Small business owners are always looking for ways to save money and manage their businesses more efficiently. In today’s economy, every penny counts. In fact, the success of a business often depends on its ability to manage expenses and maintain profitability.

A lack of the right team members causes 23% of small businesses to fail, which is why it’s critical to have help managing a business.

Beyond the top-level leadership, where can you go for help managing a business? There are several options available.

How to Get Help Managing Your Business?

You, as a business owner, can get help managing a business in many ways. Here are some of the most common paths:

Small Business Development Centers

Small Business Development Centers (SBDCs) are establishments that aim to help small businesses in any way possible. This ranges from providing tips on how to start a business to after-the-fact support for those who want to make their business grow.

The SBDC network comprises of over 900 delivery centers nationally. Services are offered by professional business advisers and include, but are not limited to, developing a business plan, market research, procurement assistance, financing assistance, and disaster recovery assistance.

Depending on the needs of businesses in their respective communities, SBDCs offer a variety of services tailored to the distinctive environment where they operate. New York SBDC offers a few services: international business development, redesigning business plans, and employee management.

SCORE

The Service Corps of Retired Executives (SCORE) is a non-profit organization that provides free business advice to entrepreneurs and small business owners looking for assistance in managing their businesses.

SCORE comprises of retired business executives who offer one-on-one business advice to those in need. Counselors are knowledgeable in a variety of business topics and have valuable experience that they can share with entrepreneurs.

10,000 volunteers work tirelessly in the SCORE organization to help people achieve their dream businesses. These people generously donate their time and knowledge so that others may succeed.

SCORE counselors can provide mentorship to business owners from the early stages of their venture. This includes topics such as creating a business plan, understanding cash flow, tax requirements, and marketing.

Small Business Administration (SBA.gov)

The only thing holding you back from opening your own bakery shop is the need for startup capital. You’ve done your research and spoken to several banks, but they have all turned you down for a business loan. Luckily, the Small Business Administration (SBA) has programs in place specifically designed to help small businesses like yours get off the ground.

If you’re looking to start a business, SBA.gov is an excellent place to get free information and resources. They offer both online courses as well as in-person workshops that cover topics like financing, management, and more. With over 1,800 locations throughout the US, you should be able to find a location close to you.

The SBA (Small Business Administration) won’t loan you the money directly; however, guaranteeing the loan will increase your chances of being approved for financing from a local bank. Here’s how their guaranty program works: First, you apply to a bank for funding, and if they feel that there is a weakness in your application, they will then decide if they want to move forward with the approval process by involving the SBA.

If the bank offers you this loan, you will receive the money and make payments on it. If you cannot pay back the loan, the government will give the bank enough money to cover their loss, up until what is guaranteed by SBA.

The SBA also has programs that provide grants and counseling to help small business owners manage their personal finances. Whether you’re starting your own business or just looking to get an edge on your competition, SBA.gov is the perfect place to start.

Training from Entrepreneurs

Entrepreneurs who have already achieved business success can teach you what it takes to run a business. They’re more likely to provide helpful tips and advice than private business counselors because they’ve been through the experience before. While there are plenty of paid services available, some entrepreneur coaches also offer free webinars, seminars, and workshops. 

These events are a great way to get advice on business management strategies and best practices from experienced entrepreneurs. You can learn about the latest business trends and gain insights on how to grow and market your own business successfully.

Pro Tip: Follow the LinkedIn profiles of experienced entrepreneurs who have succeeded in the same field you’re interested in. They will often post helpful advice and tips that you can use in your own business.

BUZgate.Org

BUZgate.org is a small business community specializing in education and resources. The website acts as a directory, making it easy for entrepreneurs to find free business assistance programs and mentor services. In addition, users can take advantage of a complimentary downloading service for common small business documents such as financial statements, excel profit/loss forecast sheets, and time-management schedules. 

Other services offered through BUZgate.org include free business advice and courses, as well as access to industry experts. With over 3,000 business resources available, entrepreneurs have a comprehensive selection of business management materials to choose from.

Free Online Business Courses

With ever-changing technology and marketing strategies always in flux, it’s important to stay ahead of the curve by continuously learning new things. Whether you have a business management degree or not, there are always free courses available online that can help build your skillset and confidence as a leader.

Coursera, Udemy, and edX are three of the most popular websites offering thousands of courses on business-related topics. From project management to investor relations, there’s a course for just about anything.

How Can You Make Sure Your Business Is on Track and Headed in the Right Direction?

Learning is not the only way to ensure that your business grows. You should also consider investing in business assets, such as equipment and software, to help make operations smoother and more efficient.

Here are some other important tips to consider:

Set Clear Goals

Ambitious business goals are important for any business owner because they help you continuously move forward. Consider what you would like to achieve in the coming days, weeks, months, and years. Once you have decided on your goals, write them down somewhere where you can hold yourself accountable and track your progress toward achieving them.

Your Goals Should Be S.M.A.R.T

Ensure your business goals are SMART—that is, Specific, Measurable, Attainable, Relevant, and Time-based. Define what you want to achieve as concisely as possible and set actionable steps with achievable milestones. Make sure your goals fall within the realm of possibility for your business and actually matter to your company’s success. Avoid setting unobtainable objectives; set yourself up for success instead.

Consult Business Advisor

If you need help with setting and achieving your goals, one of the best resources is a business advisor. A business advisor can provide insight into where your business is heading and help you identify potential problems and solutions.

Business advisors contribute to your success by investigating past performance, determining future customer wants, and concentrating on company objectives that will make you stand out from the pack.

Plus, they can provide valuable advice on how to tackle any challenges you may be facing.

Pro Tip: Always work with domain-related business advisory services, as they have the most knowledge and experience in your business.

Processes and Procedures

Having quality processes and procedures in place makes it easier to ensure that operational tasks are completed successfully. This can be beneficial for both your team and customers, as the right processes and procedures will help you to manage costs, reduce errors and ensure that tasks are delivered in a timely manner. 

Pro Tip: Removing costly or inefficient processes and procedures while retaining efficient ones is crucial for successful growth.

What Are Some Tips for Staying Organized When It Comes to Your Business Finances?

83% of businesses shut down because they cannot maintain a positive cash flow. Therefore, it is important to ensure that your business finances are always in order and up-to-date.

Here are five tips for staying organized when it comes to your business finances:

Focus on Income Diversification

The pandemic has tragically but effectively taught us that having a single source of income can be highly detrimental. This was observed with many businesses that primarily operated through in-person transactions and couldn’t make a digital pivot, ultimately losing revenue. To protect your business from such adverse scenarios, it’s important to diversify your income and have multiple revenue streams.

For example, you could offer online services, take on clients from different industries, or explore other business opportunities.

Effectively Manage Cash Flow

Your business’s cash flow is important – there’s no two ways about it. In fact, proper money management is one of the main reasons businesses don’t fail. However, if you understand your numbers and metrics, know how much revenue you need to generate, and have a system in place for receiving payments, you can begin managing your cash flow effectively.

Cash reserves are important for all businesses, big or small. They act as a buffer during times of crisis and can help keep your business afloat when unexpected expenses pop up. While it’s not always possible to build a huge cash reserve, even a little extra cash can go a long way in keeping your business running smoothly.

Some of the tips to build a cash reserve include:

• Making sure that business expenses are kept low.

• Utilizing business insurance, business credit cards, and business bank account.

• Utilizing business loans, investments, and grants when needed.

• Planning ahead and setting goals for cash flow management.

Keep Your Personal & Business Finances Separate 

If you can’t set up a legal entity for your business or don’t want to wait to get started, don’t take payments in your personal bank account or put business expenses on your personal credit card. Most banks will require documentation before letting you open an account for your business,…but at the least, you could open separate personal accounts that are only used for business transactions.

By keeping your business and personal finances separate, you will not only maintain organization but you will also create a barrier between your liability as an individual and that of your company. If you get audited, having precise records that will help save time and energy when proving your exemptions.

Have a Go-To Accountant

Find an accountant or bookkeeper who can help you understand your financial statements and taxes. Having a go-to accountant is invaluable because they can provide advice on how to best manage your business finances and keep you informed of any legal or tax changes.

Also, working with an experienced accountant can help you spot potential problems you may not have seen before, saving you time and money.

Accounting Software

Accounting software can help make organizing your business finances a breeze. Not only does it do the tedious calculations for you, but you can also keep track of your finances in one place. This can be especially helpful when filing taxes or during audits, as it will provide you with up-to-date financial information.

According to Flexi, businesses that switched from traditional accounting practices to cloud accounting saw a 15% increase in revenue.

Another benefit of accounting software is that you can integrate it with other programs, such as inventory tracking systems and payroll services. This way, you can ensure that all of your financial data is synchronized and accurate.

What Makes A Business Successful?

Customer Satisfaction

Customer satisfaction is the key to success for any business. Happy customers who trust your brand and keep coming back are essential for ongoing growth. To ensure customer satisfaction, businesses should focus on providing quality customer service and responding to customer feedback. Additionally, having a good return policy, offering rewards/loyalty programs, and providing a top-notch user experience are all important.

Good Marketing Gives Your Business The Push It Needs

A significant portion of small businesses close because they don’t market well, according to Fudera. The right marketing can give your business the platform it needs to thrive and survive. You must think of creative ways to capture the attention of potential customers.

Social media has become an effective marketing tool for businesses, both large and small. It allows you to reach a wide audience with minimal effort. You should also invest in digital advertising and search engine optimization to get the most out of your marketing efforts.

One Last Tip: Have a Contingency Plan

No matter how well you plan or who you hire unexpected events may occur at any moment.

Having a contingency plan can help you stay afloat in difficult times. It gives you a safety net to fall back on should anything go wrong.

This plan should include alternative solutions to any potential problems, such as backup sources of financing or new ways to market your products. It will also give you an idea of what to do in case of a crisis, like if one of your major suppliers suddenly stops delivering.

Where Can I Get Help Managing a Business?

Small business owners are often overworked and underpaid, so it’s no surprise that many of them feel overwhelmed when trying to manage their businesses. If you’re feeling lost and need some help managing your small business, don’t worry. There are plenty of resources available.

Consider seeking advice through many of the avenues mentioned above. It could be formal advice or support from your local community. There are many options to choose from.

If you’ve had experience getting help starting your own business we would love to hear from you. Please leave us a comment below.