Unfortunately, it isn’t just a myth that only a small percent of small businesses actually make it out for the first year. Regardless of how ambitious an entrepreneur may be, the fact is that it’s rough out there for business owners. For far too many, these new business endeavours fail to turn a profit, forcing these entrepreneurs to backtrack on their business ideas.
Growing Your Small Business
While it may be a challenge to grow your small business, the percentage of small businesses that succeed do so because they’ve learned the secrets to growing their business. If you are looking for ways to secure your small business’ success, read on.
1. Time Your Product Release Correctly
Far too many businesses have an excellent product or service idea, but make the mistake of releasing it at the wrong time or in the wrong marketplace. Too often, businesses debut amazing ideas that never turn a profit because they are too far ahead of their times. Do the right research to make yourself familiar with your market. By understanding what it is your audience wants, you’ll be able to better guarantee the growth of your company.
2. Don’t Skimp on Branding
Creating a successful business goes beyond making sales–it’s about building a brand. What makes companies like Whole Foods successful is their customers’ loyalty to the Whole Foods’ brand. Spend the necessary time and money required to truly transform your small business into a recognizable and inspiring brand that your customers and clients can latch onto.
3. Build a Scalable Business
All small businesses must have a plan in place to make their sales scalable. Scalability is essential for a business’ growth and means that you have created a sales model that you can repeatedly implement. When a small business has moved beyond the odd one-off transactions to making consistent sales, they are well on their way to building a scalable business.
4. Streamline Your Business with Technology
Businesses that fail to take advantage of the best tech advancements are already setting themselves up for failure. Instead of trying to push your small business towards success with the same age-old techniques, set your brand apart by making new technology and software part of your business practices.
5. Outsource Where You Can
Small business owners need all the help they can get. Instead of trying to handle everything on your own, try to outsource your business needs where you can. This is true especially if you are packing up and relocating to another office. While you may be trying to save money by doing things in-house, contacting a moving service is the best way to relocate your company.
Any small business that hopes to take their company to the big time has to grow. Use these five steps to ensure that your business is on the scalable path to success.
1. Utilize Social Media: Social media is a great platform to build relationships with potential customers and to showcase your business. Use platforms like Facebook, Instagram, Twitter, LinkedIn, and YouTube to post content that is relevant to your customers.
2. Email Marketing: Email marketing is a great way to stay in touch with customers and to promote new products or services. You can use email campaigns to stay in touch with customers, offer discounts, or promote your business’s latest news.
3. Networking: Networking is an important part of marketing your business. Attend trade shows and industry events, join local business groups, and reach out to other businesses to form relationships that could benefit your business.
4. Paid Advertising: Paid advertising can be a great way to reach new customers and increase awareness of your business. You can use platforms like Google Ads, Facebook Ads, and YouTube Ads to target customers and promote your business.
5. Content Marketing: Content marketing is an important part of any marketing strategy. Use content such as blog posts, videos, podcasts, and infographics to engage customers, educate them about your products and services, and increase brand recognition.
1. Leverage social media platforms: Social media platforms such as Facebook, Twitter, Instagram, and YouTube can be used to reach a larger customer base. Utilize these platforms to promote your products, services, and events.
2. Utilize search engine optimization: SEO is a great way to reach a larger customer base. Optimize your website content and use keywords that are related to your business to ensure that your website is more visible in search engine results.
3. Create content: Create content that is relevant to your business and industry and share it on your website, blog, and social media platforms. This will help increase your visibility and reach a larger customer base.
4. Network: Use networking events and online platforms to connect and build relationships with potential customers.
5. Advertise: Use online and offline advertising methods to reach a larger customer base. You can also use targeted advertising to reach a more specific customer base.
1. Increase your sales: Consider ways to increase your sales, such as expanding into new markets, introducing new products or services, or running promotions or sales.
2. Reduce your costs: Look for ways to reduce the cost of materials, labor, or overhead. Consider outsourcing certain tasks or switching to more efficient processes.
3. Improve efficiency: Analyze how you manage your operations to identify areas for improvement. Consider adopting new technologies or automating certain processes to reduce time and effort.
4. Increase your prices: If demand for your products or services is high, consider raising your prices to increase your profits.
5. Invest in yourself: Investing in your own education and training can help you stay ahead of the competition and offer better services. This can ultimately increase your profits by increasing customer loyalty and satisfaction.
1. Offer Special Promotions: Offering discounts, coupons and other promotions can be a great way to increase sales.
2. Expand Your Customer Base: Consider ways to expand your customer base, such as targeting new customer segments or geographic regions.
3. Improve Your Website: Make sure your website design is appealing and easy to navigate. Make sure your website is optimized for mobile devices.
4. Utilize Social Media: Use social media to reach out to potential customers and create a buzz around your products and services.
5. Leverage Email Marketing: Send out regular, targeted emails to keep your customers up to date on new products, discounts and promotions.
6. Network with Other Businesses: Consider partnering with other businesses to increase sales.
7. Focus on Customer Service: Make sure that your customer service is top-notch. This will help to create customer loyalty and ensure repeat business.
8. Invest in Advertising: Investing in online and offline advertising can help to increase awareness of your products and services.
1. Social media – Utilizing social media platforms such as Facebook, Twitter, Instagram, and YouTube can be an effective and relatively inexpensive way to advertise.
2. Content marketing – Content marketing involves creating and distributing valuable, relevant, and consistent content to attract and retain a clearly-defined audience.
3. Blogging – Writing and posting blog posts is a great way to reach potential customers and build relationships with them.
4. Influencer marketing – Influencers are people with a large social media following who can help spread the word about your product or service.
5. Networking – Networking is an effective way to get the word out about your business and promote yourself.
6. Email marketing – Email marketing is an effective way to reach potential customers and build relationships with them.
7. Online advertising – Online advertising, such as Google Ads and Facebook Ads, can be a cost-effective way to reach potential customers. 8. Public relations – Public relations is a great way to get the word out about your business and build relationships with potential customers.
1. Communication skills: Look for applicants who can clearly express their ideas and thoughts, listen attentively, and collaborate effectively with others.
2. Professionalism: Look for applicants who can present themselves professionally, demonstrate a good work ethic, and be able to work independently with minimal supervision.
3. The right fit: Consider an applicant’s skills and experience, but also look at how they would fit into your company’s culture.
4. Problem-solving: Look for applicants who can think critically and come up with creative solutions to problems.
5. Dedication: Look for applicants who are committed to their work and motivated to go the extra mile.
1. Minimize HTTP requests: Reduce the number of elements on your web page such as scripts, stylesheets, images, and Flash animations to minimize HTTP requests.
2. Use a content delivery network (CDN): A CDN stores copies of your website’s content in multiple locations across the globe, which will improve the loading times of the website. 3. Optimize images: Optimize images by reducing their file sizes, compressing them, and using the right file formats.
4. Enable browser caching: Enable browser caching to reduce the number of times a user has to download a file from your server.
7. Reduce redirects: Redirects can add additional HTTP requests and increase page load times.
1. Make a to-do list: Prioritize tasks and break them into smaller chunks to make the workload more manageable.
2. Set aside time for yourself: Take breaks throughout the day to recharge and stay focused.
3. Use a calendar: Set reminders for tasks and deadlines and use the calendar as a visual representation of how you’re managing your time.
4. Set boundaries: Say “no” to tasks that don’t align with your goals or priorities.
5. Delegate tasks: Don’t be afraid to ask for help from others.
6. Stay motivated: Celebrate your successes and reward yourself for achieving goals.
7. Limit distractions: Turn off notifications, turn off the TV, and put away your phone when working.