After over a year in survival mode, you might have set your site on growing your small business. You want to eliminate waste and use tried and trusted measures and fresh ways discovered through lessons learned, to take your company to new heights in profitability.
Advertising
Reaching as many customers as possible is a tried and proven method for growing any small business. Thankfully, you have an abundance of resources at your disposal. Social media is nothing new and is quickly attracting businesses large and small because of the low cost.
By using social media sites, small businesses can compete with larger ones. You can place an ad that appears in the news feeds of your targeted audience, you can literally attract thousands of consumers to your website. Television and radio ads can cost thousands, giving big corporations and established companies a leg up. However, more people are on the internet these days, helping to level the playing field for small business owners.
Cutting Costs
Running a small business means making every penny count. Unlike Fortune 500 companies who have a huge spending budget, you don’t have that luxury. The good news is there are plenty of ways to cut costs on supplies and services. Outsourcing is something that many small businesses now embrace. Taking on a full-time accountant, bookkeeper and computer technician is not possible.
Outsourcing these types of services is possible at a fraction of the cost. Companies that provide software for shipped packages can save you money by eliminating waste. For example, by conducting a FedEx audit, the software finds any discrepancies in the charges, returning the overpayment to you. That lets you maintain focus where it belongs, on bringing in new business.
Provide Customer Service
Customers make choices based on performance, supply and demand and treatment. If you falter on any of these, your customers will not remain loyal. Successful small business owners understand the importance of securing customer loyalty. It’s a simple equation.
You can bring in all the new business you want, but if they walk after one purchase you’ll never establish growth. Thankfully, there are many ways to keep a loyal base that expands over the years. A simple postcard or email offering thanks for the business, a monthly newsletter with tips and advice, and rewards in services or supplies are a few methods used. Loyal customers are an invaluable asset. They tell a family member, co-worker, or friend about your business and you receive free advertising.
Embrace Change
Change can be difficult for some, however, change is necessary for any small business to remain relevant. Think back 15 or 20 years and the ever-developing advertising campaign. Knocking on doors is no more. Television and radio are no longer the ultimate way of reaching new customers.
Today, people are a bit overwhelmed and still reeling from the effects of the pandemic. Returning to work can be intimidating for many, same for employers looking to hire. In fact, going the extra mile with your interviews and background checks for employment will make a big difference over time. Adding the right people and limiting employee turnover is worth more than you can imagine as a small business owner, always think quality over quantity when hiring.
Gain Name Recognition
The internet and social media platforms can make or break you. While advertising costs are affordable on social media, if you don’t respond to your account daily, you won’t receive a following and your name will lose credibility. It’s a daunting task that can pay huge dividends. A website that lacks substance is also not doing your business justice. With millions of viewers online at any hour, having a comprehensive website that’s easy to maneuver is essential.
As a small business owner, you survived the pandemic. You put any new purchases such as an extended vacation to the tropics or a new luxury car lease on hold. Now it’s time to make 2021 the best year ever and realize your dreams.
