Tips for Small Business Owners: 5 Things You Should Know in 2019

Small businesses are a cornerstone of the business community, and the more businesses that succeed, the better. They create up to 20% of jobs, contribute to the economy, and provide communities with essential goods and services.

Yet running a business of one’s own requires a great deal of research and understanding. Get 2019 off to a hot start by checking out these five tips for small business owners.

1. Reassess Your Business Plan

Whether this was your first year in business or 10th, it’s always a good idea to reassess your business goals at the start of a new year.

Doing so can show you how much your business has grown and changed over the last year or so, as well as provide some inspiration for the year ahead.

2. Start Prepping for Tax Season

Tax season is the bane of most small business owners’ existences. And for good reason — it’s unnecessarily complicated and can cost a great deal of money.

As a result, your best bet is to start preparing for tax season immediately. Start setting aside a small portion of profit as often as possible so you’re not hit with any surprises.

If this is your first year in business, make sure you’re familiar with the proper forms. Factors like how many people you employ and whether you qualify as a corporation could mean a few thousand dollars of difference.

3. Conduct Proper Market Research

Like looking at your business plan, reassessing your market research is an effective method of recalibrating your business.

Are you still keeping up with your competitors or have they pulled ahead? Is your customer base the same or has it shifted within the last year? How is your branding performing?

These seem like simple enough questions, but the world of business is often a sink or swim kind of environment. One of the best small business tips we can offer is to stay competitive.

4. Take Advantage of Online Tools

The Internet already plays a massive role in most business plans, but it’s only going to increase. This doesn’t have to be a bad thing, however.

In fact, there are tons of free tools you can use for free. For instance, get a solid understanding of analytics at this website so you can better measure your strategies. Or fill out your local business listings so customers can easily find you.

The Internet isn’t going anywhere, so it’s up to you to adapt accordingly.

5. Establish a Fresh Content Strategy

Speaking of online marketing, be sure to refresh your content strategy, too. Take a few minutes to conduct some research and see what resonates with your audience.

While blog posts are still a great way to get eyes on your website, it’s believed that video content will make up 82% of all web traffic in a few short years.

Use industry trends to your benefit and be sure to keep your finger on the pulse.

Tips for Small Business Owners You Need to Know

2019 is shaping up to be an exciting year for small business owners. Make sure to follow these tips for small business owners to ensure that it’s a successful year for your brand!

Thinking of starting a brand new business? 2019 is a great year for that, too. Be sure to check out our article on coming up with a catchy name for your startup so your business will stay in customers’ heads.