Owning a small business requires a great deal of time and attention to detail. These details can make the difference between making a profit and suffering a loss, especially in tough economic times. To keep your business in tip-top shape, take the time to address those areas that can cause sales to drop and costs to rise. This attention will go a long way in making your business a financial success.
Check expenses frequently
Every day can hold a number of surprises that can mean unexpected costs and lost productive time. It can be critical for small business owners to periodically monitor these unscheduled expenses to see how they affect the bottom line. A monthly review of expenses is not too frequent to ensure that you are making the necessary adjustments to continue earning. Without this monitoring habit, you can quickly find yourself in a hole without realizing it until expenses have taken a big chunk out of your profit margin.
Keep up with technology
Technological changes happen so frequently that it is often difficult to keep up with current developments. Faster computers, cloud sourcing, and mobile technology can ultimately save you money and make your team more productive. Learn about new technologies by reading about these products online or in technology magazines. See if any of them could help your business reach more customers, better monitor financial transactions, or help your workers produce more in less time.
Target your advertising efficiently
Advertising can be a large percentage of your monthly budget, so make sure you’re showing your name to the right target audience. Before allocating your quarterly advertising budget, research the various options available in your local area. New publications and brochures are always being produced. Determine how well past advertising efforts have worked and consider switching to a different medium. Consider using local radio or television to advertise your products or services. Make sure your website gets regular traffic. If not, consider the marketing packages offered by your website host.
Use social media for marketing
Set up a Twitter or Facebook account and post to it regularly, describing your products or services. Offer helpful tips or information that people can use in their daily lives. Invite comments and questions to keep your business at the forefront of lively and engaging online conversations. Link your accounts to other related information that may be useful to online readers.
Offer discounts for first-time customers
To attract new customers, offer a first-time customer discount to introduce them to your business. Give them the royal treatment and they will use word of mouth to attract other customers to you.
Start a rewards program
If your business relies on repeat business to generate revenue, consider adding a rewards program. A rewards program doesn’t have to be complex or time consuming. A simple punch card that offers “get one free” after a certain number of purchases can keep customers coming back to you, time and time again. A rewards program can also simply be the ability to bundle a number of items together at a reduced price. Look for ways to save your customers money while encouraging them to return to your business in the future.
