- Since 2022, small business ownership has increased significantly.
- Achieving productivity can help maintain and streamline operations.
- The right people and resources can help you achieve your small business goals.
From 2019 to 2020, small business applications in the US increased to 24.2%. Today, these businesses continue to thrive, with US ownership reaching approximately 33.2 million in 2022. However, maintaining a small business is no easy feat — and owners still run into their fair share of challenges.
The role of a business owner continues to change as the economy and customer expectations evolve. Running a small business takes determination, dedication, and time to come out on top.
Here are a few tips to help business owners stay on course — no matter what the world throws their way.
1. Keep productivity levels up
Productivity has always been an important element of a company’s development and growth, but it often isn’t easy to achieve.
In light of recent political and economic events, many companies have witnessed a shift in productivity levels. Business owners who actively support their employees’ well-being and work-life balance may see higher returns in productivity and retention. With health and wellness programs, training and development opportunities, and an open forum for communication, companies can show their employees support and ultimately work toward successfully improving overall productivity.
2. Assess your risks
Keeping an eye out for specific risks that might jeopardize your company can be a lifesaver, and they come in many different forms, from equipment malfunctions to property damage. These risks can also change depending on the nature of your business.
3. Build a strong network
Maintaining a community of support can build up your company’s reputation and even strengthen your business. For instance, finding an online group of small business owners in your industry or even people that have been affected by some of the same challenges can help you gain insight you might not have otherwise.
The bottom line: A strong network can increase confidence and empower you to work toward achieving your business goals.
4. Stay on top of legal requirements
For any small business, legal requirements can be tedious, but these processes are important to running a business. Requirements such as a NAICS code and cybersecurity documentation allow your business to function and grow while mitigating potential legal concerns. The laws also may vary depending on where you live, so be sure to double check your local labor laws.
5. Make sure you have a solid protection plan
Getting your company insured is the last piece of the small-business puzzle. Think of insurance as the glue that holds your company together. When you have a protection plan, it can allow you to be more confident in your company’s success, all over again.
Choosing the right insurance can be a necessity for all types of businesses. Whether you’re a florist, a baker, or an electrician, State Farm® offers a variety of customizable insurance plans to help fit your needs.
Learn more about how State Farm small business insurance coverage options can help your business thrive.
This post was created by Insider Studios with State Farm.
State Farm Bloomington, IL.
Neither State Farm® nor its agents provide tax or legal advice.