Starting a small business is rewarding but rarely a direct path to success. Challenges will push you to think on your feet, find solutions, and rethink your approach. In these moments, resilience and a supportive community of like-minded owners can be invaluable. So, we spoke with two PayPal merchants – Cricket-Hockey.com and Vivien of Holloway – to gather tips and advice for businesses looking to succeed sooner. Below are lessons and insights they shared to inspire those launching or growing their own businesses.
Building a trusted and strong network is crucial for small businesses to thrive and succeed in today’s competitive market. Being transparent with customers, suppliers, and employees helps build trust, which in business, is foundational for success.
These relationships help establish credibility and offer a reliable support system that can provide guidance and assistance when help is needed in an ever-changing dynamic business landscape. Developing a strong network provides small business owners with a competitive advantage that can help with resilience to challenges posed through supportive relationships with suppliers and subsequent opportunities to expand their customer base.
As a small business owner, you wear many hats (sometimes, all of them!). From monitoring your cash flow to preparing financial reports, all these tasks are necessary admin that consume time and energy. Operational processes are part and parcel of running a business, but as you grow it is essential to simplify these processes so your business can reach its highest potential while minimising operational risks.
Successful small businesses, like Cricket Hockey, have found that having one payment provider and streamlining backend processes can lead to significant improvements in operational efficiency when it comes to payments that helps their business run smoother. For instance, choosing a payment provider that offers tools and resources that help streamline day-to-day operations such as tracking sales performance, managing payment related risks, dispute management, and simplifying shipping solutions so you can focus on business growth.
Every customer is unique, and so are their expectations for interacting with the businesses they love. When starting a new business, it is important to be agile in reacting to new ideas, customer needs, and market demands quickly. The financial implication of the pandemic has shaped how consumers handle their money with inflationary environments across the globe. Businesses need to look to the consumer demands and adjust their offerings appropriately to maintain growth.
For example, offering flexible payment options at checkout with pay later solutions can not only help boost sales and cart size, but enhance overall customer satisfaction. In a world where businesses are grappling with fluctuating macroeconomic conditions and subsequently changing customer behaviours, flexible payments can help drive conversion in times of uncertainty and develop customer loyalty by reducing friction in purchasing decisions.
The small business journey is filled with many highs and at times, many obstacles. By building trust, simplifying operations, and offering flexible payment choices for your customers, you can help build a resilient and successful business that will continue to grow and scale. And the good news is, you don’t have to do it alone. There’s a community of owners who willing to share the advice they wish they had known when first starting out, with testimonials shared across our Business Resource Centre.
PayPal is here if you’re looking for a trusted payment partner who can help give your customers the flexibility to pay how they want, visit our Business Homepage to learn more.
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