Smart tips for small businesses
Being a small business owner takes a lot of time and attention to detail. These details can make the difference between making a profit and suffering a loss, especially in tough economic times. To keep your business in tip-top shape, take time to address areas that can lead to lower sales and higher costs. This care will go a long way to making your business financially successful.
Monitor expenses frequently
Every day can have a series of surprises that can mean unexpected costs and lost productive time. It can be critical for small business owners to periodically monitor these unscheduled expenses to see how they affect the bottom line. A monthly spending review is not too frequent to make sure you are making the necessary adjustments to continue making profits. Without this habit of monitoring, you can quickly find yourself in a hole without being aware of it until expenses have subtracted a large chunk of your profit margin.
Stay up-to-date with technology
Technological changes occur so frequently that it is often difficult to keep up with current developments. Faster computers, cloud provisioning, and mobile technology can ultimately save you money and make your team more productive. Learn about new technologies by reading about these products online or in tech magazines. See if any of them could help your business reach more customers, better monitor financial transactions, or help your workers produce more in less time.
Target your advertising efficiently
Advertising can represent a large percentage of your monthly budget, so be sure to show your name to the right target audience. Before allocating your advertising budget on a quarterly basis, research the various options that are available in your local area. New publications and brochures are always being produced. Determine how well previous advertising efforts have worked and consider switching to a different medium. Consider using local radio or television to advertise your products or services. Make sure your website receives regular traffic. Otherwise, consider the marketing packages offered by your website host.
Use social media for marketing
Set up a Twitter or Facebook account and post to it regularly, describing your product or services. Offer helpful tips or information that people can use in their daily lives. Invite comments and questions to keep your business at the forefront of lively and engaging online conversations. Link your accounts to other related information that may be useful to online readers.
Offer discounts for new customers
To attract new customers, offer a new customer discount to introduce your business to these new people. Give them the real deal and they’ll use word of mouth to attract other customers.
Start a rewards program
If your business relies on repeat business to generate income, consider adding a rewards program. A rewards program doesn’t have to be complex and time consuming. A simple punch card that offers “get one free” after a certain number of purchases can keep customers coming back to you again and again. A rewards program can also simply be the ability to bundle multiple items at a reduced price. Find ways to save your customers money while encouraging them to return to business in the future.