Every small business wants to be successful, but few new entrepreneurs understand how to make sure their success is sustainable. Here are some tips to help you make sure your small business is successful in the long term.
Once a Year
Find ways to cut costs across the board. There’s always room for improvement when it comes to cutting your business expenses. It’s important to do an annual review of things such as the office space, your different types of business insurance, and office supplies. Take advantage of the competition and the strong economy to save more money.
Gone are the old days of commercials on television seducing your mind and leaving a lasting imprint. They started to lose their effectiveness when the pause and fast forward buttons came into play. Today, social media, mass emails, and word of mouth are just a few examples of successful marketing without going into debt.
As a small business owner, tracking your expenses is crucial, especially during your first five years of operation. Thankfully, with cloud-based apps available, you can take a picture of your receipts and store them for a future date.
Ramp up Sales through Your Existing Base
Your existing base is loyal. They trust you and pass your name along to friends, family and co-workers without hesitation. There are several ways to enhance your sales from your loyal customer base. First, advertise a new promotion on the invoice. And, secondly, offer a small monetary finder’s fee for any customer that refers someone to your business.
Investing time in creating a website that’s direct, easy to maneuver, and that provides valuable information about your business and your long-term goals will benefit your business immensely. Today, websites are something that either turns your company into a legitimate operation or a failure. If you’re uncertain as to how to construct the perfect website, you can work with a web developer. You can add things to keep people engaged for a longer length of time like whiteboard video animation.
Pay by Phone
Do you want to make receiving payments easier for yourself and your customers? Use one of the many mobile apps such as Google Wallet, Apple Pay, or PayPal. With a few clicks, your customer is able to view and pay their bill.
Review Your Business Plan
Creating an annual business plan is something that every successful business does. The reason for it is to track your progress and get an accounting of what goals you reached and those on which you fell short. The end results are something you’ll use to determine waste, improve sales, and reduce your expenses.
A Qualified Staff
Your potential customers will come in contact with your staff prior to dealing directly with you. This is why it’s essential that your employees understand the company’s policies and goals. Having excellent customer service skills is another key component when initiating the hiring process.
You also need the correctly qualified people for each role in order to perform to the best of their ability and to reach the potential of the company. Look for an accountant who has a masters in accounting to keep your accounts and records up to date and legitimate in case of auditing.
Respect Your Employees
Many business owners pay their employees a salary and don’t offer anything beyond that. This, unfortunately, can come back to hurt you where it matters most, your wallet. A happy employee will work harder to achieve sales goals and to keep your customers content. By offering a monthly bonus for sales, you’ll keep your employees striving for excellence year-round.
You may pretty much run the business from your office. However, if you’re too busy fixing problems, you won’t have time to create a stellar marketing plan. Outsourcing things like payroll and quarterly taxes will free up valuable time.
Keep Your Name in Lights
With so much competition at every turn, becoming a household name can be challenging. However, maintaining an active presence in the community through sponsored events and sponsoring a local team with help you achieve your goals.
A large percentage of small businesses won’t make it beyond their fifth year. Tracking your business success and pitfalls like time sappers will help you avoid having to close your doors.