It doesn’t matter if you employ fifty people or it’s just you and your faithful laptop. From new start-ups to established businesses, it’s not the size or age of your business that counts, it’s the amount of effort you put in and the enthusiasm you have to drive your business forward.
Continuous improvement is the key, standing still is not an option for your small business. It’s not possible to improve every area of your business at once, so focus is important. Consider where your time and resources can be best spent to make the most impact. Check out our super strategies to lift your business and get you started on those all-important improvements.
Know Your Numbers
Do you know the finances inside out? Have a handle on the sales and an understanding of how much you are spending? Keeping up with the cash flow is essential. If you struggle to differentiate your assets from your profits and your net worth from your mark-up, it might be worth getting an accountant on board to help you. Don’t just hand over your books though, work things through with your financial savvy helper and stay involved.
Set Company Targets
What do you want to achieve? Do you want to increase sales? Set a target and formulate a plan that can help you to do this.
Look at the Big Picture
Seemingly small elements of your business can have a huge impact on your business and your profitability. Overhead costs for office space, heating, and electricality can account for a significant portion of your overall costs. Shipping is another big factor, not only with regards to costs but in how delivery times impact your customers and your company’s reputation. Improving your company’s logistics can reduce your shipping costs for delivery services and even simplify your company’s paperwork (check out ILS Limited for more information).
Analyse Marketing Strategy
Are you doing enough to promote your company? Take a look at what you are doing, if you are printing and distributing flyers are they reaching your target market? Are people taking notice of them? Find cost-effective ways to market yourself.
Stay Abreast of the Action
Keep on an eye on trends, consider how change can impact on your business. Stating ahead of your competition is essential if you want to gain a fair slice of the market.
Hire, Retain and Motivate Your Staff
Your employees are the life-blood of your business. Treat them well, enthuse them and lead by example. Take some time to develop an understanding of how best to motivate your employees.
Do Things Well
Try out different methods of working and doing things, but if you know something works well don’t be afraid to leave it be. Reinventing the wheel can be costly and take time that can be better spent improving other areas of your business.
Sell, Sell, Sell
Hone in on your sales skills. Promoting your company is one thing but now you have to convert that initial interest into actual profit. Make sure your website is clear and engaging, calls and email queries are answered promptly, and you are offering competitive products/services and prices.
Keep Up the Good Work
Running a business can be tough, you have to be focused and determined, offer a great product or service and make sure your customers are 100% satisfied. Get the company name out there to increase brand awareness and showcase what you offer.