Small Business Tips and Tools

Celebrate National Small Business Week with Our Top Small Biz Tips

April 29, 2024
3 min read

Happy National Small Business Week! Every year, the U.S. Small Business Administration (SBA) takes time to honor over 33 million small businesses in the United States. If you’re one of those 33 million small business owners, we want to celebrate YOU by giving our top five tips every small business owner should implement into their business.

Tip #1: Organize the five key financial documents

The key to small business success is streamlined financial reporting. It may not be sexy, but sound financial organization is integral to any successful business. It reveals the financial health of your organization from top to bottom. It tells you how much cash you have, where it’s coming from, and where it’s going. It empowers you to make adjustments and reallocate funds from a position of strength. So, what are these 5 must-have documents? The balance sheet, income statement, cash flow statement, accounts receivable and accounts payable, and your tax returns. Keep reading here to learn what they are and why they are so integral to a healthy business.

Tip #2: Grow your network to grow your net worth

Starting a business all by yourself can feel lonely, but the reality is that you’re never truly alone. Behind every founder is a network of supporters, mentors, and fellow entrepreneurs. Not only does having a network make the road a little less lonely, but it’s also a powerful tool for accessing opportunities and advancing your business. By investing time and effort into networking activities, you can unlock a wealth of potential benefits, like securing funding for yourself and your business. 

Don’t know where to start? We have just the place. When you join our virtual Hello Alice Community, you’ll get access to exclusive resources, connections with Team Hello Alice, peer-to-peer networking, and so much more! Get connected here and keep reading here for more ways to grow your network.

Tip #3: Craft a vivid vision

Having a vivid vision of where you want your business to go is integral to its success. It’s also a chance to rekindle the passion of why you started this journey in the first place. By transforming abstract ideas into tangible imagery, you’re creating a dynamic, detailed, imaginative projection of where your business will be. Here at Hello Alice our vivid vision has been our guiding light. And although it’s evolved as our company has grown, it’s always been the way we translate that vision across a team, partners, and a community of entrepreneurs.

Because we believe in the power of having a vivid vision, we made a free guide to help you craft one. By the end of this guide you’ll have a clear, inspiring three-year, written vision of the future of your business and a plan to effectively communicate this vision to your team and stakeholders.

Tip #4: Acknowledge your strengths and weaknesses

We get it, admitting your shortcomings is not a fun exercise, but understanding them can provide a roadmap for amazing self-improvement. The same can be said for your business–being able to pinpoint your weaknesses (and strengths!) empowers you to make choices that align with your values, passions, and abilities that leads to a sense of purpose and accomplishment.

This is where a SWOT analysis comes in handy. It’s a strategic planning tool used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in a business venture. Want help pinpointing and evaluating your SWOTs? Keep reading here.

Tip #5: Open a business bank account

Here’s the thing: You need to separate your business finances from your personal finances. Why? Because having a business checking account will make it easier to manage your business. From making sales to filing taxes, every financial aspect of your business becomes simplified when you have a secure bank account to back it up. Once you have a bird’s eye view of your finances, you’ll be able to take stock of where your money is going and therefore reduce some unnecessary spending. If you want some guidance on how to get prepped to open your business bank account, keep reading here.

Actionable Tips

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