The Importance Of Small Businesses - Accounting Accidentally

You may feel that your newly launched small business is not hitting the goals you had initially set when you first began your business, but you may be forgetting the importance of your brand.

The prevalence of small independent business has soared over the past decade and as we enter a brand new decade, these figures are set to skyrocket. There is more demand for people to start their own business; we are shaping a new future in terms of careers and more than ever, people want to have sole control of their career and finances. There are more resources and opportunities than ever before and there is a major reason for this.

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Demand Is Growing

Small businesses provide many things that larger businesses do not and this is incredibly beneficial and profitable for your in the long run.

So what is that makes small businesses so valuable and why exactly should you begin to restore your faith in your own business? As previously mentioned, the demand for small businesses is rising. Smaller businesses are often cheaper than larger, more commercial businesses. They offer local solutions to public issues, which may be as simple as providing a certain service or product that can be found on their doorstep.

The finances behind smaller business are of course much lower and they will often have just the one brand rather than a chain or franchise which incur further costs. It may well be also that smaller businesses are able to gain access to better loans and startup assistance rather than having to rely on investors and incurring many overhead costs.

When smaller businesses look at their finances, it is important to ensure that they are hitting their monthly financial goals to ensure their staff can be paid month to month. You may want to look at payroll outsourcing and be completely on top of your finances. Smaller businesses may not have the luxury of having hundreds of thousands of

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Keeping on top of business and staff is simpler when your business is small, it means that you most likely know your staff on a first name basis, and keeping your staff happy will also keep them working for you for longer without a huge turnover of staff which some larger companies often have to deal with.

This can prove incredibly beneficial to your business and growing your custom, because the fact that your business is small, manageable means that you can put a bigger effort into your customers and keep them coming back time after time, building up a brilliant database.

Your location is your bread and butter….

Location Is Critical

It’s a fact that your business location is so vital to your success.

Small businesses, as previously mentioned, have such a demand in the local area and your location can prove to be important dependent upon the place in which you are based. For example a small town business is likely to pay less rent for any office space because it is not part of a huge bustling city.

You are also massively contributing to your own town’s profit, by encouraging local business you are paying into the town. A great contribution and way to pay back, building up the interest of the local city, local business will help the economy grow and bring further jobs, better profits and general success of the local area.

You may even be able to start offering further jobs for people who are searching in the community or allowing types of work experience from local schools which will allow students to gain the necessary skills to take them onto the next steps in life. It instills inspiration into students that they too, can do the same and

People love to buy into locally sourced products and services.

It brings a sense of community and people often believe it will be cheaper…which usually, it is. In addition to this, these unique brands that are offered can also assist in bringing tourism closer to home. Locally made goods are brilliant to also care for the planet.

If buyers wish to reduce their carbon footprint, then using local businesses are brilliant in order to do this, it cuts down costs of production and shipping. It will also keep shipping costs non-existent. So as we approach the new decade, remember that the small business is set to steal the limelight as we see a rise in savvy buyers and that all important demand for things on the doorstep.

My next book, 50 Stories That Explain Accounting will be out in 2020. More information to follow.

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Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) https://www.accountingaccidentally.com/