small business hacks

Survival Hacks for Small Businesses

The economic situation in 2023 has been challenging for those who put their capital on the line. Owners of small businesses need to use all the tools in their arsenal to earn a profit amid inflation, a volatile stock market, and international conflicts between superpowers. Fortunately, there are several effective ways to maximize your company’s chances for not just survival but prosperous growth.

For most entrepreneurs, the most logical first step is to focus on keeping their operating expenses as low as reasonably possible. Along with that useful tactic, many others put at least a portion of their available resources into real estate for long-term financial security. Networking, intensive research on competitors, and boosting credit scores are three other approaches that can deliver solid results. Consider the following approaches to see which ones are best for your organization.

Strategically Invest in Real Estate

For business owners who want to add real estate to the company portfolio, understanding the debt to equity ratio is an essential skill. That’s because, even though most strive to side-step debt, informed entrepreneurs can leverage the power of equity and debt to acquire properties with high profit potential. Having a favorable debt-to-equity ratio can mean not having to tie up all your capital to add real estate to your assets.

The topic is not as complex as it appears, especially for those who review a thorough guide that walks through the concepts behind the debt-to-equity ratio. Millions of investors use the information to achieve better returns and balance their financial risk at the same time. After gaining an understanding of the essential facts, remember to work closely with financial professionals, like real estate agents, to more accurately evaluate a given real estate opportunity.

Put Networking Into Hyper-Drive

Far too many entrepreneurs spend too much time on budgeting and not enough on networking. Building an extensive professional network solves two problems at once. Not only does it help owners make vital connections with vendors and organizations, but it also gives them a chance to expand their customer base at the same time. What are the most powerful ways to achieve these kinds of goals?

Start by joining the local Chamber of Commerce, organizing a power breakfast for like-minded entrepreneurs, and using the power of social media to make business connections. To maximize results, set aside at least 30 minutes per day to focus on creating networks, both online and in-person. Join industry organizations and put on free seminars for prospective customers. Don’t neglect the importance of partnering with a local charity to enhance your company’s image and brand.

Do Intensive Research on Competitors

Competition research is not just about outsmarting rivals in the marketing realm but also about learning from their mistakes and successes. Make a list of your local, online, and regional competitors. Then, begin building a comprehensive file on each one. Include all data you can find on their marketing and promotion efforts. Spend time studying their websites, product lines, personnel, history, and customer service reputation. Look for weak and strong points so you can better respond to your own customers and possibly capture some of your competitors’ market share.

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George Meszaros is the editor and co-founder of Success Harbor where entrepreneurs learn about building successful companies. Success Harbor is dedicated to document the entrepreneurial journey through interviews, original research, and unique content. George Meszaros is also co-founder of Webene, a web design and digital marketing agency.

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