Small business entrepreneurs need all the help they can get. The current business climate is a cutthroat one and merciless at best. Tips and tricks, practical know-how and anything that can provide a small business with an edge is more than welcome. Most of the small businesses themselves are also maybe ignoring the obvious solutions. In the quest and desire to be the best and innovate, they forget the basics.
What is in front of their eyes should always be the customer’s satisfaction. Sometimes the most obvious answer is correct and with the added plus of saving you valuable time and money. Which are both, luxurious commodities when you are trying to run your small business. Love, dedication and attention to detail are not always what’s needed.
1. Cost/benefit analysis of Marketing
Fueling your marketing campaigns with piles of cash is not a valid strategy from large corporations, let alone from small businesses. Campaigns that drive a large number of viewers, click or short visits to your site/business/page are also not desired. For example, if a million people view your ad, but ten buy your product, was it worth it? A targeted marketing campaign that aims at your niche audience or a low competition part can be much more fruitful. Always aim to get the best bang for your money invested. Money and time are not infinite and, with unfocused aims of a horrible marketing campaign, you will soon realize that.
2. Your website holds more power than you think
Let’s say that you come down to a run-down building, with almost no one inside that feels empty. It’s neglected, shoddy and, your first impression is certainly a negative one. The same holds for your website. In the modern world, the web development of your website is equally important as any part of your marketing campaign and business strategy.
You only get one chance to make a first impression and, your site should be your strong point. Clean, informative and with a human touch as well. A section dedicated to your team, done professionally with corporate headshots of each with a bit of bio (sprinkled with humour), can make people feel at home. Putting a face in front of the company is important as you want people to associate your product and company with you and not some soulless logo.
3. Flaten out your internal costs
A bit of expense here, some there, and soon you have anchors driving you down. By trying to do everything alone, small businesses offer to bury themselves in needles work. Automation, outsourcing and delegation are the magic words here. Whatever menial job you’re doing every day/week/month that is draining you’re of your time should be automated and, there is no shortage of business-related apps there.
Delegating various duties from you or your manager’s work queue is also a good idea. People love to feel important and appreciated, so by lightening the load from your head figures by relieving them of a lesser task, you give them time to focus on the bigger things. And outsourcing is simple math. By looking at the time and expense cost of a certain function/part of your company and comparing them to a cost of a specialized service for that, you get a clear view of what must be done.
4. The value of employees
While most of the things we talked about above are external, the real value of small businesses come from the inside. Small, compact, and focused teams that are working towards the common goal. Better interconnected and personal in their everyday workflow is also their strong side. Eliminating needless meetings and removing noise and distractions is the first part.
You want your team focused and working on the end goal. Flexibility in hours is one of the main advantages small businesses have over mega-corporations. As long as the work is completed on time, don’t pressure people into the mold of 9-5. They will appreciate you and, your employee retention will only increase. Always remember that you are working with your employees, not against them.
Small businesses have always been the spearhead of innovation. Taking pride in pushing the industry forward with innovation and filling the niches often ignored by the big fish. With all that mentioned, there is a place for them in the modern business world so, we wish them all the best!