Top Tips of 2022: Small Business

Review 2022's most popular articles to help your small business grow and be more successful in the new year.

1. 8 characteristics of a successful small business

Ever wonder what makes some small businesses more successful than others?

1. Owners lead by example.
2. A simple and open business structure encourages interactivity between employee and owner.
3. Consistent information sharing among employees.
4. Staff are carefully recruited and selected.

Read the full article for more tips on building a successful business.

2. 6 ways to protect your competitive advantage

You’ve spent time and money developing products, services, or a way of doing business that gives you an advantage over your competitors. Follow these tips to maintain and promote your unique business.

1. Protect your intellectual property (IP). Having the law on your side is handy when it comes to stopping any imitators.

2. Protect your intellectual assets (IA). These are assets that can’t be legally protected, such as your business contacts, networks, and your business know-how.

3. Maintain your price advantage. Lock in exclusivity of supply with a legal contract, build cash reserves to buy in bulk for volume discounts, and more.

3. What is a veteran-owned business certification and how do you get it?

Being a veteran is a lifelong distinction, but did you know that it can help boost your business too? There are several different certifications you can get, depending on your business goals. There are many reasons to get certified as a veteran-owned small business.

1. Ability to bid on federal contracts. Currently, the Department of Veteran's Affairs (VA) offers set-aside contracts for both certified Veteran-Owned Small Businesses (VOSBs) and Service-Disabled Veteran-Owned Small Businesses (SDVOSBs).

2. More private-sector business. Even if your business doesn't target federal contracts, getting certified can give you an advantage in the corporate and private world.

4. How your small business can avoid credit card fraud

Safeguarding your business against fraud is important, particularly if your business is accepting credit cards.

You can reduce the chance of any credit card fraud by asking for and offering alternative payment options for customers. Ensure your bank is approved to process mail, telephone and/or internet orders prior to accepting credit card payments.
Refund fraud is a common type of fraud often committed by employees processing refunds to their own debit or credit card.
A shipping scam involves a third party using a stolen credit card to pay for goods. The scammer requests goods to be shipped overseas and adds the freight charges.
In ticket scams, a scammer poses as an independent re-seller offering discount tickets and the seller buys the “actual” tickets using illegally obtained credit card details.

Learn more about how to prevent credit card fraud.

5. 5 strategies to increase profits

Rather than focusing on large increases in one area, look at the following areas and concentrate on small increases.

1. Increase your leads. Attend industry events and conferences to meet potential customers, and develop new distribution channels.

2. Convert more of your leads into customers. Focus on turning leads into loyal customers.

3. Increase the number of items you sell per customer. Entice your customers to buy just one more item or extra service from your business, your sales will increase.

Read the full article for more tips to on how to increase profits.