Introduction

If you're a small business owner, you know how much it takes to keep your business running. You also know that there are plenty of ways to make yourself more profitable and efficient. Although it can be tough, there are some simple tricks that even newbie entrepreneurs can implement into their day-to-day operations. Here are nine small business hacks for beginners:

Research your market and industry.

Research your market and industry.
Know your customers' needs, wants, and desires.
Know what competitors are doing in the same market or industry as you are in.
Know your employees' strengths and weaknesses so that they can be used to their greatest advantage on projects related to their fields of expertise (and not just because they're paid well).

Spend wisely.

Spend wisely. You can't afford to buy everything you want. That's just plain common sense. But what about when it comes to your business? It's easy to get caught up in the moment, thinking that because you have a lot of money and time on your hands now, you should spend it all on whatever catches your fancy at the moment—but that's not always the best approach. If there are certain items or services that will improve productivity or efficiency at work and help make sure everyone is happy with their jobs then those should definitely be considered first (and foremost). But if they won't make much difference overall then don't waste time buying them!
Spend wisely on what matters most: yourself! Once again this is simple but often overlooked - set aside some cash for things like vacations/holidays/etc...and put aside some cash for simple luxuries like going out for coffee every now & then too!

Get networking now.

Networking is a great way to learn more about your industry, find new customers and build relationships with other business owners. For example, when you're at a networking event with other local business owners, you might be able to strike up a conversation about your industry or even each other's businesses. This could lead you down the path of discovering opportunities that aren't obvious just from looking at numbers or talking over coffee.

If there's one thing we've learned from our experience as small business owners it's that networking is an essential part of success in any industry—and if we had only started doing it earlier than we did (or hadn't done it at all), things would have been very different for us!

Know your numbers.

Know your numbers.
Profit, gross margin, net margin and contribution margin are key to running a business. They're also common terms you'll hear in the startup world—but many people aren't familiar with them or how they work together. Here's what each one means:
Profit = Sales - Cost of Goods Sold (COGS). This is an important metric because it shows how much money a company makes on each sale. It's usually expressed as an annualized figure (like $100K), but can be calculated monthly if needed!
Gross Margin = Sales x COGS/Sales Price – Fixed Costs/Unit – Inventory Cost/Unit – Selling Expenses/Unit - Other Operating Expenses/(1-Operating Income)
Net Margin = Gross Margin - Direct Labor & Overhead Costs

Set clear expectations.

The first step is setting clear goals for yourself. You need to know where you're going, and you can only do that by knowing where you are now.

Set clear goals for your employees. If they aren't hitting their targets, it's time for a chat with them about what's causing the problem—and how much it matters to them if they're not meeting expectations (or even if they are).
Set clear goals for your customers or clients. It may seem obvious, but many small business owners forget that their customers are paying attention when they open up shop! Make sure that all aspects of customer service are being provided at the highest possible level—and if something isn't working well enough yet, fix it right away!
Set clear goals for your business partners (i.e., suppliers). It's important not just because these people want good relationships with each other; there will also be times when one party needs something from another without being able to reach out directly due either distance or lack thereof between them.*

Automate what you can, delegate the rest.

If you have a process that requires manual intervention from your employees, whether it's data entry or customer service calls, try automating it with software. For example: If a customer calls in and asks for his/her bill to be sent via email instead of snail mail, why should they have to keep doing it themselves? It's much easier for them to just press "send" than it is for them to type out each line on their computer keyboard (or even worse—type out an entire letter). Then again if there are many different people involved in this process then having each person type something manually could take up hours per week which would make no sense at all! So instead of going through all this trouble we'll use technology like Zapier which allows us its users connect various apps together so one action automatically triggers another action without having any human involvement at all!

Make yourself redundant.

In the same vein, make sure that you are not the bottleneck in your business. If 50% of your time is spent on something, it's probably too much. You need to be able to delegate tasks and responsibilities so that you can focus on other things.

You should also have systems in place for handling tasks so they don't get piled up on top of each other and cause headaches later down the road (like when someone calls with a question about something difficult).

Create a business plan for next year and beyond.

A business plan can be thought of as your roadmap for success. It outlines the steps you need to take, and how much time it will take you to get there. By having one in place, you’ll know exactly what needs to be done throughout the year if things go according to plan.

It also offers reassurance that even if things don’t go well or go as planned – like when weather or other factors prevent people from coming through on their promises – there is still some sort of backup plan in place should those things occur (which they often do).

A good way to create a new one is by taking note of what worked last year and then using those same ideas for this upcoming year too!

Invest in yourself and your business education.

If you want to be a successful business owner, investing in yourself and your education is a must. It's important that you're learning new skills. When you can do something better than before, it's an investment for your business! Make sure that whatever path you choose for yourself, taking time out to learn new things is worth it.

You can get this knowledge from books, online courses or even a mentor who specializes in the area of interest for your company or business model.

You don't have to be a big corporation to be a successful small business owner.

You don't have to be a big corporation to be a successful small business owner. In fact, you can start your own company with little money and still make it big.

Small businesses are the backbone of our economy, and they're an easy way for anyone to get started in business. There are plenty of opportunities out there for entrepreneurs who want nothing more than to start their own companies; all it takes is some creativity and hard work!

If you're thinking about starting your own company but aren't sure where the best place is for you, here are five reasons why we think small businesses should be on top of your list:

Conclusion

Now that you know the most important secrets to owning a successful small business, it's time to get started. You don't have to be a big corporation to be a successful small business owner.

9 Business Hacks For Small Business Owners