Tips for Small Business Owners

VANCOUVER ISLAND SMALL BUSINESS WEEK

S tarting your own business is not for the faint of heart. There will be accomplishments and setbacks – and oftentimes it will feel like all your time and focus will be dedicated to your work. Whether you’re just starting out or have been at it for years, here are four tips for making your small business a success.

Be a problem-solver.

For consumers to buy into what you are selling, you must offer a solution to a problem. Start by developing a business concept that you’re passionate about related to something that you have experience with. Then, it’s all about coming up with a product or service that you believe can enhance people’s lives.

Use tech to get ahead.

To keep your business operationally efficient, tap into all the great low-cost tech and apps available to you. These include various tools like social media, cloud storage, email marketing and customer relationship management.

Establish a practical payment process.

It’s important to ensure you are receiving payment for your products or services. From the very start, set up a timeframe for payment and a practical online payment solution. With Interac e-Transfer, you can now request payments from your customers and receive money automatically into your bank account of preference with the Request Money and Autodeposit features.

See failure as an opportunity.

As a small business owner, the fear of failure can often be crippling. But don’t let it. Mistakes and roadblocks can lead to major accomplishments if you learn from them and pivot quickly. Every day, constantly assess what works and doesn’t work – and adopt a “try again” philosophy. This will allow you to troubleshoot problems with minimal repercussions.

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