Monday, April 2, 2018

7 Small Strategies to Improve Your Business

   
   
Being a business owner is not easy. You need to worry about tons of things – company profit, customer satisfaction, employees’ morale, productivity, and the list goes on. There is also a pressure to survive because it turns out that half of businesses only exist for five years or less and only one-third of them who got pass the five-year mark were able to celebrate their 10th year anniversary.

road to smart business

There are many reasons why many businesses don’t survive. The good news is you can change that and ensure continuity in your company.
Here’s what you can do:

Check Your Financials

This may be the accountant’s job, but as a business owner, you need to check how the company’s finances are doing and keep it organized. Review your company’s financials to see if the price of your product or service is still capable of meeting the costs or the overhead costs are aligned with the profit your business receives from the derived sales. Check the Income Statement and Statement of Assets and Liabilities to help you determine which areas you can work on or cut back before crisis happens.
There are many things you can derive from the financial statements, so take time to study those figures and its effect on your business.


7 Small Strategies to Improve Your Business

Research Regularly

It doesn’t matter what industry you belong to. In improving business, business owners must continuously learn by digging deeper about your field and constantly looking for the trends that you can offer to your customers.

It will only take an hour or less, but learning and researching more about your industry to help you better understand your customers better. Once you know what they want, will set you apart from your competitors. You can also search for Real estate tools.

Offer a Promotion or Sale for a Limited Time

Promos and discounts could affect your sales, but surprisingly, it could help improve your business and make it more attractive to customers. Go ahead and offer your product or service at a discounted price. Don’t forget to define the parameters and rules of your promo period, including how long the sale period will be, so that people will know and avoid any confusion. 

Say Hello to Social Media

In this day and age, having at least one social media account is a must. It allows you to connect and reconnect with people and increase the possibility of tapping other market demographics. Having a social media account also allows you to talk to your customers and ask for feedback so you can improve your business.

In case you still don’t have a social media account, start creating one. You can choose among Facebook, Instagram, Twitter, or Pinterest among others. Make sure that your name is consistent in all of your social media accounts. Update your accounts regularly by posting photos of your product or business, providing information that will be relevant to your audience, and answering queries.

Tip: You want to be seen, but try focusing on up to two social media accounts first. This way, you can better manage your account regularly. 

Be “Searchable” Online

Do you know the movie, The Internship? There was one instance when Vince Vaughn and the rest of his team were talking to a local pizza place owner about going online with his pizza store with the help of Google. Do the same.

Google has My Business feature, which helps entrepreneurs like you to be seen once people are searching for a particular product or service using Google Search or Maps. Use this tool to tell people about where you are located, store hours, and other contact details. You can even make your own website where people can learn more about you.

Don’t worry. This one is free.

improve your business

Boost Productivity with Project Management Tools

Tools make every business owner’s life easier. If you want to improve and survive your business, then make sure you use project management tools for your business’ productivity and efficiency.

Project management tools could help you manage team schedules and workload, monitors tasks to get faster updates, and checks the company’s productivity among others with just few clicks. There are various project management tools and certification programs, so make sure you search the web to find more information on PMP certification in Irvine, CA or wherever your business is located.

Value Your Customer

This is a must. You cannot improve and succeed in business without customers patronizing your product or service. Therefore, pay attention to them as much as you can.

Here’s how you can do it:
  • Read reviews and comments posted on social media page and answer them, regardless if it’s good or bad. It is time consuming, but customers appreciate if you take time to read and reach out to them. Do not be like other business owners who delete all negative comments posted on their pages. 
  • Conduct polls. This will give you an idea as to what your customers wants. 
  • Be reachable. Aside from social media accounts, give them other mediums where they can communicate with you such as phone number, mobile number, and email. 
Being a business owner can be challenging. Improving it is another story. With the help of these tips, getting on the right track will be easier for you.
   
   
       
   
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