47 Game-Changing Small Business Tips You Need Now

Running a small business can be one of the most rewarding paths in life—and one of the loneliest.

As a business owner, you're making countless decisions every day with limited time, a limited budget, and no playbook to follow. But beyond the practical challenges, there's an emotional weight that often catches entrepreneurs off guard: the isolation of being the one who carries it all. 

You celebrate wins alone, troubleshoot problems alone, and second-guess yourself in the quiet moments when everyone else has gone home.

Sometimes you just wish you had someone to talk to who just gets it. Someone who can offer honest advice, or simply remind you that what you're feeling is normal.

That's why we've gathered 47 small business tips from real entrepreneurs who've walked this path. Here’s what they wish someone had told them—and what they want you to know now.

First thing’s first: get organized. When you’re running a small business, chaos can easily become the default mode. Take time to build repeatable processes. Here’s how 👇

If you’re the only one who knows how something gets done, your business is at risk of stalling anytime you’re sick, busy, or away. Writing down your processes—step-by-step—is one of the easiest, most overlooked ways to reclaim your time.

Start by capturing how you handle repeat tasks, such as:

• Client onboarding
• Prepping for a meeting
• Responding to a negative customer review or complaint

It sounds dark, but hear me out: I run everything through the 'hit by a bus' test. If I got hit by a bus tomorrow, could my team actually keep things going? Would they know how to access accounts, follow up with clients, handle the day-to-day? It's a tough question, but it forces you to document what's only in your head."

- Hiba Amin, Co-Founder of Creative Little Planet

This doesn’t have to be fancy. A Google Doc or Notion page works just fine. What matters is getting things out of your head and into a place you (or your future team) can use.

For example, as a freelance writer, I use Notion to document things like details about my clients’ businesses, my onboarding process, project timelines, style guides, and content ideas.

If you find yourself doing the same task more than once, it’s probably time to make a shortcut.

Templates and checklists might sound like “big business” stuff, but they’re lifesavers for small teams—or solo business owners juggling everything at once. Instead of rewriting that onboarding email or trying to remember what goes in your monthly client check-in meeting agenda, just save it the first time and reuse it.

Need templates for the most common scenarios? Grab these below 👇

• Time blocking template
• Meeting reminder email templates
• Meeting minutes template
• Appointment reminder SMS templates

Also, get into the habit of saving all your docs and templates in shared folders. Make sure they’re clean and clearly labeled.

Right now, you might be the only person in your business. You're the marketer, the bookkeeper, the customer service rep, and the boss—all rolled into one. That’s totally normal in the early days. But at some point, whether it’s a virtual assistant, an accountant, or even just your partner helping out part-time, you’ll need to start handing things off.

Hiring someone and delegating work to them frees you from routine tasks and gives you the headspace to focus on what actually grows your business. However, you need to do it properly, meaning tasks should be clearly defined, deadlines should be agreed upon, and you should resist the urge to micromanage.

This mindset helped Barbara Turley scale The Virtual Hub, an outsourcing consultancy with 350+ global team members. Early on, scheduling chaos nearly overwhelmed the business until Barbara committed to building systems that could adapt and grow.

As she puts it: 

Systemize, systemize, systemize, constantly… It’s not just process mapping. It’s writing things down. It’s being clear and constantly delegating.”

When you’re just getting started, it’s easy to feel pressure to invest in “serious” software. But the truth is, most small businesses can go a long way with simple, free tools like:

• YouCanBookMe for scheduling calls
• Canva for quick designs
• ChatGPT for support
• Mailchimp for email marketing
• Zapier for automating… everything! 

For example, you can use Google Docs to document your processes, write proposals, or collaborate on content. As a freelance content writer, I send all my client projects as Google Docs—it’s simple, free, and gets the job done.

Another great tool if you need to project manage, organize your to-do lists, or track client work is Trello. Again, that’s something I use to track my client projects. Each card in Trello represents one client project, and I move them across columns like: 

• Planning stage
• In progress
• Ready for submission
• Submitted

This gives me a simple, visual way to manage everything on my plate without feeling overwhelmed.

If you’re spending a lot of time emailing back and forth to set up meetings, YouCanBookMe (YCBM) takes that off your plate. It’s perfect for booking client calls, consultations, or even interviews. 

All you need to do to set YCBM up is:

1. Set your availability and sync your calendar
2. Send your booking link to clients
3. Once they pick a time, the calendar event will land on both of your calendars

No extra admin needed.

Simplify your scheduling and save hours every week

Manual scheduling eats up more time than you think. With YouCanBookMe, you can automate your bookings, avoid back-and-forth emails, and give clients a seamless way to connect with you.

Even the best system won’t stay the best forever. As your business grows, what worked last month might start slowing you down this month, especially when new tools, team members, or services enter the mix. That’s why it’s smart to schedule a short process review every quarter.

To do this in a simple way, try the Start, Stop, Continue exercise. Using a whiteboard, Google Doc, or a scratch pad, document your reflections. If you have a team, include them in this exercise as their feedback is invaluable.

Start: 

• What should we start doing?
• What opportunities did we miss last quarter?
• What tools or processes could make our work easier?
• What customer feedback have we been ignoring?
• What would move the needle if we prioritized it?

Stop: 

• Where did we waste the most time last quarter?
• What tools are we paying for but no longer using?
• What feels clunky, confusing, or outdated?
• What meetings or tasks could we eliminate?

Continue: 

• What should we continue to do?
• What worked well for us last quarter?

• What processes are running smoothly?

• What are customers consistently praising?
• What gives us energy rather than drains it?

Another important small business tip is that you should never stop learning. Whether you’re just getting started or 20+ years in, there’s always more to learn!

You don’t need to have everything figured out to run a successful business. In fact, thinking you should know it all can slow you down. It’s far more helpful to treat your business like a work in progress—something you’re constantly shaping, testing, and learning from.

Angela Princewill, founder of AP Lawyers, built her firm by treating her business as an ongoing experiment, not by worrying about getting it right from day one.

You’re going to learn everything, and then things will change, and you’re going to add things on. Just look at it from that way—that you’re practicing and you’re trying to be better every day. And one day things will just kind of come together.”

When you’re in the thick of running your business, it can feel like you don’t have time to look up, let alone ask someone else how they’re doing things. But a five-minute conversation or a quick message to a fellow business owner can save you hours of trial and error.

I remember a few years ago, I messaged another freelancer to ask how she handled clients who were late paying invoices. She not only gave me some tips but also shared her payment reminder templates.

There are also lots of materials and courses (both free and paid) that you can learn a ton from. The key is to find formats that fit into your life and attention span. Maybe that’s listening to a podcast while you’re walking the dog or watching a short course on a slow afternoon.

Start by choosing one or two areas in your business where you feel stuck, like marketing, pricing, or productivity. Then find a resource that feels approachable, not overwhelming.

Need a place to start? Check out this roundup of the best books on business ownership. 

One thing you can count on in business? Change. The tools you use today might be outdated next year. A service your clients love now might need to evolve. Even your own goals can shift as you grow, learn, and see what actually feels sustainable. The best way to handle that? Stay flexible.

That’s exactly how Tiara Mosley grew her styling business, Stylish on Purpose. She didn’t wait until she had all the answers. She took action, stayed open to feedback, and figured it out as she went.

You're never going to know everything, but you have to just go. That’s when you learn. And then you'll know what you need to know for yourself.”

A lot of the success in your business will depend on who you know. The right connections can open up doors to new business opportunities. But those relationships don’t happen by accident. You’ll have to work on them.

You can’t build a business if you’re living under a rock. Be proactive. Attend local events, join a small business group, and if you’re really brave, try cold calling in an attempt to land customers. It might feel awkward at first, but making the first move is often what sets things in motion.

When I launched MentorCity, I made 500 cold calls. I got rejected over and over again—but those rejections were what helped me build connections. They’re what led me to my first client.” 

- Shawn Mintz, Founder of MentorCity

As a small business owner, you should also build a habit of networking online on platforms like LinkedIn or in person at local events. Networking can lead to things like:

• New clients
• Partnerships
• New business opportunities
• Referrals

Of course, you need to approach networking not as something where you just take, take, take without giving anything back. You should contribute just as much—if not more—than you ask for. Offering value first, whether through advice, support, referrals, or helpful resources, builds trust and credibility. And then that kind of goodwill often circles back in unexpected ways.

Jessica Gregory, Canada's Top Runway Coach, has helped models walk for major brands like Louis Vuitton and Givenchy. She believes that having a network is your biggest asset: 

Your network is your net worth. And as a business, I wish I had known that earlier.” 

Social media is one of the best places to connect with fellow business owners, mentors, and potential clients.

LinkedIn, for example, is a great place to start building professional relationships. Make sure you optimize your profile to include clear information about who you are, what you do, and who you help. You might also want to add a booking link to your LinkedIn, so people can easily schedule time with you.

Beyond LinkedIn, explore Slack groups, Reddit threads, and other niche communities where your people already hang out. All you need to do is simply show up, add value, and connections will follow. 🤞

No business can survive without customers, so you need to obsess over improving their experience. Do everything in your power to make it easy for them to work with you, buy from you, or get support when they need it.

Short-term wins might feel good in the moment, but they won’t build a sustainable business. Focus instead on building real relationships with your customers. Get to know their:

• Needs
• Preferences
• Pain points
• What success looks like for them

Also, don’t forget small gestures like following up after a purchase, asking for feedback, and showing genuine appreciation. You want to leave your customers with no other choice but to be excited to buy from you.

Many customer issues come down to miscommunication or missed expectations. Clear, proactive communication can prevent most of that. Always let your customers know what to expect—when their order will ship, what’s included in your services, or when they’ll hear back from you.

If things change or there’s a delay, don’t wait for them to ask—let them know right away. It’s always better to overcommunicate than to leave them guessing. People are generally understanding when you’re honest, but it’s the silence and surprises that damage the relationship.

Edward Ernebäck, Co-founder of Värmekoncept shared: 

Try to do everything that you can to make the customer experience as good as possible… From the sales process, having nice marketing and good follow-up, to clear communication so customers feel they know what’s happening and can trust you.”

One of the most effective ways to stand out is to do more than your customers expect. This doesn’t have to be something huge. It could be a bonus resource, a quick thank-you note, faster delivery, or unexpected advice that helps them get more out of your product or service.

Go the extra mile because that’s the most direct path to earning lifelong loyalty.

From the first moment someone interacts with your brand to the day they become a loyal customer, every touchpoint matters. Look at your sales process: 

• Is it simple and helpful? 
• Is your onboarding smooth, or do people get confused? 
• Are support requests answered quickly and clearly?

Don’t wait until you get a complaint to improve. Regularly ask for feedback, look for friction points, and put effective solutions in place.

Every business makes mistakes. What sets you apart is how you handle them. If something goes wrong, own it. Apologize, explain what happened, and offer a solution quickly.

Tough situations can become opportunities to build loyalty, especially when customers feel heard and respected. Sometimes, handling a mistake well can actually leave a more positive impression than if everything had gone perfectly.

Treat your customer the way you would want to be treated. Say something goes wrong, you want it taken care of right away. You want it addressed in a quick, respectful, responsible manner.” 

- Danielle Cote, Store Manager at Chris Cote’s Golf Shop

Building a business that people believe in starts with trust. The ability to communicate honestly and follow through on your word is one of the biggest competitive advantages you can have.

In a small business, your word carries real weight. When you tell a customer you’ll deliver something by Friday, they’re counting on it. If that doesn't happen, you've damaged the trust you worked so hard to build in the first place.

Underpromise and overdeliver. Clients appreciate realistic timelines more than ambitious ones that fall through. If something changes, let them know as soon as possible and explain why. Most people are understanding if you keep them in the loop.

Saying “yes” to every request might feel like good customer service, but it can quickly backfire. If a client asks for a rush job, a feature outside your expertise, or support beyond your scope, and you say yes just to please them, you’re setting yourself up for stress—and potentially disappointing them in the end.

Sometimes the most respectful and trust-building thing you can do is say “no.” But don’t stop there. Whenever possible, explain why and offer an alternative. 

For example, if a deadline is too tight, you might say, “I want to make sure the quality meets your expectations, and I don’t think I can do that within that timeframe. Could we look at early next week instead?”

It’s tempting to say what people want to hear, especially when you're trying to close a deal. But that can erode trust quickly if the truth comes out later. Being upfront about pricing, timelines, capabilities, or potential roadblocks sets a solid foundation for long-term relationships.

Chief Customer Officer of Lyyti, Hannes Merisaari said it best: 

The best business advice I can give is to be honest. Trust is something you can't get back once it's broken. If you try to fool someone—whether it's during a sale or anywhere else—it will come back to haunt you. They'll leave angry, and they'll tell others. But if you're honest from the start, even if you don't get the deal, you get their respect. And that's worth more in the long run."

Trust is fragile, and it only takes one poor interaction with someone on your team to damage a customer’s perception of your whole brand. So, if you’re managing a team, make sure they understand the importance of being direct, communicative, and accountable.

Set clear expectations around things like:

• Owning up to mistakes instead of covering them up
• Providing accurate timelines and not making empty promises
• Following up with customers, even when the answer is “we’re still looking into it”
• Admitting when something’s out of scope or not possible right now

Remember: Trust takes time to earn but only seconds to lose.

Time for a pep talk! No, but in all honesty, let’s talk about some psychology and the mindset required when you go all-in on building your business.

It’s natural to seek advice from others, especially when you’re starting out. But too much outside input can leave you second-guessing your own gut. The truth is, no one knows your business (or your vision) better than you do. Learning to trust your instincts is one of the most valuable skills you can develop as an entrepreneur.

Looking back, I wouldn't spend as much time seeking everyone else's advice. Sometimes you just need to trust yourself and move forward."

– Traci Webb, founder of the Ayurvedic Living School

It’s okay to get input, but don’t let it override your own gut instincts. The best ideas often sound risky to others, but they make perfect sense to you.

People can feel when something’s real. Passion is contagious, and when you show up with genuine enthusiasm, others are far more likely to trust and support your business. Share what drives you, why your work matters, and the change you want to see.

It is my personal passion that has really driven this business. I can see that doesn’t exist across the board—and that’s what makes the difference. People feel it when it’s real.”

- Joe Darling, a professional production potter and founder of The Pottery Shed

As humans, we tend to focus on the negatives—and that’s okay. Being able to identify something that isn’t working means you can actually go and address it.

But at the same time, you should also take note of what is working. Think positive client feedback, a project you’re proud of, or simply the fact that you’re still going. Reflecting on your progress helps ground you in your own capability.

Nate Cruz, who built a successful boxing coaching business, believes that every one of us has something to give, and that we should lean into it:

You have plenty to give, you have plenty to add. Believe in yourself early. I would have told that to myself from day one.”

Keep a “win journal” to motivate yourself. Revisit kind words from clients. When you remember what you’ve already achieved, you’ll feel more confident about taking the next step.

You don’t need to be like everyone else in your industry. In fact, the thing that makes you different is often what makes you stand out. Your lived experience, voice, perspective, and background all shape your approach, and that’s what makes your offer valuable to the right people.

Hervé Da Costa runs his global coaching business by this philosophy:

Discover who you are and learn to love yourself, learn to respect yourself, learn to give yourself permission to be exactly who you are.”

We can’t overemphasize how critical understanding your customers is. If you don’t really know who you’re serving, you’ll waste effort on people who aren’t a fit.

Invest in clarity and figure out: 

• Who your best customers actually are
• How much are they prepared to pay for your product or service
• How they think
• How can you create value that they recognize

Below are key practices to help you really know your customers 👇

It’s tempting to picture your ideal customer as someone ambitious, generous, buying everything you offer. But that vision can be a fantasy if it doesn’t match reality. Your “dream” customer isn’t always the person paying your bills today.

Start by reviewing your existing clients: 

• Who consistently pays on time? 
• Who gives good feedback? 
• Who stays longer than a single transaction? 

And look for patterns in:

• Demographics
• Psychographics
• Problems
• Purchase behavior

Use those to form a refined profile of your “best” customers. Once you know who they are, you can lean into serving them better—and stop chasing people who aren’t a fit for your offer.

One of the hardest lessons for small business owners is realizing that clients’ willingness to pay may be higher than you assume. Undercharging can feel safe, but it often leads to burnout, undervaluing your work, and attracting less-than-ideal clients.

To break through that, test pricing strategies:

• Offer multiple pricing tiers
• Use A/B experiments
• Speak to others in your area of work to find out how much they’re charging 

You might be surprised by how much value people place on reliability, ease, or excellent service, not just features and deliverables.

Don’t make your price based solely on cost + margin. Consider psychological factors, such as perceived value, trust, differentiation, and raise your rates when you confidently deliver more.

If you wait to ask for customer feedback when you think something’s wrong, that’s already too late. You want ongoing feedback to catch friction before it turns into churn. 

Here are some practical strategies:

• Send short post-service surveys (1–3 questions) asking what went well, what could be better
• Ask for reviews on public platforms
• Hold occasional one-on-one conversations with trusted clients, asking deep, open-ended questions

It’s easy to write product or service descriptions that sound smart, but that doesn’t mean they’ll connect with how your customers actually think. Customers care about their problems, fears, and desired outcomes, not features.

So, your value proposition should sound like them, reflect the way they describe their struggles, and use their words.

For example, let’s say you’re a freelance social media manager.

Instead of saying 👉 “I’ll create and post 3 LinkedIn posts a week for you.” 

Say something like 👉 “I’ll help you grow your personal brand on LinkedIn and attract new business opportunities by delivering consistent, engaging content that positions you as a trusted voice in your industry.”

See the difference?

Finally, use all the intel collected from your customers to inform product decisions, services, and features. Here’s how:

• Identify recurring requests or “wish-list” items and scale the ones that align with core strengths
• Bundle existing services in ways customers ask for
• Create add-ons that solve complementary problems
• Pilot a new offering with a small group first, and iterate based on usage

In doing so, you’re building a business that truly serves your customers. And that means better uptake, less wasted development, and more satisfied customers.

When you start a business, it’s common (and sensible) to run solo for a while, especially in the very early days. 

But at some point, the workload, stress, or limitations of one person become clear signals that you need help. Knowing when (and how) to bring someone on the team is one of the key growth decisions you'll make.

Many entrepreneurs start out solo, and that’s perfectly fine. In fact, it can be a great way to stay lean, keep costs low, and learn every aspect of your business. 

But the key is knowing when to bring in help. Burnout can creep in slowly: late nights, a never-ending to-do list, and that constant feeling that you're just barely keeping up. That’s usually the moment to pause and ask yourself, “Is it time to grow the team?”

Gary Russell, founder of Your Pass Driving School, shared his own experience of this hesitation:

I held off for a while about starting to bring in other instructors because I thought I would be more comfortable just being me for a while, but I should have grown the company sooner.”

Many founders make the mistake of hiring people just like themselves. That feels safe, but it doesn’t stretch your business.

What your business often needs is someone who brings new skills, energy, or a different perspective.

▶️ If you’re great at operations but weak in sales, look for someone who loves connecting, pitching, or relationship building. 

▶️ If you love creative strategy but are weak on detail execution, hire someone with precision and follow-through.

And when you’re hiring, think ahead. As Bridget Harris, co-founder of YouCanBookMe, put it:

Critically, look for people who have experience with the type of customers and the business size you're trying to reach, not just the size you are now.”

Do you worry about hiring because a full-time commitment feels too big? Start smaller. 

In the early stages, you can bring on part-time help, contractors, or virtual assistants (VAs). This way, you can test role fit, workload balance, and management style without locking yourself into a long-term arrangement.

You can outsource small tasks such as customer support, basic content creation, or data entry—anything that frees up your time from mundane, repeatable work. Observe how they handle the tasks, how communication flows, and whether the person aligns with your style and values.

If it works well, scale the role. If it doesn’t, you’ve gained insight without the burden of a bad hire.

Company culture doesn’t start when you have a big team! It starts right away, even if it’s just you and a part-time assistant or contractor. How you work together, how you talk to each other, and how you handle problems—that’s the foundation of your company culture.

Think about the values that matter to you. Is it being honest? Being dependable? Putting customers first? Say those things out loud and lead by example. If you build good habits now, it’s much easier to keep them as your team grows.

We’ve discussed earlier how important it is to invest in tech. However, it’s not just disparate tools that you should purchase—you need to lean on automation.

The less time you spend on repetitive admin, the more energy you can put into growing your business. Start by automating the tasks that eat up your day—like scheduling, invoicing, and bookkeeping.

For scheduling, tools like YouCanBookMe make it easy to set up a simple, branded booking page where clients can find time with you—without the annoying back-and-forth emails. It automatically handles confirmations, reminders, and follow-ups, so you can stay focused on the work that actually moves your business forward.

Automate your scheduling and reclaim your time with YCBM

From scheduling to payments, everything runs automatically. Your clients get professional experience, and you get time back in your day.

When it comes to invoicing and bookkeeping, tools like QuickBooks, Xero, or Wave can automatically track your income and expenses, generate invoices, and give you real-time visibility on your financial health.

Don’t go on a shopping spree and buy every shiny tool you come across. Instead, focus on investing in tools that deliver meaningful time savings and reduce repetitive tasks. 

For example, if you’re a life coach working with a handful of clients, investing in an expensive customer relationship management (CRM) platform probably isn’t the best idea.

But if you’re running an e-commerce store with hundreds of customer interactions each week, a good CRM is essential. Focus only on the tools that are truly necessary for your business right now.

Lastly, make sure your tools work well together to avoid data silos. Look for platforms that offer integrations, or use solutions like Zapier to connect everything from your CRM to your email automation to your scheduling tool. This helps you avoid copying and pasting or tracking the same data in multiple places.

When you’re building a business, it’s easy to feel like you need to figure everything out on your own. But the truth is, you don’t. And you shouldn’t!

Just like you’d go to a doctor for medical advice or a mechanic for your car, there’s no shame in leaning on professionals when it comes to running your business.

Need help with taxes? Get an accountant.

Want to make big strategic moves? Find a business mentor.

Advisors help you see blind spots, avoid costly mistakes, and move faster with confidence. Here’s how to make the most of them 👇

No one starts a business knowing everything. If you’re a coach, you probably didn’t get into this to study tax codes. If you’re a designer, you may not feel comfortable navigating HR policies or business insurance.

That’s why hiring professionals for the things you don’t know (or don’t enjoy) is a good idea. Financial advisors, bookkeepers, lawyers, and HR consultants can help you make the right calls, especially when the stakes are high.

And you don’t always have to spend a fortune. There are affordable consultants, one-time services, and even free small business clinics that can help answer your questions.

Do you have an idea of where you want your business to go but feel unsure about the steps to get there? One of the best things you can do is find someone who’s a bit further ahead and learn from their experience.

Let’s be honest—you probably already follow someone online whose business you admire. Maybe you’ve watched their content, followed their journey, and thought, “I’d love to be where they are.”

If that’s the case, don’t just lurk. Send them a message. It doesn’t have to be long or awkward—just something like, “Hey, I’ve been following your work for a while and really admire how you’ve grown your business. I’d love to hear more about your journey. Would you be open to a quick chat? I’m happy to pay for your time.”

You’d be surprised how often people say yes, especially if you’re respectful of their time and clear about why you’re reaching out.

Speaking of paying someone for good advice, it really is time to normalize it. If someone can offer you a shortcut or high-quality insight, pay them. That advice can save you money in the long run.

Good advisors help you make better decisions. They help you avoid penalties, lawsuits, bad hires, or financial headaches. They can even open doors to opportunities you might not have found on your own.

Alex Falcon Huerta, founder of Soaring Falcon, partially attributes her business success to advisors who help with complicated decisions.

When the numbers get complex, use advisors to make sure that’s implemented correctly and accurately so you’re not ending up with disastrous data that you can’t rely on.”

If you’re making a big decision in your business, like signing a lease, bringing on a business partner, or setting up your business structure, it’s worth paying someone to look it over.

Whenever you’ve identified the key people who can help you with different areas of your business, hold onto them like your life depends on it. They will be your go-to group for advice when you need to make your next big business decision.

Just be mindful of advice overload. You want input, not confusion. Choose a few voices you trust, and don’t be afraid to say, “Thanks, I’ll think about that,” if you don’t want to act on everything you hear.

Running a business involves a lot of judgment calls, like:

• When to raise your prices
• Whether to fire a client
• If now is the right time to expand
• When to hire your first (or next) employee
• Whether to invest in a new tool or service
• If it’s time to pivot your business model

These decisions can feel heavy when you’re making them alone. Use your trusted advisors to help you think through the consequences, pressure-test your logic, and give you the confidence to follow through. Their outside perspective can help you avoid emotional decisions or catch red flags you might have missed.

Like in the ABBA song:

Money, money, money / Must be funny / In the rich man's world
Money, money, money / Always sunny / In the rich man's world

But for most small business owners, money isn’t always fun, and it’s definitely not always sunny. If anything, the financial side of running a business can be the most confusing and stressful part.

You don’t need to know every tax rule or become a finance expert, but understanding the basics is key to running your business confidently. If you’re brand new to financial terms, here’s a quick breakdown:

• Profit and loss (P&L) shows what you earned and what you spent, so you can see whether you actually made money.
• Cash flow tracks the money coming in and going out of your business—important because a business can look profitable on paper but still run out of cash.
• Balance sheets summarize your assets (what you own) and liabilities (what you owe), giving you a snapshot of your financial health.

Understand your finances. Learn the basics of what profit and loss is and what your bottom line is. And even the balance sheet.”

– Alex Falcon Huerta, Founder of Soaring Falcon

It’s tempting to put off the numbers until tax season, but that usually means a last-minute scramble, missed deductions, and a lot of unnecessary stress.

Instead, create a simple monthly habit. Even 30 minutes at the end of each month can help you stay on top of your business health. You’ll know if you’re making progress, slipping behind, or overspending in any areas.

Use a basic Excel spreadsheet or a tool like QuickBooks or Xero to keep everything in one place.

This one is crucial. The moment you start charging for your work, open a separate bank account for your business. Even if you’re a sole proprietor or freelancer, keeping your business income and expenses separate makes everything cleaner.

Why it matters:

• It’s easier to track real profits
• It helps you (or your accountant) at tax time
• It makes your business look more professional if someone asks to see financials for a grant, loan, or partnership

One of the worst surprises in business is making money—then realizing how much of it belongs to the tax man.

If you're not setting money aside for taxes, you’re setting yourself up for stress later.
A good rule of thumb is to set aside 25–30% of your income (after expenses) into a separate “tax savings” account. That way, when tax time rolls around, you’re not scrambling to find the cash.

Also, keep track of deductible expenses like:

• Office supplies
• Software subscriptions
• Home office expenses
• Travel or meals related to client work

A tax advisor or accountant can help you figure out exactly what applies to you.

If financial tracking makes your eyes glaze over, outsource it. Seriously. There are excellent bookkeepers and accounting professionals who work with small businesses and freelancers. You can hire someone monthly, quarterly, or even just for year-end clean-up.

You can also use accounting business software that automates things like invoicing, expense categorization, and reporting. Though you might still need to hire an accountant for your tax submissions.

The bottom line

These small business tips from the founders in the trenches are here to help you build, learn, and grow with confidence. Perhaps the key lesson here is that nobody was born knowing everything. But that’s the beauty of it. You can learn as you go, grow through experience, and shape your business in a way that truly works for you.

Take what resonates, leave what doesn’t. Remember, you’re doing better than you think. And if you’re looking for a scheduling tool to automate all your important business meetings, try YouCanBookMe for free today!

FAQs

What are some effective low-cost marketing ideas for local small businesses?

There are many different ways you can market your small business. Start with what’s free: optimize your Google Business Profile, ask happy customers for reviews, and post consistently on social media. Also, consider partnering with nearby businesses for cross-promotions or co-hosting events. Use flyers or posters in community spaces. Email newsletters and referral incentives are also powerful and budget-friendly.

How should I set pricing to maximize profit in my small business?

Start by calculating your costs (including time) to ensure you’re not undercharging. Then, research competitors and talk to customers to understand their willingness to pay. Price based on the value you deliver, not just your hours. Avoid racing to the bottom—premium pricing can signal quality and attract better-fit clients.

What are the best tools to automate admin tasks and save time as a small business owner?

Tools like YouCanBookMe for scheduling, QuickBooks or Xero for accounting, and Zapier for connecting your software can save hours. Use Notion or Trello for project management and Canva for quick design work. Email automation tools like Mailerlite or ConvertKit streamline your email marketing.