5 Reasons Why Business Want Employees In Office

Working from home has been rising in popularity ever since the internet started to take off and has made things like video calling much more accessible to the everyday worker. Then, during the COVID-19 pandemic, work from home essentially became mandatory for major companies that didn’t require workers to actually be in the office. Many got adjusted to working from home and, for many, it became permanent.

Then when things started to improve, workers were asked to return to the office. There was a bit of a revolt for workers who realized that they were saving time and money by not commuting to work or having to wear expensive clothes while still being just as productive (if not more so) than ever. So why do employers want to bring back their workers so badly? Here are the five key reasons.

1. Real Estate

There isn’t a single CEO that will admit to it, but the biggest reason that company executives want workers back in the office is because of how much money they’ve invested into real estate. Between office buildings and parking garages, things aren’t cheap, and employers want to make sure that their real estate investments are actually being used.

Sure, employers save money from their energy bills by not having many in the office, but these buildings are actually money-makers for the companies as well. Think of things like vending machines or restaurants that are owned by company executives. Having people in a centralized location is a revenue stream.

2. Chemistry

When you were working from home, there was a good chance that you only spoke to your coworkers through instant messaging or the occasional meeting where you didn’t even have your camera on. A certain lack of chemistry comes with remote work, which is why employers are trying to at least adhere to a hybrid schedule.

You develop more chemistry with your coworkers when you meet with them face-to-face, with employers saying that it makes for better idea generation. While that’s not the case for everyone, it certainly fits the majority.

3. They Didn’t Stop Working In Office

At the very beginning of the COVID-19 pandemic, even those that were at the top of the company food chain were working from home in their pajamas. After a couple of months, however, company executives started returning to the office in a limited capacity. 

Many of these executives felt that if they had to do it, and were safe to return, then the other employees should rejoin the office setting. For some, it was a case of “if I have to be here so do you” that was branded as “we’re in this together.” For those that had to work in a big bullpen compared to an office with a door, though, it may not have seemed fair.

4. Management Duties

Have you ever been at a job where you wonder what your boss even does on a daily or weekly basis? When work-from-home started to explode in popularity, there were a lot of people that were asking that question. Middle management was being questioned left and right for its need in a large company.

For a lot of companies, there are managers who have the role of being a bit of a cheerleader and coach at the same time. This job was nearly impossible to do remotely, and those that were good at boosting office morale were left without many tasks. These managers also had to act as the mouthpieces for why returning to the office was good for employees.

5. Training

There are certain jobs that can easily be trained for virtually, but there are a lot that require a hands-on training approach. Company trainers were among the first that returned to the office for a lot of companies since their jobs were essential. These companies were also hiring like crazy when revenue was reaching all-time highs and more trainers were needed.

Out of all of the reasons that employees have had to return, this is the one that has been met with the least amount of backlash. It makes sense that to be good at your new job, you need to be trained, and in-person is the best way to be trained.

5 Memorable Large Companies That Went Out of Business

Businesses can succeed for decades and even over a century, but that doesn’t mean that they’ll live on forever. Over the years, we’ve seen many companies that had a stronghold on an international basis, only to quickly fall into despair and completely go away in the snap of a finger. Out of all of the companies that have had to shutter, there are some that really stand out. Here are five of the most memorable large companies that went out of business.

1. Lehman Brothers

When people think of financial companies that went down in the 21st century, the first thought might be a newly-founded hedge fund or cryptocurrency company, but that wasn’t the case for Lehman Brothers. The investment firm was founded in 1850 in Montgomery, Alabama, and became one of the largest institutions in the United States with more than 26,000 employees.

During the financial crisis of 2007 and 2008, many of the banks in the United States were bailed out as the feeling was they shouldn’t go under, but Lehman Brothers were left to collapse. The company officially filed for Chapter 11 bankruptcy in September 2008 due to the subprime mortgage crisis and lost nearly $3 billion in just one quarter.

2. Blockbuster

Those that grew up in the 1980s and 1990s remember what it was like to head to Blockbuster after school on a Friday, pick up a couple of video games and movies, and be glued to the television screen for the rest of the rainy weekend. What millennials also remember is that unique smell that every blockbuster had, but the company founded in Dallas, Texas in 1985 lost all but one of its stores and the 84,000+ employees along with it.

Blockbuster had a great business model for its time but failed to adapt to changes. The company had a chance to acquire Netflix for a low price but didn’t feel that the model would work. Within just a couple of years, Netflix became a massive success while Blockbuster has just one store left in Bend, Oregon.

3. Borders Bookstores

For many years, Borders went head-to-head with Barnes and Noble as the leading book retailer in the United States, but Borders was the newcomer to the block. Founded in Ann Arbor, Michigan in 1971, Borders expanded quickly but was gone by the early 2010s after opening more than 500 stores nationwide.

The rise of Amazon as an online book retailer during the 1990s all but sealed Borders’ doom, and the company was acquired by its arch-rival Barnes and Noble. Borders made a profit in 2006, but it only took a little more than four years afterward to go bankrupt and shut down.

4. Toys R Us

It’s hard to believe that there was a time when some considered Toys R Us to be a monopoly of the industry and had well over 60,000 employees at its peak. With over 1,000 stores worldwide, Toys R Us was the only place to find certain brands of toys and video games, but that would all change dramatically starting in the 1990s, marking the beginning of the end for the favorite of Gen X’ers and older millennials alike.

Toys R Us lost a lot of its luster thanks to online retailers and the conversion of stores like Walmart into supercenters that sold the same toys for lower prices. Toys R Us couldn’t keep up, and began closing stores down in 2017 with the last closing in 2021.

5. Sports Authority

The United States is never going to suffer a shortage of sports enthusiasm, and Dick’s Sporting Goods is still doing just fine in the country. However, Sports Authority is no more after having more than 15,000 employees and nearly 500 stores at the time they decided to shut down. After opening in 1928 in Denver, Colorado for the first time, the headquarters moved to Florida during the 1980s and was doing just fine until the 1990s when it was acquired by none other than also-defunct retailer K-Mart. 

In a confusing (at least in hindsight) move, Sports Authority merged with Gart Sports but took on a lot of debt in the process. More than a decade later, Sports Authority wasn’t able to climb out of its financial hole and closed down in the mid-2010s along with many other retailers.

5 Ways to Transform Your Business Using Data

Data is everywhere. It’s more than any business could ever process. It’s customer reviews, social media analytics, purchase history, page visits, productivity, and more. 

So forget about the overwhelming enormity of it for a minute. Instead, get hyper-focused on how they can actually use that data now to transform your business in real and tangible way. 

Here are 5 great places to start.

1. Business Intelligence, Not Just Data

It’s easy for business leaders to spread themselves too thin, reducing their effectiveness — especially when it comes to data analytics.

Given just how much data is out there, you’ll need to focus your efforts to see the greatest return on investment. Business intelligence is more than just collecting a lot of data.

It uses technology to narrow your focus to what’s important and helps you get a comprehensive view of performance. Harness an overwhelming amount of data quickly and efficiently so that it becomes more useful. Make more data-driven decisions because you always have up-to-date and useable information. 

For example, simple data collection can tell you how much revenue you generated in the third quarter. But business intelligence leverages the power of technology to analyze many data points. It helps you understand:

  • Why revenues rose/fell
  • Where they’re coming from
  • What you’re doing to affect them
  • How you can consistently repeat the desired result
  • How you can cut costs while doing it

Business intelligence data is not acquired through a specific type of tool. Rather, it’s a feature to look for in a great data analytics platform across industries and departments. Don’t just look for the tool that collects the most data. You can always collect more data. 

Rather, choose analytics tools that present data to you in a useful way.

2. Better Customer Targeting

For most businesses, somewhere around 50-75% of the target customers’ journey happens online. That’s great for your business. 

You can track most of what customers do online, within reason.

Don’t be a stalker. 

You can’t see everything. But you can use what you can to better understand who your ideal customers are.

  • What drives their decision-making? 
  • How do they find you?
  • What do they need from you?
  • How do they respond to your efforts?
  • What keeps them coming back?

Knowledge is power. Now, take what you learned to influence what they do. 

The real power is in collecting first-party data through your own customer relationship management software (CRM) such as HubSpot or Salesforce.

3. Cutting Costs Through Efficiency

Data analytics can help you streamline operations in every department. Identify where you’re wasting money. Then use that same data to narrow down the cause and start applying strategies to eliminate that waste.

Not only is this good for business. Employees and customers suffer in inefficient businesses. Businesses that overlook ineffective people, tech, and processes will lose customers and employees.

Enterprise resource planning tools (ERP) help you track, streamline operations, and cut wasteful resource usage related to:

  • Quality issues (internally and with vendors)
  • Productivity loss
  • Inefficient processes that should be automated or revised
  • Overspending on raw materials

4. Enhancing Customer Service

Data gives you a window into how well your customer service team is addressing customer complaints and questions.

See how these influence their future buying decisions and revenues. Gain insights into how you can generate more delighted customers. 

As an example, use data to identify your customer’s most common questions. Then build chatbots to answer those questions and free up your people to manage more advanced issues.

Not only are customers getting their answers without having to wait for a customer service rep. Customer care gets to stop answering the same obnoxious questions over and over.

Your CRM centralizes data across departments and helps you view the customer’s whole brand journey. Explore its customer experience enhancement features and put them to work to transform that brand experience.

5. Protecting Sensitive Data

Data can help you track who’s accessing private data and how they’re using it. Machine learning — a type of data analytics — can learn from the data it collects. It can spot nefarious activity more quickly, notify you, and even address the situation on its own with automation.

Network Security Monitoring tools and vulnerability scanning technology can help you begin to capture and track this data.

How to Revolutionise Your Small Business With Data

Big data has become a popular buzzword for businesses today. Digital ecosystems make it possible for businesses to incorporate enormous amounts of data about their customers and sales. This data can then be used to revolutionize the business and build the organization like never before.

If you want to help your business reach its maximum potential, incorporating business data is an excellent way to achieve that goal. Here are a few key ways that you can incorporate data to power your business. 

Improve your understanding of what customers look for before buying

Data can help you understand what customers want to see before they decide to move forward with a purchase. For example, you might find that people prefer certain types of content, such as short videos. They might also land on your page by researching particular keywords. Data will help you better follow what customers want to see throughout their buyers’ journeys, so you are more equipped to answer those needs.

Know how to build better email campaigns

Email can play a critical role in staying engaged with your target customers. For every dollar you spend, you can expect an average ROI of $44, which can make it an excellent investment. However, you do not want to waste money when drafting emails. Tracking data regarding what people open, the types of links they click, and how you can best engage your audience can help you build more effective marketing campaigns. You can use the data to better segment your email lists and then send out emails precisely targeted toward their interests.

Improve your customer service

When you employ data to guide your customer service, you can improve the customer experience. Data allows you to track customer profiles and how they use your product or service. You can also track common questions or concerns and then use this information to boost your ability to serve customers. You can better anticipate why people might need to contact you and know how you will solve the problem for them immediately.

Avoid repeating the same mistakes

Businesses make mistakes sometimes in their marketing or what they offer customers. Data allows you to track how people respond to everything you do so that you can avoid making the same mistakes twice. You might discover that no one seems to appreciate your latest ad. If you redesign your website, you might realize that customers become less likely to click on your CTA or respond to your offers. Only data will tell you if you made a mistake and that you need to fix it. 

Improve your forecasting

Forecasting can also play a critical role in business. It uses information from the past, combined with information about current conditions, to make a prediction about what will happen to the business moving forward. Proper forecasting can help you better plan for business growth. You will be able to anticipate the times of the year when you might see more sales and how different products rise and fall throughout the year. You can also anticipate how your business finances might evolve over time, which will help you better manage your accounts.

Depending upon your type of business, you might turn to popular business tools like HubSpot, EngageBay, or Pipedrive to help you with business forecasting and collecting business analytics.

Getting started on data for your business

If you are ready to dive into the potential for data to revolutionize your business, plan on getting started with Google Analytics. This free source of data can help you track visitors around your site. Google also offers free training courses to help you learn how to use the program so that you can set up the charts and monitor them in a way that works for you.

To put the data to work for you, you want to delve a bit into the study of analytics so you can see how to use comparisons like Year over Year or Month over Month. It will also help you learn how to interpret data and use it for your business.  

To help you further learn all about the potential for data and your business, you can take advantage of courses offered through MOOC platforms, like Coursera.

Data can be a powerful tool for your business. If you have not already incorporated big data into your business forecasting, see how you can use this insight to improve your business performance.

5 Reasons To Consider Doing An MBA

An MBA can drastically change your life for the better. From sharpening your business skills to gaining new perspectives, an MBA degree offers several impressive benefits. If you want to take your career to new heights, an MBA could be right for you.

Keep reading to learn 5 key reasons why you should consider getting an MBA:

Grow your professional network

Receiving your MBA means you’re now part of an exclusive group. In fact, you’ll have access to an entire network of MBA alumni in your specific degree specialty. This provides opportunities to connect, share tips, and even find a new job.

Aside from getting to know and collaborating with alumni, you’ll also have the ability to grow your network elsewhere. You can connect with professors, business professionals, and other experts across various industries. This could result in more LinkedIn followers, greater exposure as an expert, a higher reputation in the industry, and a strengthened professional network overall.

Increase job opportunities

If you’re considering an MBA degree, chances are you’re looking for more job opportunities. After completing an MBA graduate program, your credentials could look very impressive to employers. This can be especially important if an organization is trying to choose one candidate over another. As the business world can be very competitive, an MBA can set you apart from the rest.

Earn a higher salary

Looking to make more money? By completing an MBA program, you’ll have the potential to make the salary of your dreams. In fact, MBA salaries are some of the highest out there, and you can even make up to twice as much as you would with an undergraduate degree. In today’s market, employers offer new MBA hires an average salary of $115,000. While it’s hard to fork over the money for tuition, this impressive salary certainly makes up for it.

Strengthen your specialized skills

One excellent aspect of MBA degrees is that they’re highly specialized. Several schools offer a variety of different MBA programs, helping you focus on your specific goals and areas of expertise. For example, you could receive an MBA in finance, giving you the skills to become a banker, chief financial officer, or finance manager. Furthermore, several schools also offer dual specializations, allowing you to get your MBA in multiple areas of study!

Start your own business

Many people decide to earn an MBA because they want to start their own business. MBA programs involve professors with real-life experience in entrepreneurship and business management, providing students with the knowledge and insider tips for getting started. Additionally, it’s very possible to meet other MBA students with similar interests, offering the ability to collaborate and share ideas. In fact, you may even find a life-long business partner in the process!

During the course of your education, you’ll learn how to effectively communicate in the business world. Whether it’s pitching your ideas to potential investors or negotiating a large contract, having top-of-the-line communication skills can give you the upper hand over the competition.

From higher career earnings to increased job opportunities, an MBA can help you excel in your career. If you’re interested in one of these degree programs, do some research to find an MBA that’s perfect for your specific needs!

4 Business Principles MBA Students Learn

An MBA learns many business standards and practices, like finance, accounting, marketing strategy, and operations, but MBA programs also teach business principles that are just as important. An ethical, responsible, and principled business succeeds and is essential to the community, and this doesn’t go unrecognized by business professors.

Every serious business publication, like Harvard Business Review, will discuss the need to conduct principled business. The highest profile failures and value destruction have always come from companies that fail to embrace strong principles and serve all of their stakeholders. Those company leaders might have had MBAs but obviously didn’t pay attention in class.

Here are some business principles you could expect to discuss in an MBA program.

Don’t Get Full of Yourself

The greatest business disasters and value destroyers have been committed by executives that loved the wealth and prestige and thought they could do no wrong. Not only do those companies often make tremendous mistakes, but thinking you’re doing everything often means many customers aren’t being served. The little, nimble, and humble players are happy to come in and snatch those customers up.

Most companies have a definitive lifespan. Of the original Dow Jones companies, only one exists (GE) and it is no longer listed on the Dow. All of the executives in GE under past CEO Jack Welch have gone on to destroy companies simply because they thought they were the best.

Create Value for All Stakeholders

In the 80s, Milton Friedman’s economic theories said that the only people corporations were responsible for were the shareholders, and it’s probably one of the worst theories in history for expanding company value.

MBA professors counter that theory with examples of companies that have valued employees and communities as much as they do their shareholders. They show students that the overall value created by stakeholder-conscious companies far outpaces those companies that only seek to reward shareholders. The most successful companies aren’t just financially successful but successful in fulfilling a social mission.

Lead With Integrity

Business leaders accomplish more and create more value for everyone when they lead by example, listen to the opinions of their employees, and inspire people. A leader needs to be willing to spend some time in the trenches learning what employees do and thanking them for their hard work. Such leaders inspire job satisfaction and increased understanding of the company, helping them better manage and lead.

In such classes, it is not uncommon to discuss leadership failures and watch discussions between leaders who hurt companies and those who made them great. Biographies and movies about leaders that inspired, lead with integrity, and got their hands dirty are common assignments in an MBA program.

Patience

Companies aren’t built or become great overnight; even the most innovative products must first be known in the marketplace. Patience keeps the company focused on long-term goals and adjusting as needed, which are essential for company success.

A patient leader also fosters long-term vision in their employees, setting everyone up for success. It’s not about how much money you make this quarter but the value the company creates over its lifetime.

Strong, patient leaders better understand customers, rebound from failures, and convey a true vision to investors.

An MBA is a primer for all business disciplines that create effective generalists and a program that instills business ethics and principles. Business professors have watched the mistakes of businesses of the past and know that instilling values makes the greatest success stories. No MBA class will ever praise the CEO that made millions from practices lacking in integrity.

5 Critical Mistakes People Make When They Try to Grow Their Small Business

Take a look at the U.S. Bureau of Labor Statistics data on the success of small businesses over time, and you’ll immediately see that about 20 percent of small businesses in the United States fail after just two years. That’s a lot of failed businesses.

So, what happens that makes these companies unsuccessful?

Let’s take a look at a few of the most common mistakes and explore how you can avoid them when attempting to grow your own small business.

The Top 5 Mistakes Small Business Owners Make When Growing Their Businesses

1. Spending too much upfront

When it comes time to grow your business, you want to start small. Think big, but start small.

In other words, don’t throw all of your money into one growth endeavor. Rather, try several growth strategies, putting a little bit of money into each. That way, you can see what areas of your business growth plan are succeeding first before you put more money into other attempts that may not be worth it.

2. Being disorganized

As any small business owner knows, being organized is critical to your business’s success. Staying organized is even more important. 

As you grow your business, you’re going to have more streams of income, more expenditures, more payouts, more employees, more insurance plans, and … much more. Staying organized in all of these areas means planning ahead, creating the necessary infrastructure, and keeping copious records.

3. Not understanding what need they are attempting to fulfill (and if it’s scalable)

One key to a good business idea is fulfilling a need that your target audience has. This means that you have to understand your target audience in the first place.

Let’s say that you sell children’s clothes, and you primarily sell play clothes — things that are easy to wash and will stand up against dirt, food, and grime. You are successful, and you want to grow your business, so you immediately start selling fancy dress clothes for kids. 

Why might this not be a good idea?

Answer: It may not be what your current target audience wants (i.e. They want play clothes for busy kids who get dirty, not fancy dress clothes).

Lesson: Learn what your target audience wants before deciding how you want to grow.

4. Not hiring help

You can’t do everything yourself as you grow your business. Perhaps you were able to do it all when you only had a few customers and a few sales, but as you grow, you need to hire help. Do this sooner rather than later.

5. Being discouraged by mistakes

It is certainly possible that you will attempt to grow your business, and whatever you try will fail. The biggest mistake that a small business owner can make at this point is giving up. 

Don’t be discouraged by your mistakes. If you fail, learn from your mistakes, and try again.

Grow Your Small Business

One of the most wonderful things about owning your own business is setting yourself on a path to financial independence. In other words, most small business owners hope to one day be able to make more money while doing less work. 

If this is you (and it should be), take this as a sign to take that next step and start growing your business the right way — by avoiding the common mistakes we’ve outlined above.

Top 5 Ways To Make Better Business Decisions

Business, by nature, is cutthroat. All of us that have gotten into business are trying to get ahead of the curve, especially as technology has evolved. This has caused people to make snap decisions, with fear of missing out (FOMO) becoming a trend in the business world. Just because the market is moving fast doesn’t mean that you have to make a decision within nanoseconds, though. It’s important to take your time when making any business decision, and here are some ways to do just that.

Remember the Past

Philosopher George Santayana famously said that “Those who cannot learn from history are doomed to repeat it.” This is a good mindset for anything, but especially in business. When trying to make a decision, see how a similar decision made either by yourself or someone else has worked in the past. If it failed miserably, you might want to steer in the opposite direction. Though times may change, results can often be the same.

Word of Mouth

Any good decision making process should include a lot of research. There will be facts and figures at your disposal, but it’s also important to talk to the right people. Don’t be afraid to ask for advice from anyone and everyone that you can think of before finalizing your decision making process. This is especially true if you can speak with someone that has experience in a similar decision. If you are a manager, ask your employees how they would feel about changes that your decision could make.

Think Long Term

In the evolving world that we live in, many decision makers in business are thinking short term. Whether this be to appease shareholders or mortgage the future for their own current wellbeing, it seems that the long term goals are getting thrown out of the window. If you want to set yourself and your fellow employees up for success. When you have a plan in place that focuses on five years down the road, you’re much more likely to retain employees and be more consistent in your success. It’s not necessary to follow every trend, and the most successful businessmen think years ahead instead of weeks.

Execution and Education

Once you’ve come up with a business plan, looked at data, asked around and did the research, it’s time to put your plan into place. Make sure that everyone you’re working with is on the same page with the decision that was made beforehand. You don’t want to get yourself into a situation where you made a decision without first educating employees on the changes that are being made, or else you’re setting yourself up for a big setback right from the start. Educating before a decision will also build trust that is vital to retaining good employees.

Progress Tracking

Now that your decision has been made and is off and running, you don’t just want to ignore it and hope for the best. Every month or so, it’s important to keep an eye on how the decision has impacted your business. If things aren’t working, it’s okay to make adjustments to make your decision more efficient. It’s not an admittal of failure, but rather some fine tuning that will be beneficial. After all, you don’t just buy a car and expect to run forever without new tires or oil changes at some point, right?

5 Sales Books You Need to Read to Help Your Business

Sales is one of the most important aspects of any business. You won’t be in business for long if you can’t sell your product or service. That’s why it’s essential to learn everything you can about sales and hone your skills.

One way to improve your sales skills is to read books about sales. Many great sales books can teach you a lot about how to be successful in sales.

This blog post will recommend five sales books we think you should read to help your business.

1: To Sell is Human: The Surprising Truth About Moving Others by Daniel Pink

This book is all about how to be successful in sales. It’s written by Daniel Pink, who is a well-known business author. In the book, Pink offers a new take on selling and reveals the surprising truth about what it takes to move others.

You’ll learn about the three keys to selling: Attunement, Buoyancy, and Clarity. You’ll also learn about the power of storytelling in sales and how to use it to your advantage.

2: The Lean Start-Up: How Constant Innovation Creates Radically Successful Businesses by Eric Ries

The Lean Start-Up is all about how to create a successful business. It’s written by Eric Ries, a well-known entrepreneur, and author. Ries offers a new business approach based on constant innovation in the book.

You’ll learn about the lean start-up method and how to use it to create a successful business. You’ll also learn about the importance of customer feedback and how to use it to your advantage.

3: The Challenger Sale: Taking Control of the Customer Conversation by Matthew Dixon and Brent Adamson

The Challenger Sale is all about how to be successful in sales. It’s written by Matthew Dixon and Brent Adamson, both well-known sales experts. In the book, they offer a new selling approach based on taking control of the customer conversation.

You’ll learn about the five steps of the Challenger Sale method: Attune, Probe, Present, Close, and Differentiate. You’ll also understand the importance of being a Challenger in sales and how to use it to your advantage.

4: The Sales Acceleration Formula: Using Data, Technology, and Inbound Selling to Go from $0 to $100 Million by Mark Roberge

The Sales Acceleration Formula uses data and technology to grow your sales. It’s written by Mark Roberge, who is a well-known sales expert. In the book, he offers a new approach to sales based on using data and technology to accelerate growth.

You’ll learn about the five steps of the Sales Acceleration Formula: Attract, Convert, Close, Delight, and Analyze. You’ll also understand the importance of using data and technology in sales and how to use it to your advantage.

5: The Ultimate Sales Machine: Turbocharge Your Business with Relentless Focus on 12 Key Strategies by Chet Holmes

The Ultimate Sales Machine is all about how to be successful in sales. It’s written by Chet Holmes, who is a well-known sales expert. In the book, he offers a new approach to selling that is based on focusing on 12 key strategies.

You’ll learn about the 12 essential strategies you need to focus on to be successful in sales. You’ll also learn about the importance of focus in sales and how to use it to your advantage.

Wrapping Up

These are just a few of the many great sales books out there. If you want to improve your sales skills, we highly recommend reading as many of them as possible.

5 Things You Need to Know Before You Start a Small Business

Starting your own small business is a fascinating venture. It’s a way to be your boss, set your hours, and make your dreams a reality. But it’s also a lot of hard work, and there are a few things you need to know before you take the plunge. Here are five of the most important ones.

1: You Need a Solid Business Plan

Starting a small business without a solid plan is like setting sail without a map—you’re likely to end up lost. A good business plan will help you figure out where you want to go, how you’re going to get there, and what you need to do along the way. It’s essential to have one before you start your business, so take the time to write a good one.

2: You Need to Know Your Customers

Who are your customers? What do they need or want? How can you reach them? These are all critical questions to answer before you start your small business. Knowing your target market is essential to making sure your business is booming. After all, you can’t sell to someone if you don’t know who they are.

3: You Need to Know Your Competition

Just as important as knowing your customers is knowing your competition. Who are they? What do they offer? How can you beat them? These are all questions you need to answer before starting your small business. Knowing your competition and what they’re offering can make sure your business is one step ahead.

4: You Need to Understand the Finances

Money makes the world go round, and that includes the business world. Before you start your small business, you need to have a good understanding of the finances involved. This means knowing how much start-up capital you need, your operating expenses, and how to price your products or services. Without a firm grasp on the finances, your business will likely fail.

5: You Need a Support System

Starting a small business can be a lonely venture, so it’s essential to have a support system in place. This could include family and friends willing to help out, mentors who can offer advice, and professional service providers who can help with things like accounting or marketing. Surround yourself with people who believe in your business and will support you through thick and thin—you’ll need them!

Wrapping Up

Starting a small business is a big undertaking, but it’s also a fascinating one. Just be sure to go into it with your eyes wide open and a solid plan in place. With these five things in mind, you’ll be well on your way to success. Good luck!