Small business development: Every new day gives you a chance to move your small business forward from your present situation. There will always be things that you can improve and do better in your business.
You can improve your business by increasing your profits, reducing losses, getting more customers, expanding the markets, becoming more visible in the community, going public or a number of other items deemed desirable. The key is to have a vision of what you want to achieve, where you want to go, and what you want the business to become.
Learn ten ways you can improve your business:
1. Start your day in high gear.
Take a notebook (or a laptop or tablet) and jot down your thoughts and plans for the day. Whether you prefer doing this in the morning or in the evening, it is always best to take a step back, review what happened during the day (or the day before), and think of ways how you can do better. Take time to review data and numbers, including your website statistics, in order to find quick hits and losses.
Then list down ideas, whether for your marketing strategies, product lines, or new projects that you want to take on. Write down your ideas on how to expand and energize your business. Only through innovation and continuing adoption of relevant new products and ideas can your business improve its competitiveness and profitability. Start the ball rolling with your team (if any) and then with your financiers, lenders and bankers if you need to take on additional capital.
Review, review and review your business plan. See how far (or little) your business has taken shape from your original idea. Many entrepreneurs write a business plan at the start of the business, only to forget about it. Some stray away from their plans – and fail. Go find your business plans and update it. Since your business’ inception, a number of factors must have changed – from the overall business climate to your product line. Take all those changes into consideration, consider the business and economic climate, factor in your and your family’s goals, and get a clear assessment of the direction of your business. Get in touch with your business advisers, if any.
3. Rekindle your relationship with your customers.
Take time to tap into your customer database and get in touch with your existing customers. Whether by phone, email or letter, contact your customers to greet them and remind them that your business is ready to serve them again. Get their opinions about what they think about your business (and make getting customer feedback a part of your business processes). You need to constantly look for ways to encourage repeat business. Although marketing and advertising are important to get more customers, quality, service and customer satisfaction are what keep a business successful in the long run.
Read the following:
10 Golden Rules For Business Success from Billionaires
4. Evaluate your pricing.
Think about your pricing, and the possibility of raising your rates. Get the feel of what your existing customers think about you raising your prices. Also be sure to check out what the competition’s doing and make sure your prices or rates aren’t too low — or way too high. You don’t want to overprice yourself out of the market, yet you should not bear the burden of a cash flow shortage. Give your customers a month or two advance notice should you decide to increase your rates.
5. Find ways to cut your costs.
Even if you have secured funding from investors, you need to constantly look for ways to reduce your costs. From making double-sided paper copies to ordering shipping supplies in bulk, you can reduce wasted material, effort, and time in making, selling, and delivering your product. The result is an improvement in your company’s bottom line and an increased competitive advantage.
Read the following:
How To Get Investors To Fall in Love With Your Startup
6. Resolve to improve your weak spots.
Take stock of all aspects of your business operation and list down the areas that you want to improve. If your list of delinquent receivables is longer than Santa’s list, find out how you can improve your billing and collection process. Perhaps you need to improve your record keeping to help flag you on delinquent accounts.
7. Institute measures to assess the performance of your business.
Setting clear standards for your business allows you to determine the effectiveness and efficiency of your strategies. If you haven’t done so in the past year, start determining how much you are making per hour of work, how effective your advertising is, and some other measurements of where your business has been. Set some benchmarks and periodically assess how your business is doing. You need to know what you consider an improvement before you can start to improve on it.
8. Keep employees involved.
Good employees are hard to find; yet they are an important element in your business. Check to see if they are getting what they need and make them part of the team. Help them understand the importance of their role in your business and how their job impacts the business as a whole. Review your relationship with your employees and find ways to keep your relationship happy and avoid costly attrition.
Also read: Work Management Tips for Entrepreneurs: Be Smart
9. Explore new markets or improve marketing.
Start the year by exploring new markets for your business. Whether you are looking at targeting a new demographic or getting your business up on the web, take time to plan how you can expand your existing market. Look for ways to improve your marketing, whether by winning easy publicity, arranging an open house or preparing direct mails.
Also read: Are You Really an Entrepreneur or Just a Small Business?
10. Find out how you can live a more balanced life.
Work and business are not the be-all and end-all of your life. Learn to have fun! Spend more time with your family. Take a vacation once in a while. Engage in activities that will rejuvenate your spirit and your life. Take care of yourself, and your health. Your productivity and focus will improve if you are stress-free and healthy.
Recommended reading to improve your small business
5 Financial Mistakes Small Businesses Make
Improve Your Financials with this ONE Shift in Business Startup
3 Basics of Successful Business Development
11 Things Should Not Do As An Entrepreneur to Be Successful