More growth tips for small business owners
Here are more of the best tips to expand your business through technology, customer service, effective record keeping and more.
1. Stay up to date with technology
Modern technology can save you time and reduce your operational costs. Take the time to research what similar businesses are using before upgrading your systems. The most common cost savers include using Skype for calling or video conferencing and cloud-based services for document creation and sharing.
2. Keep your marketing materials current
There’s nothing worse than old, stale marketing materials that make your business appear outdated and even unprofessional. Review your marketing material every 12 months and be prepared to be ruthless if it needs to change to reflect your business offering. If you are on a tight budget, focus on producing basic material that is stylish but functional.
3. Use other people's good ideas
You don’t need to be original all the time – learning from others is an important part of being in business. Be on the lookout for great ideas or new ways of working from other businesses and think about how you could adapt them to your own business.
4. Implement firm credit policies
If a customer comes to you with a large order, it’s easy to get carried away with excitement rather than using good judgement. Are you likely to be paid promptly, or will the customer settle other debts or generally dither about before handing over the money? For any credit orders, make sure the customer completes a credit application and decide beforehand how much risk you are willing to take, then set your policies accordingly. Make sure the amount due and terms are clearly stated on invoices and post them in a timely manner.
5. Test your marketing ideas
Before you implement any marketing campaign, test it on a limited basis and fine tune it before a full-scale rollout. If it isn’t as successful as you hoped, you can go back to the drawing board without wasting much time or money.
6. Test new products
Even if you have multiple products selling well, keep on the lookout for opportunities to expand your product line and satisfy customer demand. For example, if you stock pool supplies, branch out by offering deck chairs or shade sails to go with your existing products. If you are unsure how well a product will sell, order a small amount first before placing a big order. Just remember to update your marketing material to let customers know about your new offerings.
7. Write and use a marketing plan
Taking a casual approach to marketing by producing material once in a while hardly ever works. Develop a detailed marketing strategy that covers at least one year and includes target markets, your unique selling proposition, tactics, budgets, specific tasks and expected results. Map it out on a calendar so you know exactly what you have to do and when. Continue your marketing efforts even when business is good; if you stop informing customers, your sales will eventually drop.
8. Keep good records
It’s almost impossible to grow your business if you don’t know what is working and what isn’t. If you are selling products, keep a record of every sale and always have an accurate inventory of how much product you have stored away. If you are a serviced-based business, record contact details of clients, even for one-off business – you use this data to build a database for future marketing efforts.
9. Guarantee your products and services
If you want to build future sales through repeat customers, you need to make it clear that you stand behind your offerings 100%. A good start is to offer a money-back guarantee for any product sold, or to back up big sales with after-sales support. If you offer a service, this could mean personally calling the client after completing the work, or sending them a letter thanking them for their business.
10. Listen to your customers
Take any feedback from customers seriously and make an effort to thank them for sharing their thoughts – even if they are raising concerns or making a complaint. If you have a regular customer who isn’t happy with a new marketing strategy or product line, listen to what they have to say – there’s a chance that other customers might share their concerns. If someone thanks you for good customer service or for a job well done, you could ask if they would provide a reference that you can use as part of your marketing material.
