After starting a business, most owners realize that they have a tough challenge on their hands. These days, industries are filled to the limit with different-sized businesses; all desperate for a piece of the pie. Competition is intense, whether you’re in the food or home entertainment industry. Couple this together with the fact the world has just experienced a devastating pandemic, and the global business environment has truly become survival of the fittest!
However, there’s no need to panic. As a small business owner, you have a lot more power than you think. Opportunities are endless – and with efficient planning and execution of different strategies, you can quickly climb up your industry ladder.
The following tips are designed to help you achieve this. Also, these tips are proven and low-cost – which will make your life easier.
1. Focus on web design
The modern business website is essential to success. It’s a platform for building brand recognition and loyalty, trying out different marketing trends, and boosting your sales from increased traffic. Quite simply, you’d be crazy to neglect your website during these times!
Now, the key to an excellent small business website is design and functionality. Once you nail these two factors down, half of the battle is won. Naturally, if your business doesn’t employ a web design team, you’re going to need some help. Say hello to https://zendenwebdesign.com/. They are an expert web design company that will provide you with the best website possible, from an amazing eCommerce platform to integrated social media feeds. Plus, they’ll help you out with SEO (search engine optimization), which will help to increase the number of website visitors you receive every month.
2. Grow your remote workforce
As a small business owner, you likely want to scale up your workforce, right? Well, thanks to the recent explosion in the popularity of remote working, you can now do this more easily than ever before.
That’s right – instead of being limited to hiring employees within commuting distance to your office, you can now hire employees from all around the world. This comes with numerous advantages, such as the reduced need for office space and access to a whole range of talented workers from different cities and countries.
Ideally, you should look to hire people in a similar time zone to you, but outside of that, there aren’t many complications that come with this employment strategy. How great is that?
3. Set KPIs
KPIs are a big part of business success. Setting effective KPIs (which are key performance indicators) helps measure your small business’s progress as you move forward. By analyzing your KPIs, you can make smart alterations that will help you stay on track.
You can set different types of KPIs relevant to your vision. There are financial KPIs, customer KPIs, and marketing KPIs. For example, examples of customer KPIs could be:
- Customer market share
- How many customers you retain per year
4. Do sponsored social media posts
Social media platforms, from Facebook to Instagram, allow you to do sponsored posts or ads. This is basically a quick and immediate way to gain access to larger audiences rather than doing it organically.
Sponsored posts are a great tool for up-and-coming small businesses who need that little extra boost.
5. Prioritize e-commerce
E-commerce is everything in modern business. Consumers are quickly evolving. Now – for the most part – consumers prefer online shopping to physical shopping. After all, why go through the effort of visiting the mall when you can order everything you want from the comfort of your couch?
So, your small business should prioritize e-commerce through your website and social media pages moving forward. Over the next ten years, e-commerce is going to continue to dramatically grow in popularity, so it’s essential to establish your e-commerce presence now rather than further down the line.
6. Don’t abandon your niche
When businesses experience stagnation in growth, they often blame it on their niche (and ultimately abandon it). After all, no one wants to be stuck in the sand.
Although this is sometimes the best decision, it often isn’t – and is simply the easy way out.
Establishing your business’s product line and services with consumers can take time, sometimes even years. Don’t be discouraged by slow growth, especially if you’re a startup firm. Let time work its magic.
7. Use loans if you need to
The success of most businesses is built on loans.
Although they can be discouraging, Loans are a necessary tool to get small businesses off the ground, whether you’re taking a loan to cover office rent or marketing campaigns.
8. Keep tabs on competitors
In the digital age, it’s possible to gain access to a variety of stats and information surrounding your competitors – which you can then use to catapult your business forward and gain a market advantage.
You can research your competitor websites, social media pages, market share, and marketing strategies to gain a clear understanding of what you need to do. For example, if you’re in the fitness industry, you might notice that nearby gyms are offering referral incentives that are helping to drive their customers through the roof.
Through your discoveries, you can adapt accordingly.
9. Assess your current location
Although a lot of sales are made online, these days, the physical location of your office and store (or stores) is still important; particularly if a significant percent of your purchases are in-store.
Suppose you’re situated between competitors with a greater market share than you. In that case, it might be a wise decision to move to a different location – somewhere where you’re still in a busy public area, but with less local competition.
You may even find that it’s best for your small business to move operations abroad to another country. Many businesses do this so that they can experience reduced labor costs, particularly in developing countries. It’s a frowned-upon practice, but it’s a surefire way to make savings.
10. Lastly… prepare for future dilemmas
The recent global pandemic has taught businesses a harsh lesson about being prepared. No one was ready for the catastrophic impact of social distancing, implementing safety precautions, and reduced customer engagement.
Therefore, you must have a contingency plan in place for any future pandemics and lockdowns. This plan should be centered around how you will direct your employees, along with emergency loans you may need to take.