Do you feel like you're treading water with your small business and
not making progress towards your goals?
Or are you having trouble choosing business goals to work toward this
year in the first place? Every entrepreneur wants to own a successful
and profitable business, but it's not always clear how to get there.
If you want your small business to be more beneficial than ever
before, here are some suggestions for how to make it happen. And
remember: Building a successful business is a marathon, not a sprint.
01. Focus on Customer Service
According to a study by NewVoiceMedia, 51% of customers will not
repeat business with a company after a bad service experience. Other
studies have shown that it takes several positive customer experiences
to make up for one negative one.
Given that loyal customers make a much easier sell, make good customer
service a priority. Examine your current customer service and make the
changes that need to be made to ensure that your small business provides service superior to your competitors. You may need
to invest in staff training, revamping your return policy, or make basic
improvements such as responding promptly to voicemails or emails from
customers.
02 . Build Word of Mouth for Your Business
Whether you operate your business in a small community or a large
urban center, word of mouth is more important than ever. Most
consumers turn to the net to search for reviews of businesses before
deciding where to shop, so building a good reputation is vital to the
the success of your business.
How do you get positive word of mouth? By providing good, professional
service, building and monitoring your local (and online) reputation,
and gaining publicity by giving back to your community through your
support and sponsorship of local organizations and charities.
03 . Expand Your Marketing Efforts
Effective marketing is key to increasing your sales, but you don't
have to break the bank to promote your business. There are many
inexpensive ways to market your products and services, including:
•Creating and using a promotion kit
•Sending out promotions with your invoices
•Joining professional organizations
•Involving the newspapers in your grand openings, moves, or charity events
•Giving free workshops or classes related to your products or services
•Developing business partnerships and doing cross-promotion with
complementary businesses
•Cold calling (yes, it can still work)
•Advertising your business on your vehicle with a vehicle wrap
04. Build Your Online Presence
Creating a professional-looking website can be quick and easy
nowadays, and your small business needs to be in the online space.
Research from the E-commerce Wiki indicates that 88% of consumers now
research purchases online before purchasing in a store.
A simple website that describes who you are, what you do, and how to
contact you will suffice for many small businesses. At a minimum, your
the site should contain:
•Your logo
•Your business name
•A summary of what you do—your products and services
•Your contact information
•Your address, including a Google Maps link
•Your mission, e.g., "We make the best pizza in town..."
•Testimonials from customer
Depending on your target market, social media can be a great way to
promote your business as well. Establishing a presence on Facebook,
Twitter and Instagram are standard for most companies these days.
05 . Cut Your Business Costs
Business costs for everything from office space to vehicle expenses
seem to always be on the rise, so keeping expenses in check is aa
the crucial task for business owners.
Keeping track of expenses is time-consuming and tedious, so wherever
possible try using new technology to make the job as easy as possible.
For example, there are several mobile apps for expense tracking,
including many cloud-based accounting applications that allow you to
automatically add expense information into your accounting system by
snapping pictures of receipts with your mobile device.
Conduct annual or semi-annual reviews of your major expenses,
such as office space, business insurance, staffing, and vehicle
expenses. Where can you trim? If you are in an area with an abundance
of available commercial space, perhaps you could think about
relocating. If you don't even need a storefront, you could convert to
a home-based business.
Review your significant supply costs regularly and always look for discounts
or ways to pool supply purchases with other businesses to save money.
Make reducing expenses part of your job description and company
culture.
06. Go Mobile
If you do nothing else with mobile technology this year, you need to
make sure that your online presence is mobile-friendly, including your business website. Increasing numbers of people are surfing and
searching with their phones—even when they're at home.
But two other trends could benefit your small business.
The first is mobile marketing. There are myriad mobile-specific
strategies you could be using to reach your target market with great
the effect, from text message advertising and mobile display ads to having
your business app designed.
Mobile payment systems represent your other opportunity. Apple Pay,
Google Wallet, Venmo, Square, Intuit GoPayment, Paypal—the choices for
paying by phone is now endless. Offering pay-by-phone services is a
significant convenience to customers, but your small business could
also realize considerable savings from being able to use a mobile POS
system.
07 . Get in the Cloud
There is no doubt that cloud computing has leveled the playing field
for startup businesses, but the severe advantages of using the Cloud
for "ordinary" established companies is not always discussed.
Cost savings and access from anywhere are the most significant advantages to
moving some of your business processes to the Cloud. If, for instance,
your business changes from a desktop small-business accounting program
to a cloud-based accounting application, you would no longer have to
install desktop software (saving IT costs for installation, backups,
updates, etc.) and you can access your business accounts from
anywhere, including from mobile devices.
There are some disadvantages to cloud computing, of course, but if you
I haven't started using cloud storage and applications yet, make this
the year that you at least investigate its potential.
08 . Find and Keep the Right Employees
Attracting and retaining the right employees is one of the most
important things you can do with your business. While hiring and
training employees every other week might be business as usual for the
the fast-food restaurant, most successful companies rely on hiring
quality staff and keeping them for the long term.
09 . Update Your Business Plan
You did make a business plan before starting your business. Aa
a business plan is vital for startup businesses for many reasons,
including testing the viability of your business idea and securing
debt or equity financing.
If you haven't made one, it's not too late. Successful, established
businesses update their business plan annually to review
accomplishments (or lack thereof) and decide on new goals or
directions.
The financial health of your business is summarized by the income
statement, the cash flow projection, and the balance sheet, which are
contained in the financial section of the business plan. From there,
you can determine ways to make your business more profitable by
increasing sales, reducing losses, or cutting expenses. If you want
your business to be more successful, you need a plan for how to get
there.
10 . Stay Balanced
No one goes to the grave wishing they had spent more time in the
office. Too many business owners sacrifice their mental and physical
health, family relationships, and friends to pursue their business
goals.
Don't be one of them—find an acceptable level of work-life balance.
Getting enough sleep, taking time for family and friends, and getting
regular exercise will help you stay healthy and allow you and your
business to prosper over the long term.
11. Make This Your Best Year Ever
Here's the big takeaway: Success is not a given. If you want your
small business to be more successful this year, you need to make the
necessary changes to bring that about.
That work may be as simple as investing in a new tool or as
challenging as changing your thinking about some of your business
processes. But you haven't brought your business this far only to let
it stagnate, have you? Make the next year your best year yet.
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