3 Magic Tools Any Small Business Owner Should Use.
Updated: Feb 17
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.