Most large companies started small. With a lot of work and the right strategies, some of these companies saw an opportunity and today they are consolidating themselves as market leaders.
According to a Sebrae study , after five years, 60% of companies end up closing their doors. You can escape this, with financial strategies, human resource management and also investment.
We will use our experience to assist you, who seeks to achieve success in your journey in the business world.
· For the accounts to hit, the cashier needs to be controlled
Monitoring your expenses seems logical, but many micro-entrepreneurs end up missing out. This is essential for you to keep your accounts out of the red and consequently maintaining financial health.
If you are unaware of the directions your financial health is taking, your business can probably generate losses, unnecessary expenses and lost opportunities for growth. To escape this “problem” the calculation is simple: the bills need to match!
Have a system where you can control all cash outflows and inflows in your cash register, record everything that has been paid and what you have received (or will receive) and plan to be prepared when the bills arrive.
Often the microentrepreneur ends up focusing a lot on large accounts, such as rent, supplier titles, taxes and employee salaries. The big mistake here is not counting on small unforeseen events. For example, the maintenance of computers, printer, structural electrical part or unforeseen events that occur over time.
If you have a business, you need to be prepared for the maintenance that time will charge you, for example: a computer or printer maintenance; an electrical problem that will incur labor and material costs. Technical or structural problems can happen and you cannot be taken completely by surprise, have a small reserve for unforeseen events.
· Personal and business finance are opposite things
Here is another mistake that is very serious. Several microentrepreneurs who do not have full knowledge of the administrative part, still do not know the difference between: their money and that of the company .
That’s because you can’t just take the money from the box and make it personal. You as the owner of the company need to have your own salary and pro-labore, which is nothing more than an expense account, in which the amounts withdrawn by the owner of the company are recorded in payment for services, occasional or extraordinary, provided by him to the firm.
The primary tip for you to have control of business and personal finances is to separate current accounts. This will ensure that you don’t mix things up and have more organized control over what needs to be paid with each account.
As the accounts of your establishment indicate, you must set aside a salary for yourself, including it on the company’s payroll, this will make you more prepared and you will have greater control of expenses in case of any unforeseen event.
· Profitability is your main goal
For your business to grow, it needs to be profitable, that is, make a profit ! To escape obviousness, it is necessary to make this a goal. Pursuing your profitability is what keeps your company open, so that should be your engine.
For this to be possible, you need to optimize procedures, defining strategic objectives and delegating clear roles to your employees. Evaluate which situations in your company can cause waste, be it time or money, and evaluate whether the expenses with employees and materials are bringing the result you want.
If you have a store, check out our E-book: 19 tips on how to organize your store to sell more can help you . This content is aimed at hygiene and cleaning stores, but has practical tips that can be used in different businesses.
· Know your market and build customer loyalty
The first step in understanding your market is to know the competition, so that you know what kind of sea you are entering. The internet is a great ally in this process, as it can give you a sense of structure, price and what products your competition offers.
It is also important that you believe that your business has more to offer. After all, you are not open to being “one more”, are you? The products can even be copied, but quality service with a responsible and attentive team is something that can be uniquely yours.
If you work with commercial proposals, to promote business with your potential customers, check out our E-book: How to have a successful commercial proposal.
To get to know your client, you must first ask two questions:
1: “What made the customer look for your business?” Ask yourself, how did the customer come to you, what attracted you? This information will help you understand what in your company attracts customers and what does not, allowing you to adapt to what your potential market is looking for.
2: “What does he think of the competition?”It is important that you get your customer’s perception of the competition and how he sees your business compared to him. So you can discover the added value you offer and how it can be improved.
This is because building customer loyalty is not just based on price, but a good price coupled with excellent service, which makes the customer feel fulfilled when leaving his establishment. Loyal customers generate referrals and are much more profitable, as they are not in your store by chance, they are because your business is your first option in your head.
If you have a cleaning products store and are having trouble pricing your goods, check out our E-book: How to price your hygiene and cleaning products.
· Get inspired every day in search of your dream
We know how difficult it is to maintain a microenterprise with the difficulties to undertake currently set up in the country. What cannot happen is that you lose your daily inspiration. Your business can be a dream of a lifetime and you shouldn’t give up on it anytime soon.
Do not be shaken by a few sales, not every day will be a success and this is something you need to live with. If you keep things in order, with the tips we go through and trying to give our maximum every day, we are sure that your chances of having a successful business will double.
You can specialize even more with free courses offered by Sebrae . Among these courses there are options: administrative, accounting, human resources management, among others.