Small businesses tend to find themselves struggling to keep up in today’s economy, but with these tips, your small business will soar to the top. Gaining momentum when first starting your independent business can be a daunting task. Every single step you take is crucial in gaining clientele. Taking into account how much money, time and commitment that involves starting a small business is a huge stress. Small businesses must ensure they are accomplishing these tasks to succeed in the future:
Money Management: Did you know that 77% of small businesses rely on personal savings for their initial funds to start their company? (Source: Wells Fargo-Gallup poll). It is crucial for independent business owners to KEEP TRACK of their financial plan. Outline and organize how you will allocate your personal budget. Daily, weekly, and monthly numbers will help you establish a plan on how to wisely use your budget over a certain period of time. Creating a budget today will simplify the process of decision-making in the future when planning projects. Setting goals and tracking your numbers both play a huge role in keeping a small business afloat.
- A planned budget can help determine:
(1) money needed for workers & materials
(2) total start-up costs
(3) estimated costs of future daily operation
(4) the amount of revenue needed to run the business
(5) an estimate of expected profits in the future.
Marketing: Marketing can be lucrative or a huge waste of money. What are some ways to invest in cheap marketing? Your independent business should focus on content marketing where you create a foundation of what you are doing with your business. Creating your own content through videos, articles, or infographics legitimizes your business. Visual images tend to grab your audience’s attention for longer periods of time. Post on social media on a regular basis to increase your online following and show that your company is reliable with the media they share. Make sure to spice up your posts by allowing your audience to directly interact with your brand name. You can do this through online polls, free giveaways, challenges, or even personal shout outs.
Utilize free social media outlets to market your business or service to a more specific audience by using hashtags. 34% of marketers have generated leads on Twitter (Source: The Huffington Post). Find warm leads through social media outlets and interact with them to create personalized relationships.
Know Your Audience: WHO are you targeting? This is major in a small business. 90% of users listen to recommendations shared from friends (Source: NewsCred). Know your audience so later they can spread positive word of mouth online through reviews and testimonials. 82% of small business owners have said their main source of new business is referrals (Source: Constant Contact). You have to make sure not to receive any negative reviews because it can have a major impact on the business. One wrong move and it can turn away many potential customers! It is a good idea to have a place where future clients can view the remarks made by previous customer so they have a sense of whether your business is a good fit for them.
Quality vs Growth: Give priority to quality over growth! Many business owners get distracted when they have an opportunity for growth and they tend to overlook the quality of their product/service. Make sure your business has something unique to offer and create the perfect branding that fits your business. 66% of consumers cite features design and quality of a product/service as the most important factor in determining brand loyalty (Source: Support.com) Monitoring the quality of your work is the best way to track your progress.
Convenience: Today, people access the majority of their information on their mobile device. 88% of consumers who search for a type of local business on a mobile device, then call or go to that business within 24 hours of their original search (Google Mobile Movement Study, 2011). Allow your clientele to book appointments wherever they are and set reminders for your clients to ensure they never forget another appointment. Consumers spend 15+ hours per week researching on their smartphone (Source: Google/Nielsen).
Unexpected Challenges: Business owners underestimate the challenges that are expected with starting a small business. There are so many obstacles that will come along your way and you have to be prepared to overcome them. Almost 96% of small businesses fail within 10 years of starting and this is mostly because they cannot handle the risks (Source: Inc.) Preparing in advance can make the journey a bit smoother as it won’t be too much of a surprise.
Customer Retention: It costs a business 5-10x more to acquire a new customer than it does to sell to an existing one! Focus on retaining your loyal and profitable customers. Create loyal relationships by giving the consumer continuity across every platform they use to access information about your business. 76% of American shoppers heavily rely on customer service as a “true test” of how much a company values them (Source: Aspect Software). That one loyal customer is the one that will get you 10 more customers so treat them right!
Doing Too Much Alone: Stop taking the responsibility of the entire workload on yourself. Building a team is necessary because you can’t do all of it alone. Having a diverse set of skills and knowledge will help the business run efficiently. 60% of managers report lack of collaboration as one of their top leadership challenges, which shows that this is an area to work on in the workplace (Source: Room to Escape). At the start of a business, there are a thousand things to do and although you want to do it all alone, recruiting a competent team will help you achieve your dream.
Lack of Organization: Balancing work life and personal life can be a struggle! It’s important to take time out for yourself in the midst of working all day. Recent studies have proved that organizational skills have a direct correlation with productivity. 43% of Americans categorize themselves as disorganized and 21% have missed important work deadlines. Nearly half say disorganization causes them to work late at least 2 or times each week (Source: Key Organization Systems) Whether it’s a matter of de-cluttering your desk or planning what you have to do on the weekends, organization keeps you focused.
Carve out more time to network and improve your business: 64% of independent business owners find it stressful balancing their personal life and their business due to the hectic and unstructured workload. Networking is a great way to market your business and build mutually beneficial relationships. People like to do business with those they can trust and so building this relationship through networking will allow you to seek new opportunities.
Pulse 24/7, an innovative platform is an easy answer to all of these problems! With a feature like on-demand booking, service providers are able to manage their payment processes which helps combat against no-shows if you have a service business.You can also track the revenue and see how your company is doing over certain periods of time. It offers an innovative social media dashboard to schedule and push content to your audience which allows you to set posts from: Facebook, Twitter, Linkedin, YouTube, and Pinterest. Your customers can leave reviews on your Pulse landing page for other consumers to see. With the help of these loyal customers, Pulse 24/7 allows you to set up customized discount and referral programs so you can reward not only the loyal clients, but also the new clients. In fact, it reduces 90% of management time to make it easier for you! By using Pulse 24/7, you can keep track of clients, social media and revenue, while getting back valuable time that would be otherwise be spent on tedious tasks. Not only will you gain the organizational structure that you need, you will also be able to make your business stand out.
PULSE 24/7 is a branding and marketing platform that can help you keep track of your sale trends. We are a mobile app that is set out to help you better brand and organize your business. To request a free trial, visit https://pulse247.net/request_trial.php .
- Automate and pre-schedule all your social media marketing from one platform to optimize your time.
- Get prepaid so your appointments are confirmed.
- View revenue and trends in real time to plan your schedule better.
- Get instant feedback from customers.
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