Hey business owners, it's July 31st, and if you're like us then you're celebrating Harry Potter's birthday! If not, that's okay, we've still got some magic tools for you to implement in your small business.
There are three major reasons why businesses typically fail: lack of money, lack of knowledge, and lack of support. But not to worry, we're here to cast lumos and shed some light on different ways you can fight falling victim to any of those problems!
1. Business Plans: Kind of Like Potions Class
Developing a business plan can be a huge help towards your goal of starting a business and keeping it going strong. It can form the foundation of what and how your business operates.
The reason that business plans are a magic tool is that they usually offer a huge advantage when seeking funds for your business. Lenders and investors like to see that you have a direction for your business.
If done correctly, a business plan shows that you've completely thought through the issues revolving around your business. Especially within the finance end of things, which is what lenders are going to want to see most.
In general, business plans can be as short or detailed as you like and will grow and change as your business ages. I've written an entire post on what a business plan actually is and what it comprises of, check it out, here.
However, all that being said. Our stance on business plans for small business owners is to avoid wasting your time on the entirety and the emphasis of the plan itself unless you're seeking funding.
Instead, we highly recommend focusing on a specific side of the business plan: Marketing. When new business owners or consultants push creating plans we call that the Business Plan Fallacy. The primary reasoning for this is that you have very limited time early on. We would rather our clients focus on parts of the plan that benefit them most!
2. Business Coach: Like Having a Professor McGonagall for Your Business
Business coaches are another magic tool to take advantage of when growing your small business. They act as advisors, guides, and teachers for what you need to know when operating your business. Think of them as the established wizards of the world of business.
Business advisors can come in a lot of different forms and can provide knowledge on a variety of different things. One of the biggest reasons they are so magical for your business is that they typically know just about everything to running a small business. Chances are very high they have been in your shoes and grown their own business before.
Another massive benefit... that also is kind of like being back in school, is that they specialize in holding their clients accountable. Perhaps they have given you a task that they will follow up with you on its completion. There is a solid reason why during sessions with one of our coaches we refer to giving you homework.
3. Online Tools: Your Spell Books for Your Business
These days there are so many tools for small business owners - from accounting to social media planners - the internet has got you covered! There's just about a tool for almost anything you could want to do for your small business.
Let's toss out two of major examples:
Website Design: Wix is Your Friend
There are many different web design tools out there and even some companies dedicated to building websites. However, we strongly recommend that you give Wix a shot first, it's wonderful.
In fact, you're reading this article on a website built in Wix. But it's just so very much more than that... because it comes with other magic tools built in. Email Marketing, CRM, e-commerce, etc. all magic tools on their own... all included for just about what you'd pay anywhere else without all the bonuses.
Canva:
More than likely, you are already aware of Canva. It has become a mainstay of early marketers and small businesses for good reason.
Whether you're designing your first flyer or a simple social media post, the templates and stock photos you have with Canva is just perfect. They even offer printing services not unlike VistaPrint making them the quintessential magic tool!
The Magic of Review Resources:
As a small business owner, you're going to be utilizing many vendors to help you along your path to success. Even just starting your adventure you'll have attorneys, CPA's, and an executive coach on your team.
But how do you know which business is the best fit for your success? Channel the power of reviews! Utilizing a service such as B2B Reviews can help you vet vendors is a great start. Couple that with references and the quality of their websites to select your magical team.
And there you have it, the 3 magic tools you need to be using for your small business - now, go relax and enjoy your butterbeer!
If you're looking to implement any of these magic tools into your small business we have the experienced coaches (or wizarding professors) to help you succeed. All of our business coaches have personal experience building their own small businesses, too!
Schedule your free consultation today using the link below!