If you run a business, especially a small one, you know how important it is to keep improving. Here are 10 incredibly effective essentials — super easy as well!
1. Get recommended
As obvious as it sounds, word of recommendation is one of the most important ways in which your business will grow. Start with your friends and family, then your first customers, and so on. Ask them to recommend your product or service if they liked it. You can even offer them a template for social media or tell them a few things you’d like everyone to know about what you do.
2. Know your niche
No product is for everyone. Which, in today’s world, actually works for your advantage, as we all want specifically what we’re looking for. This is why you should know who you’re selling stuff to or, in other words, what your niche is. A good way to getting to understand who is attracted to your business is tracking how people are finding your website; you can even incorporate call tracking in Australia to have an even clearer idea of your demographics.
That thing that you have that no one else has, that thing you found that attracts your clients: make sure it has personality. This means that is has to be true to your way of doing things, your vision and what you want to achieve.
4. Understand your finances
When a business grows, so does the complexity of its finances. Commit yourself to understanding how it all works, keep track of movements, and if need be, hire an accountant. It may seem like a waste of money at first, but it ends up being exactly the opposite, as you can rest assure that there will be no surprises and that you are spending on what really matters.
5. Be trendy
Every business changes. Often times, changes are small, but crucial; it makes sense because people and society change too. Not only trends differ, such as what is “in” at the moment, but also, what we need and how we need it. For example, the COVID-19 pandemic has had most of us adapting to working from home in order to not fall behind.
6. What needs to be gone?
Part of changing is letting go of things. Make sure you know which of your products are selling and which are not. It may be time to drop those that are not giving you an ingress.
7. Collaborate with other small businesses
This one is very important, and also potentially, quite fun. If your friends have a small business as well, think of how you can collaborate. If you love a local business, ask them to do something together. This can range from promoting each other to even releasing a collaboration product or combo.
8. Increase price slowly
Many small businesses start with relative low prices in order to gain their first customers. But, as you slowly grow, make sure you slowly update your prices, too. Aim for what it is fair and profitable without changing it overnight.
9. Learn from the best
We all have someone we admire. In the same way, we all have a business (or businesses) we can use as our role model. How did they get where they are? Which productivity or efficiency, or even marketing, techniques can you apply?
10. Know your limitations
Of course, our list wouldn’t be complete without this one. As important as having ambition and always aiming to improve is know how much and what kind of things you can do right now. Know your strengths as well as your limitations.