15. tips to make your business better:
1. Stay organized. Proper documentation, time management, and automating repeatable tasks can mean the difference between boom and bust. Keep accurate records of business finances: Record every transaction (customer billings and vendor payments) into the proper account at least once weekly and keep an eye on the bottom line. Keep copies of all invoices, cash receipts and cash payments for bookkeeping and tax purposes. Set (and keep) deadlines: Stay on top of administrative tasks using project management software — this lets you set deadlines, assign tasks to employees and upload documentation to a central repository. Plan ahead: Plan your social media campaigns in advance using social media scheduling software. Use email marketing automation to follow up with new leads. Use Slack, Zoom and Microsoft Teams for quick communication with your team. If something can be explained in an email, you don’t need to have a meeting about it.
2. Learn to be flexible. Agile businesses can quickly pivot in response to changing market conditions, while the slow movers struggle not to become obsolete. Lean into your data and be willing to change course. Listen to customer feedback and don’t be too wedded to your own opinions. For example, let’s say you’ve conducted interviews with prospective customers and it turns out your product isn’t well-received or the market for it is too small. Don’t cling to a business idea that won’t float. Be willing to change your business model or pricing strategy if your current approach isn’t working for you. If your website isn’t attracting enough traffic, you may need to ditch that outdated WordPress template you love and debut a more responsive design.
3. Automate as many things as possible. Automating repeatable tasks saves time and ensures small things don’t fall through the cracks. Recently met a prospective client at a networking event? Use your CRM tool to automatically follow up with new contacts within 24 hours or send emails to new leads who visit your website. Use accounting software to automate your day-to-day bookkeeping so you don’t waste time on data entry. Salvage abandoned shopping carts by sending an automated email to nudge shoppers to complete their purchases. If you don’t use payroll software, learn how to automate payroll management in Excel. Can’t offer 24/7 customer support? Set up a chatbot on your website to respond to customer queries outside of business hours.
3. Automate as many things as possible. Automating repeatable tasks saves time and ensures small things don’t fall through the cracks. Recently met a prospective client at a networking event? Use your CRM tool to automatically follow up with new contacts within 24 hours or send emails to new leads who visit your website. Use accounting software to automate your day-to-day bookkeeping so you don’t waste time on data entry. Salvage abandoned shopping carts by sending an automated email to nudge shoppers to complete their purchases. If you don’t use payroll software, learn how to automate payroll management in Excel. Can’t offer 24/7 customer support? Set up a chatbot on your website to respond to customer queries outside of business hours.
4. Maintain a personal touch. Small businesses are uniquely positioned to offer a personal touch — especially if you have a small team or run the company yourself. Handwritten thank-you notes go a long way. Or, you can include a simple gift alongside the purchase or offer freebies in exchange for reviews. Use your CRM tool to make notes of personal details for each customer so you can offer more high-touch personalizations. For example, say you’re a jeweler who recently sold a custom engagement ring. You can send a simple wedding gift and a discount offer for a future purchase after the couple marries.
5. Protect your intellectual property. Intellectual property consists of the intangible assets — trademarks, copyrights and patents — that differentiate your ecommerce business from any other. For a small business, this means protecting things like designs, business ideas and trade secrets. If a competitor tries to copy your product, they can erode your market share and damage your reputation. If you decide to register a trademark or apply for a patent, it’s best to seek an attorney’s help to make sense of the legalese and avoid making minor mistakes (eg: omissions in descriptions or drawings, missing deadlines) that can result in your request being denied.
7. Create unique content. Post unique photos of your business and your employees on social media — people prefer human faces and real, behind-the-scenes footage over stock photos or videos. Say you run a bakery. Find a way to bring people into the kitchen by filming your process. If you run a clothing label, create unique lookbooks featuring your female friends as models to show a variety of body shapes and skin tones, rather than hiring models from an agency. If you’re an interior designer specializing in small spaces, upload videos on YouTube or start a podcast to share DIY tips for renters. Find ways to be authentic, share your expertise and tell the story of your business.
8. Don’t be afraid of data analytics. Web analytics, social media, CRM and financial analytics provide a readout on business performance. For example, if your website is converting leads, how many potential customers you are attracting each month, whether or not people like your social media content and whether you’re spending more money than you’re bringing in. These are important things to know. In fact, 67% of small businesses spend more than $10k/year on analytics. If you can’t measure something, you can’t improve it.
9. Cut costs as needed. Cost control is key to staying afloat — especially in the early days of running an online business. Establish a baseline to measure actual expenses against planned expenses. By looking at budget variances, you can see where your estimates are accurate and where they’re off. Look at where you went off track. What can you cut? Maybe you can find a different supplier, or buy video editing software from another vendor that offers usage-based pricing since you don’t use the software as much as you thought you would. Take a draconian approach to eliminate inefficiencies like redundant/duplicate processes, underutilized software or unreasonable price markups from vendors. Payroll is likely to be your biggest expense. Are there any low- or medium-level duties you can delegate to a qualified professional so you can take on a more strategic role in the business?
10. Limit your distractions. Use project management software to collaborate with others and create focused to-do lists daily. Also, stick to your original business purpose. Don’t try to be everything to everyone. Naturally, you would like to expand your product line and enter new markets eventually, but if you’re still working on your go-to-market strategy and have yet to launch, don’t get distracted by pipe dreams. Finally, productivity experts recommend working in one-hour blocks with a 15-minute break for peak productivity.
11. Get Organized To achieve success as a business owner you first have to be well organized. That will help you complete tasks efficiently and stay on top of the many things that need to be done. A simple way to get and stay organized is to create a to-do list each day. As you complete each item, check it off your list. Since some tasks are more important than others, aim to tackle the high-priority ones first. There are many online resources that can help you get organized. They include tools like Trello, Microsoft Planner, Notion, and Airtable. A simple Excel spreadsheet can also meet many of a small business's organizational requirements, especially in the early days.
12. Keep Detailed Records No matter how busy they are, successful businesses take the time to keep careful accounting records. By doing so, they know where their business stands financially and can often get a better (and earlier) grasp of any potential challenges they might be facing. Investopedia periodically rates the best accounting software for small businesses. Many businesses today keep two sets of records: one physical and another in the cloud. That way, a business owner no longer has to worry about losing crucial data if something unfortunate happens, like a fire, computer virus, or other calamity.
13. Analyze Your Competition To be successful, you can't afford to ignore your competitors. Take the time to study and learn from them. Larger companies devote significant resources to obtaining this sort of competitive intelligence. How you go about analyzing the competition can depend on the nature of your business. If you're a restaurant or store owner, you may simply be able to dine or shop at a competitor's place of business, ask customers what they like or don't like about it, and gain information that way. If you're in a field with more limited access to your competitors' inner workings, such as manufacturing, try to keep up with the news in relevant trade publications, speak with any customers you share in common, and obtain and scrutinize whatever financial information a competitor makes publicly available.
14. Understand the Risks and Rewards Another key to being successful is taking calculated risks. Besides contemplating the potential rewards if you succeed, a good question to ask is: "What's the downside if this doesn't work out?" If you can answer that question, you'll know what the worst-case scenario is. If you could live with that scenario and are prepared to take the necessary steps to manage the risk as much as possible, you might want to give it a go. Otherwise, this could be a good time to consider other opportunities. Understanding risks and rewards includes being smart about the timing of starting a business or launching a new product. For example, certain products or services may be more popular during a particular period of the year. Technological change and fashions also impact what consumers buy and how they behave.
15. Be Creative and Strategic Always look for ways to improve your business and make it stand out from the competition. Recognize that you don't know everything and be open to new ideas and different approaches. Keep an eye out for opportunities to expand your current business or develop related enterprises that will lead to additional revenues and provide the benefit of diversification. The history of Amazon provides a good example. The company started out as an online bookseller and grew into an e-commerce giant, selling just about everything. It has a growing brick-and-mortar presence, as well. Among its many subsidiaries are Amazon Pharmacy, Amazon MGM Studios, Whole Foods Market, and Zappos. 1 2 3 Besides a diversification strategy, you'll need one for market expansion that works best for your business, whether social media campaigns, direct sales outreach or another option. Also, does it make sense to partner with another small business to gain access to their audience? How might you capture an entirely new market share? These are things you should be thinking about even in the early days of your business.