5 Tips for Growing A Small Business

When you start a small business, you’ll probably discover that what you learned in business school doesn’t cover everything you need to know as a business leader. That’s what Michael Alter, SurePayroll president and CEO, discovered during his 10 years leading the company:

– Don’t be afraid to make new mistakes. Mistakes are one of the most valuable learning tools I’ve ever come across. You can’t learn anything if you’re afraid to try something new, or worried about letting your staff do things differently.

– Saying “no” to new business is one of your most powerful assets. Taking on new challenges and doing practically everything yourself is the hallmark of a small-business owner. But rather than accepting every new opportunity that looks like it might be helpful with your business, start saying “no” to things that aren’t strategically aligned with your business.

– Use negatives as positives. You may never have the big marketing budgets, huge cash flow or large infrastructure that your big competitors will. Most people will tell you that’s a negative you’ll have to overcome (or a “challenge” you have to overcome, if they’re being nice). Rather, think of it as a positive – an opportunity you need to seize. As the owner of a small business, you are able to change quickly. Use your nimbleness to your advantage. Turning your idea into a reality quickly is much easier for you than for a colleague who works at a large employer.

– Play to your strengths, not your weaknesses. In past jobs your bosses probably tried to help you by identifying skills or traits you should improve when they conducted your performance reviews. But time is the one resource you can never get more of. So why waste time trying to improve something you’re not good at – and probably don’t have any passion for – when you can outsource your weaknesses?

– Use technology to improve everything. The advances in business technology over the last 15 years have leveled the playing field. With the right technology, you can revolutionize how your business and service works – and even what your market expects. Find the technology that can help you improve operations and free your staff to work on tasks that generate more revenue.

Are you a small business owner?  What tips do you have?