Small businesses are the backbone of the American economy. In fact, small businesses account for 99.9 percent of all employers in the United States. But despite that impressive statistic, nearly half of all small businesses fail within the first five years. So, what separates successful small businesses from the rest? Best practices. The Pleasanton Chamber of Commerce has laid out a few of them below.

Innovation

One of the most important best practices for small business success is innovation. In order to succeed, your small business must be able to adapt to change and offer something unique that sets you apart from your competition. For example, if you're a retailer, you might want to consider offering in-store pick-up or curbside delivery to give your customers more options. If you're a service-based business, you might want to focus on developing a mobile app that makes it easy for customers to book appointments or access your services on the go.

Organization

Another best practice for small business success is organization. As a small business owner, you wear many hats and have a lot of balls in the air at any given time. It's crucial that you're able to multitask and manage your time effectively in order to get everything done and avoid burning out. One way to do this, according to Ring Central, is by creating a daily or weekly tasks list that prioritizes your most important tasks so you know exactly what needs to be done and when. You can also try using a project management tool like Trello or Asana to keep track of deadlines, assigned tasks, and progress on various projects.

Invest in Online Accounting Software

Investing in online accounting software is another best practice for entrepreneurial success. Small businesses have a lot of expenses, so it's important to stay on top of your finances and make sure you're not overspending in any one area. Online accounting software can help you track your income and expenses, create invoices and estimates, manage bills and payments, and run financial reports—all from one central location. And because it's cloud-based, you can access your accounting data from anywhere, at any time.

Revisit Your Target Market

As your small business grows and changes, it's important to revisit your target market on a regular basis to make sure you're still reaching out to the right people. Your target market is the group of people who are most likely to buy your product or service — so if this group of people has changed (e.g., you now sell products geared toward a different age group or income bracket), then your marketing strategy needs to change as well. Failing to do this can result in missed opportunities and wasted marketing spend. 

Joining an organization like SCORE (Service Corps of Retired Executives) can also help promote success by providing resources like free workshops on starting and growing a business as well as access to mentors who have been there before.

Re-evaluate Your Marketing Plan

Re-evaluating your marketing plan on a regular basis is another best practice for ensuring small business success. Just as your target market can change over time, your marketing initiatives can also become less effective as time goes on. Conducting periodic marketing audits can help you identify areas where your marketing efforts are falling short so you can course correct before it's too late.

You may decide to work with marketing specialists to update your plan. While there is nothing wrong with seeking outside help, make sure that you are clear about your goals and set up reliable communication practices with your marketing team. Learn more about using a PDF editor online as you consider various communication tools, as these editors allow you to comment directly onto drafts, mockups, and images. Plus, they are free and accessible to anyone online. 

Effective Communication Techniques

Open and honest communication is key in any relationship — and that includes the relationship between an employer and employee. Axero reminds you that good communication allows everyone involved in a project know what is expected of them. It also gives employees the opportunity to provide suggestions or identify potential problems early on which could save valuable time and resources down the road.

Growing for Success

You want your business to succeed, but finding the right strategies can be intimidating. Let these six strategies be your guide as you refocus and refresh your company. Start by encouraging your employees to be creative and engaged, and then give them the tools to do it. And when you do solicit outside help, have good communication practices in place, like using an editing tool, to ensure your desires are clear from the start. When you put forth intentional effort and share your strategies with your team, your business will go amazing places.

Access even more great resources to help your business grow and thrive in our community by joining the Pleasanton Chamber of Commerce.