Susan Schneider, Nederland. There are 28 million small businesses in the U.S. More than half of Americans either own or work for a small business, and they create about two out of every three new jobs in the U.S. each year.
Running your own business can provide plenty of opportunities for triumphs and its fair share of challenges. As a business owner, you reap the benefits of autonomy, freedom to make decisions and financial independence. At the same time, when you’re in the trenches continuing to build your business it’s important to remember there are other entrepreneurs out there who share the same path.
Throughout the U.S., we will celebrate National Small Business Week April 30-May 6. As part of National Small Business Week, the U.S. Small Business Administration “takes the opportunity to highlight the impact of outstanding entrepreneurs, small business owners, and others from all 50 states and U.S. territories. Every day, they’re working to grow small businesses, create 21st century jobs, drive innovation, and increase America’s global competitiveness.”
Whether you’re dreaming of starting your own business, have a fully operational enterprise or want to expand, here are a few tips for small business success.
Forecast your Growth
Forecasting and planning are critical to the success of any business. The SBA notes, “Maintaining your momentum means looking forward even as you focus on the present.” Develop a strategic vision for your business and the tools to track important financials, including sales numbers, cash flow and future projections.
Build a Marketing Plan
A strong marketing plan will ensure you’re not only sticking to your schedule, but that you’re spending your marketing funds wisely and appropriately, advises the SBA. Review the competition in the marketplace, identify your target market and develop objectives and strategies to market your business. A detailed budget should be a component of your marketing plan.
Find a Banking or Finance Partner
Choose a relationship-based bank or financial partner who can deliver customized financing solutions for your business. Consider loans, lines of credit, savings accounts and other business banking products and services to manage your cash flow and help your business prosper.
Susan Schneider is the Nederland Banking Center Manager for Centennial Bank and Trust. Reach her at 303.679.2244 or firstname.lastname@example.org. NMLS 935624. Member FDIC and Equal Housing Lender.