It’s a competitive market for today’s small business owners. You aren’t only competing against other small business owners but depending on your area you might also be competing with larger companies and franchise operations. But there is good news, much like a David and Goliath, being smaller and also help make you more nimble allowing you to act quicker. If you know how and what information to monitor, your business can be as successful as any.
Here are seven tips for helping your small business save time and money and making your business more profitable.
1. To sell right, you have to buy right
One way small businesses can compete is by being competitive with your prices of physical products. The best way to do that is to buy competitively. Try to buy factory direct where possible, attend wholesale auctions, and consider establishing a buying co-op with other small but noncompeting businesses.
2. Cost: It’s everyone's concern
Make every attempt to help motivate your staff to be mindful of costs and the net profit. The goal being they are as concerned with controlling costs as with generating sales. One way you could encourage participation would be to implement a bonus program based on a percentage of costs saved.
3. Treat your customers right and they'll keep coming back.
Ben Franklin is credited with saying that “The bitterness of poor quality remains long after the sweetness of low price is forgotten.” This goes along with your customer service. While watching the cost is a factor, you don’t want to sacrifice your quality or customer service to do it.
4. Build a network and be mentored
Finding a good mentor be it someone local, regional, or thousands of miles away, will help you navigate the journey of business ownership. Build out a network of professionals in your industry you will find out what others are doing to manage problems with inventory, receivables, personnel, fixed assets, technology, marketing, etc.
5. Change isn’t a bad thing
Legend has it that Henry Ford said, “If I had asked people what they wanted, they would have said faster horses.” Think about that, if it had not been for creative ideas and innovation we wouldn’t have the mobility we do today. See change isn’t a bad thing! Just because its the way its always been down doesn’t mean there isn’t a better way.
6. Ask your employees and your customer service reps
Businesses shouldn’t be afraid to ask the staff and customer service reps for suggestions. These are the folks that are directly involved with both your product and your customers. They are in the perfect position to suggest improvements and give you an insight into what is working and what’s not working.
7. Examine your current marketing strategy
For smaller companies a yearly marketing plan may be efficient, for larger ones, it may be better to look at doing something quarterly or monthly. If you are focusing on content and digital marketing its much easier to pivot and make changes.
Conclusion
Hopefully, these seven tips will help you set up your small business for success! If you are interested in a free review of your current website or would like a consultation on what we can do to help you with your website, content marketing, and digital marketing needs, please be sure to reach out!
