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Knowledge Is Power: 5 Tremendous Resources For Growing Your Business

October 4, 2017
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Knowledge Is Power: 5 Tremendous Resources For Growing Your Business

When you talk to successful business owners, many of them say that if they knew when they first started their business what they currently know, they would have had an easier time getting things going and would have been more successful.

This is because, as the old axiom goes, knowledge is power. Thankfully, the Internet has made it easier for small business owners to get access to resources that can help them grow.

Business Support Organizations

No one becomes a business expert overnight. Expertise comes from trial and error as well as learning from your peers and your competition. Business support organizations can put a small business owner in touch with coaches and counselors who can help them make the transition from being an employee to being an experienced entrepreneur.

These networks serve as a way for business owners to meet each other and give each other the support needed as they grow. Marketing conferences like Entrecon allow new entrepreneurs to interact with experienced entrepreneurs like Gary Vaynerchuk. By listening to their speeches and participating in Q&A sessions, new entrepreneurs have access to resources that otherwise would not be available to them.

Access to Capital

Most small businesses need an infusion of capital to operate until they start to make a profit. Some small business owners are able to use personal resources and resources from friends and family members to get started. However, most do not have these resources.

Nonprofit organizations and the US Small Business Administration are great resources for entrepreneurs looking for the money to launch their small business. Although the US Small Business Administration does not give loans, it does connect business owners with investment groups as well as find programs that encourage people to start their own business.

Expert Advice

A successful small business requires legal, financial, and marketing advice that most entrepreneurs do not have. Additionally, access to an accountant is a must to make sure that you’re getting the most out of your money and that you’re not violating tax laws.

SCORE is a nonprofit organization that works in conjunction with the US Small Business Administration. They serve as a link to help put small business owners in touch with each other as well as with nonprofits that can provide needed experience.

Payroll Software

If your business has employees, you have to pay them. Not only do you need to pay the employees, but you also have to handle payroll taxes in accordance with US law. Failure to do this can leave you with penalties and, in the worst-case scenario, jail time.

Payroll can take a lot of time to tabulate. However, there are many payroll software programs out there that serve as an excellent resource for small business owners. You simply enter the employee’s time and the software does the math. Some software programs will even do your taxes for you, automatically pay your employees via direct deposit and help you keep track of your business accounts.

Cloud-Based Tools

Cloud-based tools are amazing resources for growing your business. They all but eliminate the need to duplicate your work or the need to create hard copies. They allow your staff to access information instantly as long as they are on the Internet. Collaborating becomes easier, you need less physical space, and running your business becomes less expensive.

There are many options available, including Google Drive, Dropbox, and Slack. Each one of these cloud-based tools has pros and cons, and you’ll need to decide which resource best works with your business.

A business that is not growing is dying. The more revenue your business grows, the more secure your business is for you and your employees. Business support organizations, payroll software, and cloud-based tools are excellent resources to increase your knowledge, improve your efficiency, and help your business to continue to grow.