Increasing Profits in a Small Business With 5 Simple Steps
Posted by Tim Smith in Business Continuity on May 7, 2015
Now more than ever, the ways in which consumers are accessing services and products change in the blink of an eye. This means that a small business needs to be quick on their feet and flexible in order to keep up and keep a steady income flow. There are some people who think that starting a small business is not much more than setting up a website or opening the store’s doors. They quickly find out that there is much more to it, and will lose everything they have invested quickly if they don’t adapt right away. Here are some ways in which you can not only avoid that happening to your small business, but will help you to grow it to be successful.
1. Stay Organized
There is a lot to be done every day with a small business, and you need to be organized to stay on top of it all. Keep a detailed calendar of your daily tasks, as well as important due dates in the future. Something small like an appointment can be easily over-looked, but could seriously hurt your small business if you forget about it. Or imagine if you forget to order an important stock item for an upcoming holiday. You will never remember everything on your own, so get in the habit of writing down all you have pending, and look at the calendar often during the day.
2. Record all of Your Transactions
A successful business has to be able to look back and see what went right or wrong at any given time. The only way to do this, and plan for future success, is by having a detailed record of the past. Successful small restaurants depend heavily on past trends in order to plan inventory and staff requirements for certain holidays and special events that take place annually.
3. Study Your Competitors
Look at your business like a sports team, where you study the opposing team to learn how to overpower them. If you want your small business to be successful, you have to study the competition in order to stay a step ahead of them. Don’t feel bad about monitoring them online, or sending staff members to shop in their store to compare prices. Chances are they are doing the same to you without you knowing it.
4. Keep Up With the Current Marketing Trends
The smartphone has become the new PC, and you need to strategize your marketing around its small screen. Yes, you should have a website, but ensure that it is readable on a mobile device. Another important trend is direct marketing using SMS text messages. You will need to have some type of loyalty club or other means of gaining access to cell phone numbers and having customers opt-in for automated alerts from you. You can then use an SMS marketing service such as DialMyCalls to send text messages alerting your opted in customers to a current sale or new merchandise. Nightclubs for example have had great success with this type of advertising by sending a surprise text for an hour of free drinks, free admission and other similar incentives.
5. Don’t Be Afraid of Being Creative
You have to find ways to make your small business shine brighter than your competition. Take chances and be creative when it comes to your products and services. The same is true for your marketing techniques. Create a memorable catch phrase, and brand your small business in a way that is unique from any others similar to yours.
If you remain focused and give your small business the attention it deserves, the profits will begin to roll in. Accept that you will make mistakes, and that every day is not going to go exactly as you planned, you will actually be better prepared to handle any of the curve balls that are thrown your way.