Minneapolis has its own set of unique challenges when it comes to starting and growing your business.
This does not mean, however, that there aren’t several common factors in place for Minnesotans when it comes to taking the entrepreneurial plunge. According to our local CBS affiliate, WCCO, we have an incredibly unique situation here in Minnesota:
Sure, the common fly-over patron may have a certain image of the Star of the North, conjuring up images of blizzards, frozen lakes and sub-zero wind chills. However, you’re already in the land of 10,000 lakes, and as you very well know, Minnesota, and namely Minneapolis, is seeping with opportunity. In fact, 17 of the fortune 500 are headquartered in Minneapolis, and new businesses are springing up left-and-right.
However, you still may be tentative about starting your own business. The city of Minneapolis feels your pain, and there are many online resources available to new business owners.
Growing Minneapolis Business is hard work. Here are 3 steps to make it easier!
Think strategically about your customers
For a small business, the marketing budget is often small or nonexistent. Taking a strategic and integrated approach can help maximise your marketing efforts and costs. Your marketing, like your product or service, must start with your customers’ interests and needs. Unless your marketing addresses what they care about most, buyers will never see your small business as a valuable resource for information with viable product or service solutions. Think about what problems your customers face and how your business can resolve these problems. The convergence of these two areas is what is known as the ‘sweet spot’. By narrowing in on your ’sweet spot’, you will help your business thrive, as your customers will see your business as a useful resource for problem solving.
Taking on staff also means you need to think about your payroll processes.
If you’re unfamiliar with payroll and legislation, you may find yourself subject to significant penalties. Payroll is the total amount of money you pay to your employees over a set amount of time. It’s also all the financial records and data related to salaries, wages, overtime, bonuses, deductions, withholding, and garnishments related to your business. Many small business owners experience stress when it comes to managing cash flow. Timing is everything and knowing how much you have to pay your suppliers and who still owes you money is critical to your business success. These invoicing tips can help you manage your cash flow and get your customers to pay faster.
Developments in technology help us run a business more efficiently, but its ever-changing nature can make it hard to keep up. In this way, embracing accounting technology can help you stay compliant and stay ahead of the game. It’s also important to keep up with changing legislation, regulation and product or service standards to avoid putting your business at risk of penalties and other consequences.
Growing Businesses is what we do at KeyeStrategies.
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