4 Ways to Better Manage Your Small Business

Jun 22, 2016

The perks of owning a small business outweigh the challenges, which is why so many Americans still aspire to be their own boss. Nothing is quite so thrilling as making your dreams of owning a business become reality. And after you’ve launched that small business, the surest way to success is managing and growing it effectively. Here are some tips to help you do just that.

Implement project management tools. Project management software allows team members to track a project as it comes to fruition, and gives business owners an overview of the status of every project. Most platforms offer some level of free trial, while Zoho Projects, Teamwork Projects, Wrike and ProofHub are completely free services worth checking out.

Add an e-commerce site. Consumers spent more than $300 billion online in 2014, according to the U.S. Department of Commerce. With this kind of spending, you can’t afford not to have an e-commerce solution that allows your customers to make online purchases and mobile payments. For less than $100 per month, several e-commerce software platforms are available to help you reach new customers, or even start a new site. Check out Shopify or Bigcommerce for hosted solutions, or WooCommerce for do-it-yourself sites.

Connect through social media and email marketing. Both of these marketing channels are low-cost and give you a direct line to current and prospective customers. Again, there are many software platforms that can help you build and monitor your social media presence across multiple social media channels. Email marketing with providers such as Constant Contact or MailChimp can help you further drive sales and communicate your brand.

Get a grip on financial management. For many small business owners, managing finances is the downfall that ultimately leads to a “going out of business” sale. Remember, the financial aspects of running a business are just as important as the product or service you are selling. Cloud accounting applications such as QuickBooks Online, Xero and Cheqbook can simplify invoicing, reporting and bank reconciliations for your business.

Manage Your Future with City Bank

City Bank offers a range of loans to fuel the prosperity of your small business. For business loans in College Station, Lubbock, Houston, Dallas, Austin and many other locations, call us at (800) OUR-BANK or walk in today.