Feeling like your overwhelmed? And your not making your goals?
Did you choose your companies goal to work towards this year? Everyone wants to be a successful business owner of a profitable small business, but how do you get there from where you are?
Building a successful business is a marathon, not a sprint! We often loose sight of this one. Keep your eye on the finish line; it's going to take you 26 miles to do it, not a quarter mile sprint.
According to American Express survey, 78% of consumers have canceled or not made an intended purchase because of poor customer service. Other studies have shown that it takes several positive customer experiences to make up for one negative one. And yes you will get a negative review from someone. When you deal with the negative review, just remember to deal with it professionally. Given that loyal customers are much easier to sell to. Make great customer service a priority. Examine your current customer service; and make the changes that need to be made to ensure that your small business is providing superior service to that of your competitors, whether it be investing in staff training, revamping your return policy, or just by improving and responding promptly to voicemails and email from your customers.
WORD OF MOUTH:
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 by supporting/sponsoring local organizations and charities. Examples: sponsor a little league team, and go and watch them play. Ringing bells at Christmas time for your local Salvation Army.
EXPAND YOUR MARKETING EFFORTS:
You don't have to break the bank to promote your business. There are many inexpensive ways to market your products and services including:
BUILD YOUR ONLINE PRESENCE WITH A BUSINESS WEBSITE AND SOCIAL MEDIA
A website that describes who you are, what goods, and hot contact you will suffice for many small business. At a minimum, your site should contain:
Depending on your target market, Social media can be a great way to promote your business.
CUT YOUR BUSINESS COSTS:
Business costs for everything from office space to vehicle expense seem to be always on the rise, so keeping expenses in check is a 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 numerous mobile apps you can use for time tracking; expense tracking, including some of the newer cloud based accounting that will allow you to automatically add expense information into your accounting software.
You should sit down quarterly to look at your expenses, look at where you are spending money, are you spending too much money on vehicle, insurance, staffing. Is your office space to big or to small, do you need to relocate?
Review your major supply cost regularly, always look for discounts, look for coupons to use for office supplies, make reducing expenses part of your job description, and involve your employees to give you ideas on how to save money.
If you do nothing else this year go mobile! You need to make sure that your online presence including your business website is mobile friendly! As ever-increasing numbers of people are surfing and searching with their phones - even when they are at home. Think about that. Is your business website mobile friendly?
Mobile payment systems. Choices for your small business are really expanding as Apple pay, Google wallet that has been previously dominated by Square, Intuit GoPayment, and Paypal. Using phones to pay is a significant convenience considerable savings from being able to use a mobile POS system.
USE THE CLOUD
There is no doubt that Cloud computing has leveled the playing field for start up businesses, but the advantage of using the cloud could provide "ordinary" established business is not always discussed.
Cost savings and access from any where are the biggest advantage! Save more money by using the cloud, everything is backed up into the cloud, you will be able to access from your mobile device, while you are on vacation, or when you are at home.
FIND AND KEEP THE RIGHT EMPLOYEES:
Attracting and retaining the right employees is one of the most important things you can do for your business. Most successful businesses rely on hiring quality staff and keeping them for the long term. You don't want to keep hiring and training new staff every other week. Make sure you choose the correct person for the job,
UPDATE YOUR BUSINESS PLAN:
You did make a business plan before starting your business, right? RIGHT? 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.
Its never to late to make a business plan. Successful established businesses update their business plans annually. To review accomplishments (or lack there of) and decide on new goals and directions.Your income statement is a summary of your financial health of your business, the cash flow projection and the balance sheet; are also very useful tool in your business.
Your income statement is a summary of your financial health of your business, the cash flow projection and the balance sheet; are also very useful tool in your business.
Now after you have looked at all of your financials you can now determine ways to make your business more profitable; by increasing sales and/or reducing losses or cutting expenses. If you want your business to be more successful you need a plan for how to get there. How are you going to get there?
WEALTH IS USELESS WITHOUT HEALTH:
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 in pursuit of 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, get regular exercise; it will help you stay healthy and allow you and your business to prosper.
MAKE THIS YOUR BEST YEAR EVER!
One thing I want you to take away from this is, success is not given. If you want your small business to be more successful this year; you need to make the necessary changes to bring that about.
To make this the best year ever, you may need to make necessary changes. It could be as simple as investing in a new tool.Or as difficult as changing your thinking about some of your business process. You haven't brought your business this far to just let it stagnate, have you? I think not.
Now lets have the best year ever!