How to Set Your Business Apart from the Rest in 2022
The business landscape is changing every day, and it is more competitive than it’s ever been. This means business owners need to be on their toes, and at the forefront of innovation in 2022 to even be relevant, which can be tough sometimes with how fast the landscape is evolving.
It seems like every advisor and blog out there has priceless advice on how to make your business stand out and make an impression with the right people, but where do you start? Here are some easily actionable ways that you can make sure you set your business apart from the rest in 2022.
Hire Top Help Even If It’s Not Local
For owners of small businesses, it may seem counterintuitive, but one of the best things you can do is make sure you hire the right talent, for the right price. What many don’t realize, however, is that the “right price” is a lot more manageable when you outsource some of your tasks or projects. While it is one of the most common business practices for large corporations, it’s often sorely overlooked by owners of small businesses.
There are some incredibly common tasks that you can outsource that will save you big bucks over hiring domestically, and on top of that, small business outsourcing companies can make sure you still get the accuracy and quality you’d expect from a local or in-house hire.
Accounting and bookkeeping are some of the primary jobs to outsource, not only because many small business owners simply lack the accounting knowledge to do it properly, but because domestic accounting services are not exactly cheap. Graphic design is another task or department that can be outsourced with amazing reliability, and some of the websites and apps that your business will develop will eventually need graphics.
Payroll is another outsourceable role which, even though it is similar to accounting & bookkeeping, is wholly different and crucial to a well-run company. Other great jobs or departments to outsource for small businesses include IT, sales, administrative duties, marketing, and of course, customer service.
Get Your Credit Reports Smarter
If your business depends on credit reports and bankruptcy status is important to those considerations, leveraging a company that specializes in bankruptcy credit reports can be a vital way to save time and effort in researching applicants’ bankruptcy histories. For small property management or leasing companies, this can be a crucial component to cutting back on manual credit report pulls and can save you incredible amounts of money and work.
Make Your Shares More Accessible
One of the most surefire ways to set your business apart from others this year is to allow fractional ownership of it. This can work with so many different types of organizations, from large companies to real estate, and can produce incredible benefits. What fractional ownership does is essentially permit the purchase of a percentage of shares in some asset that might otherwise be too high-dollar for a potential investor.
While the concept of fractional ownership began in the real estate market, it is commonly used today to buy a portion of ownership in things like private jets, yachts, and more. The basic premise is that the asset’s value is divided into several equal portions that allow a lower cost of entry to the investment. This makes it more accessible to more people and reduces the financial burden among a collective of like-minded investors.
This can be used as a way to allow people to invest in your company, even when they can’t afford an entire full share of ownership. If your fictional company ZYX is currently trading at $1,000 per share, that essentially prices out anyone who cannot commit a minimum of $1,000 toward investing in your company. By allowing fractional investing, you can allow investors with just $100 to contribute, the ability to buy a tenth of a share.
Know Your Value
If you just started your business, or maybe are flying by the seat of your pants when it comes to the numbers, you may be asking yourself what is a cap table? Building a capitalization table is one of the primary ways to show the equity ownership capitalization for your company, and it has become one of the essential tools for making significant financial decisions about your business.
Your cap table will help guide your decisions about things like market capitalization and equity ownership. This is crucial for helping the business maintain the calculation of its market value. It will generally include a very intricate deep dive into the company’s shareholder’s equity.
If you want your business to be poised for success this year, you will want to make sure your organization treats your cap table as a living document. It should be constantly and meticulously updated, allowing it to constantly evolve alongside your business. This will also be needed if you plan to take your business through any funding rounds, which are particularly crucial for newer startups.
Give Your Healthcare Business A Unique Look
If your business is in the healthcare field, you know better than most how unoriginal the usual nursing attire is, particularly the personal protective equipment. The increasing prevalence of personal protective equipment is becoming commonplace, particularly in areas with heavier pandemic casualties. Much of this equipment is used in conjunction with goggles, but those goggles also have to fit specific criteria.
Stoggles produced some very cute nursing goggles that are not only coated with anti-fog technology so that your masked lifesavers can see, but that are also certified to Z87 standards. Their nursing goggles are also able to block 100% of UV rays and even large amounts of sleep-disturbing blue light.
This gives them the ability to remain in use as personal protective equipment but designed to be fashionable. They can also accept nearly all prescription lenses, so your frontline workers see fog-free, clearly, all while keeping those dangerous UV rays out of their eyes. Springing for a set of these for every nurse in the department will definitely set your business apart from others.
Set Your Financials Apart
When you own a small business and are trying to run it with minimal help, one of the most powerful tools that you can leverage in your accounting, bookkeeping, payroll calculations, and recordkeeping is QuickBooks. QuickBooks is an online financial management suite that can help small businesses keep their financials in better shape than many larger companies.
One of the biggest benefits of using QuickBooks is that it helps small business owners separate their personal finances from business finances, which is a common pitfall and cause of stress for many people who do their own accounting. It also will contribute to a deeper understanding of your income, and help you budget properly for business expenses.
Another crucial point that QuickBooks makes easy for the small business owner is handling payroll and bookkeeping tasks, which can be incredibly complicated for businesses that have even a small number of employees. You can even use it to help fine-tune your profit margins so that you have more available to put back into your enterprise, by more expertly managing those same expenses.
