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Must-Haves for Small Business Owners

May 26, 2022

A group of small business individuals discussing their product.

Starting and running your own small business can be a daunting task. But having the right tools in your toolbox can make things a lot easier. In this article, we’ll list six must-have items for small businesses. We’ll also lay out a few proven strategies for small-business success, and we’ll list a few customer experiences you should be offering if you want your business to thrive.

A Computer

Every business needs a computer for word processing, bookkeeping, managing your website and more. A computer can also help you keep track of your inventory and customers, helping you make informed decisions regarding your business.

A Phone Number

A business phone is essential for several reasons. First, a phone number gives your business a professional appearance. Secondly, a phone number allows customers to easily reach you, so they can ask questions or place orders. Third, it allows you to keep track of important calls and messages.

A Printer

A printer is another essential item for any business. You’ll need it to print out contracts, invoices, flyers and other marketing materials. Additionally, a printer can be used to create labels and barcodes for your products.

An Internet Connection

An internet connection is necessary to send and receive emails, conduct research and market your business online. Additionally, an internet connection allows you to take advantage of cloud-based applications, which can help you run your business more efficiently.

Office Supplies

Office supplies are a necessary part of any business. You’ll need pens, paper, staplers, paperclips and other items to keep your business running smoothly. Additionally, office supplies can create marketing materials and promotional items.

Accounting Software

Accounting software is a must-have for any business. It can help you keep track of your finances, create invoices and budgets, and track your spending. Accounting software can also help you prepare for tax season.

Must-Have Strategies:

There are several essential strategies that all small businesses should implement to be successful. Here are four important ones.

Solid Business Plan

A business plan will help you set goals, track progress and make informed decisions about your business. Additionally, a business plan can help you attract investors and secure funding for your business.

Good Customer Service Strategy

Good customer service is essential for any business. It can help you build relationships with your customers, increase repeat business and generate positive word-of-mouth. Good customer service can help you resolve issues before they become significant problems.

Marketing Strategy

A marketing strategy is a must-have for any business. It can help you reach new customers, promote your products or services and grow your business. Additionally, a marketing strategy can help you track your progress and measure your success.

Customer Retention Strategy

A customer retention strategy can help you keep your customers loyal, increase repeat business and reduce churn. Additionally, a customer retention strategy can help you identify and address issues that may cause customers to leave.

Must-Have Experiences:

Running a small business isn’t easy. There are many things you need to do to be successful. But, if you want your business to thrive, there are four essential customer experiences you should offer.

Positive Website Experience

Having a website is vital to the success of a business in today's digital age. A website allows customers to find you online, learn about your products or services and contact you with questions or orders. Additionally, a website can help you build credibility and trust with potential customers. To increase conversions, it’s important that visitors to your website can get their questions answered while having a positive experience.

Social Media Presence

Social media accounts are necessary for doing business in today's world. They provide a way for you to connect with your customers, promote your products or services and build your brand. Social media accounts can help you monitor and respond to customer feedback.

Positive Shopping Experience

A positive shopping experience is essential to the success of any business. Creating a seamless, convenient and enjoyable experience for your customers can help you increase sales and build customer loyalty. A positive shopping experience can help you attract new customers and grow your business. Additionally, a positive online shopping experience can also help decrease your cart abandonment.

Email Marketing

Email marketing is a powerful tool that can help you reach and engage your customers. Creating email campaigns that are targeted, relevant and engaging can help you build relationships with your customers, generate leads and increase sales. Additionally, email marketing can help you stay top-of-mind with your customers and can enable you to grow your business.

How Can Acima Leasing Help?

Acima Leasing can help you grow your business by providing access to an alternative to financing for your customers. Our lease-to-own solutions unlock shopping power and choice for customers who don’t want to use credit or cannot qualify for financing. Utilizing Acima Leasing can help you see incremental sales, acquire new customers and save on the cost of reward and retention programs. Learn more about how we can help you grow your business!

Common Questions About Small Businesses:

What is classified as a small business?

A small business is any business that has 250 employees or fewer, based on the U.S. Small Business Administration's size standards for different industries. [1]

How do I start my own business?

There is no one-size-fits-all answer to this question. The best way to start your own business depends on your unique skill sets and goals. However, there are some basic steps that all companies need to take, such as writing a business plan, registering your business, and obtaining the necessary licenses and permits.

How do I pay taxes as a small business?

The best way to pay taxes as a small business is to hire an accountant or bookkeeper to help you manage your finances and pay the correct amount of taxes. Additionally, using accounting software can help you prepare for tax season.

How do you pay yourself when you own a small business?

The best way to pay yourself when you own a small business is to take advantage of business tax deductions and set up a retirement plan. Additionally, you can use personal allowances to reduce your taxable income. Ultimately any money you take to pay yourself will result in a longer timetable until you turn a profit.