The start of the year is a great time to reflect on your small business; is it successful? What more can I be doing? What should I stop doing? Your thirst for small business tips should be insatiable. While most of your learning will come from first-hand experience, sitting down and considering knowledge and advice from experts is an invaluable resolution. Here are a few tips to make 2016 the best year yet for your business.
- Know your customer This is crucial when starting your business, but also years into your business. Consumer habits, markets and needs are constantly changing. Age groups and demographics that were once not your consumer market may now be. Research your customers, engage in communities and speak to your customers.
- Always make sure there is enough cash in the bank. This is one of the most common business mistakes, either starting out with limited cash, or not handling funds accordingly. Fix your cash flow before you begin your venture, prepare for dry periods and quiet days.
- Use “yes” or “no” or not. These words are indispensable for managers. Being clear and decisive helps your employees do their job and keeps you and your company focused. Be clear on what your company does and be even clearer on what your company doesn’t do.
- Identify resistance, the reasons and fix it. As Time writes, blatant criticism is an obvious sign of resistance, but at the same time, conceding with an easy yes is just as dangerous. Take time to think things through thoroughly. You might want to be cooperative and avoid being offensive, but saying yes without thought will eventually sour into a no, causing more problems. Then identify the reasons for change, most employees don’t like change because they either don’t get it, don’t like it or don’t like you. Find that employee with at least one of these perspectives and deliver the message in a new way. Look at the situation from your employees perspective so that you can address their concerns and fears. If they don’t like you, be direct and ask them why there is a lack of trust, anonymous surveys are ideal for these situations.
- Treat customers like guests in your home. Sales are the ultimate priority and customer experience is the key to more sales. Some customers may visit your business for a quick inspection but even if you know they are not going to buy something in that instance treat them like they are your best customer nevertheless. A positive customer experience is memorable and that customer will associate their experience with your business, this translates to them being more likely to return and actually purchasing.
- Participate in e-commerce There is no better market opportunity at the moment than e-commerce. Consumers infinitely rely on the internet, it is a revolution that all businesses should participate in. In addition to your physical store, extend your market, customer base and business opportunities by setting up an online store. It’s inexpensive and easy, and in the short and long run will benefit your business infinitely.
- Build a network of mentors and people in business Never be afraid to ask for help. Whether it be other industry contacts or your friends and family. Seek advice from all corners. For example, finding a good accountant is invaluable. Also, joining industry communities and business communities can help you garner advice from people with experience. Everybody is in it for the long haul and people who have also started from the bottom up are more than happy to share advice.
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