As a small business owner, you wear many hats. Unlike large corporations with different departments that handle everything from human resources to customer services, small companies don’t have that luxury. Thankfully, you can still improve your business by freeing up valuable time, prioritizing and investing your money where it benefits you the most.
Small business owners have to make use of every minute of every day. With that said, having an overload of paperwork to sort through can be a daunting task as well as a time sapper. For this very reason, many make the decision to outsource many services. For example, having someone on staff to handle the payroll and IT services is not cost-effective. However, managed IT services and payroll via outsourcing them will save money by eliminating two weekly salaries while still having those processes in place to keep your business functioning so you can achieve long-term goals.
Proven Marketing Strategies
Larger businesses and Fortune 500 companies have budgets for things such as marketing. However, as a small business owner, your budget is tight and mistakes in marketing can cost you dearly. Luckily, there are several proven marketing strategies that are quite affordable. By now you’re well aware of the traffic social media attracts on a daily basis. Even reaching a very small percentage of the population can create opportunities for sales. In addition to social media, mass mailings are another effective way to reach many people at once without emptying your pockets.
Don’t lose sight of the importance of your employees and the roles they can play in the success of your business. Motivated employees will work harder and produce more on a daily basis. However, if they feel they have nothing to gain from your success and their work is not something you notice, their production will slow to a small trickle of new business. The good news is that if you notice their strengths and keep the line of communication open, they will know that advancement within the company is a possibility. Some small businesses, like insurance agents, give their employees small monetary incentives for each new policy. These are just a couple of examples of how you can motivate your staff.
Whether your business is large or small, it’s essential that everyone on staff is on the same page. Monthly meetings are a great way to keep things moving forward. Open discussions give your employees a voice. When they feel that what they say matters, they tend to work harder for the business. Meetings also provide a way to gather your staff together for the common good.
A Dedicated Base
A loyal customer base is a powerful tool in gaining new business. If they are happy with your business, they will refer their family members, friends and co-workers to you. This is free advertising by word of mouth. It’s not something you can buy but it is something you earn. Just as you want to keep your staff happy, you want to do the same with your existing customer base. Some businesses already understand the importance of their loyal customers and work hard to keep them. They offer incentives such as gas and food discounts and free items after so a set number of purchases. It’s a strategy that works. If you want to bump up the new business numbers, offering a small monetary reward for each referral will get the numbers moving in a positive direction.
Stay One Step Ahead
There are always new products and services developing on the horizon. Making them available to your customers first lets you remain one step ahead and helps you to retain the status of being the first go-to for your customers. Attending trade shows is just one way to see exactly what other businesses are interested in and a look at the new technologies.
As a business owner, your focus needs to remain on retention and creating new ways to bring in business. By outsourcing services like IT management, you’ll let someone else keep your personal and business information safe and reduce lag time to keep employee production up and on track.