Many millions of small businesses are established, but most can’t reach their fifth year. Due to various reasons, business owners to stop their operations to prevent further financial losses. Even in developed countries, such as the United States, most of the working population rely on small businesses, including home-based establishments. Establishing a new small business isn’t something that we can take too lightly. It is important to make sure that our business won’t languish only after one year. There are many methods that we can choose to make sure that our business stays viable. Starting a new business often carry a significant risk, but it is often one of the most important decisions that we take in our lives. It is important for business owners to know a good deal on how to properly run a small business.

Effective business owners how to properly use social media. Older business professionals often lament about bot being able to use Facebook, Twitter, YouTube and other social media platforms. In reality, it is quite easy and affordable to use social media for business purposes. These platforms should be able to open up more opportunities for getting new clients and we are able to interact with them real time. Depending on our demographic, we should try to have strong local presence on social media. It is also important to make sure webpage is easily accessible. Old school marketing tools are still useful and it doesn’t hurt to use them. With good marketing strategies, we should be fully in charge of our messages. Many of our business cards could be thrown away, but if one of every five is kept; we still have great opportunities.

Many businesses still don’t use reliable accounting software and many of them may still rely mostly on thick accounting books. Home businesses could still benefit significantly by using free Excel templates that can be used or modified to their purposes. Any transaction, big or small should be included in the accounting software. Businesses should always work in the cloud to back up their files. Small businesses could still use free cloud storage accounts to share files with their distant employees and customers. Document retention and editing can be performed on the cloud and one file can be used by multiple people who obtain proper authorization. It is important to make our data fully accessible anywhere and because Internet connection is already available in many areas, cloud storage should still be quite useful.

With cloud storage, we shouldn’t be worried about backing up our work. It is important to save our important files on a virtual drive. Redundancy should be considered as key factor to safeguard our important files. Businesses can be virtual, depending on the type of services that we offer. Being present in online platforms should be quite easy and we will be able to expand our client base with relative ease. In many cases, we don’t need to pay for virtual services, especially because small businesses often have limited requirements. There are recurring costs if we rely only on local resources, such as physical servers. With online services, business professionals should be able to make time for themselves.