5 Key Tips to Succeed as a Small Business in Wadsworth, Ohio

5 Key Tips to Succeed as a Small Business in Wadsworth, Ohio blog title image

If you're running a small business right now, you are undoubtedly going through some challenges. Solo entrepreneurs and small businesses don't have the same safety net as corporations, so dealing with COVID-19 and an uncertain economy and way of life can have you understandably under a lot of distress. 

In Wadsworth right now, the economy is experiencing a 4.4% unemployment rate and a future job growth rate of 26.3 percent. Both of these metrics are well below the national average -- a sign that the Wadsworth economy can use some help. 

If you want to help lead the charge of stimulating Wadsworth's business scene and economy while creating some life-changing wealth of your own, it takes some effort and direction. So what should you know as a business owner?

Start with the tips below when you're trying to grow your small business in Wadsworth Ohio.

1. Invest in Upgrading Your Technology ASAP

Remote work is here to stay, so wrap your mind around that fact. If you don't invest in anything else, invest in the technology that will help you run remote meetings and other infrastructure for sharing files and communicating. 

Get an audit for your internet setup to make sure that you're always online with speedy internet. You may need to increase your bandwidth so that you don't drop video calls or experience choppy sound and picture. 

Spend some money upgrading the comfort levels of your work stations also. You're going to be spending plenty of hours in front of your computer when working remotely, so you have to make sure you have an ergonomic chair that lets you sit upright with good posture. Make sure that your computer monitor is large and with blue light settings so that you don't tax your eyes and mental energy. 

Invest in a desk that you can sit in comfortably without having to strain or hunch your back. 

2. Don't Stop Networking

Networking is the cornerstone of good business, no matter what's going on in the world. Human beings will always accomplish more when they combine forces in cooperation and reciprocity. 

If you're trying to get to the next level, you'll need to upgrade your circle of influence. Browse for some networking events both in your industry and open to all. Many organizations that had planned conferences this year transitioned them to remote conferences. You can find plenty of events to attend every week and can exchange contact info with other attendees in the chat. 

Start attending events produced by the Wadsworth Chamber of Commerce and other organizations. This keeps you locked into your local community, and can give you some leads on what's going on. 

3. Get Coaching and Personal Development

If you can spare the expense, coaching and personal development are some of the best investments you can make for you and your employees or co-workers. You can't grow if you the only voice of influence you hear is your own. 

When you submit to the wisdom and experience of a qualified coach, you can get more out of yourself and your business than you ever could have imagined. They can help you hone in on the thought processes and practices that will take you to the next level. Make sure that you look into their background and qualifications to be certain that you're getting guidance from someone proven. 

Offering your team this measure of personal development will also bode well for your company as a whole. Everyone will show up engaged and with clarity, which will take your company to the next level. 

4. Revisit the "Why" of Your Business

The biggest reason that businesses and professionals start spinning their wheels is that they don't understand their "why." If you don't understand why you're doing what you're doing, it'll be difficult to find the motivation to actually do it. 

When you put purpose and intention behind your every move, it will light a fire in you and your team. Make sure that your company has vision, and understands what they're working together to accomplish. 

Formally revisit this "why," and make sure you and your team are on one accord. 

5. Audit Your Strengths and Weaknesses

You have to get real about what you're good at, and most importantly -- what you're bad at. Lay everything out on the table.

Understanding your strengths and weaknesses will allow you to shore up those issues so that they don't become a liability. When you build on your strengths, you'll be far more capable of achieving your goals, and won't waste time in areas that don't deserve it.

Audit your company from a nuts and bolts business perspective.

If cash flow is a problem, consider taking out an Ohio Small Business Administration (SBA) recovery loan. These loans allow your small business to become more liquid, without having to pay outrageous interest rates. Don't shy away from hiring a team of professional accountants, lawyers, and any other assets you might need. 

Take out a business insurance policy that can protect your company from liabilities and unforeseen circumstances. When you manage risk, it's a lot easier to grow your business uninterrupted. 

Grow Your Small Business in Wadsworth Ohio

If you run a Wadsworth Ohio small business, the tips above will help you out exponentially. Leave no stone unturned when it comes to auditing your business and taking it to the next level.

When you need insurance and other risk management avenues, we'd be glad to help you out. Take some time to contact us online or at (800)860-1060!