With almost 33% of small businesses closing within two years of opening, it’s clear that it’s not easy to maintain let alone grow a small business. However, with a product or service that consumers want and some business savvy tips like ours, you can expect business growth.
Keep reading to find out how to grow a small business and how you can become a small business success story. Let’s get started with these four tips.
Improper money management is the number one reason for business failure, and you can’t possibly grow if the company is dead. If you haven’t already developed a budget that tracks expenses and income, that is step one.
You need to be going over your budget quarterly to see what kind of growth or decline your business is experiencing. This also makes it possible to set better and achievable goals.
It also helps you see where you should be investing. If you’re noticing negative cash flow, it’s time to start cutting unnecessary expenses.
Even if you have someone else handling your finances for you, you should still be in the know. This will help you manage your inventory so there’s never a huge surplus of product and draining of finances with no income.
If you haven’t invested money into your website, you need to do this immediately. A website that looks unprofessional and disorganized gives the perception that your business is as well. You will lose 38% of your consumers with an unattractive website.
Your website should be easy to navigate and should adapt to smartphones. Customers can’t learn about what you have to offer if they’re distracted by overlapping text boxes.
Another key to online sales and recognition is SEO, also known as search engine optimization. By using certain keywords and content your company or small business can end up higher in search engine rankings. Investing in your online presence will go a long way for your business.
If you can’t maintain your employees, you will have to keep spending more time and money training and replacing them. It’s important to prioritize your company’s culture.
Employees don’t want to work for companies that don’t treat them well, and, with the number of businesses hiring and allowing work from home, they don’t have to do so. Take a few of the following tips into consideration:
- Reward employees with bonuses and time off
- Listen to and act on employee feedback
- Get rid of toxic employees
- Promote hardworking employees
- Lead by example
People will tell sixteen others about a bad experience and only nine about a good experience. In this day and age, customer reviews are available to see almost everywhere.
Look at your online reviews and respond to them! This means heading over to yelp, google, facebook, and other highly utilized review engines. Check out this post by The HOTH to learn how to maintain your online reputation via google maps.
Investing and believing in your product or business is the only way you’re going to achieve your goals. Take heart and remember that successful companies don’t happen overnight.
Keep researching and reaching out to successful business owners that know how to grow a small business, and don’t be afraid to ask for help. For more articles like this, head over to our business section.
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