If you are running an SME, continuous improvement and development is the name of the game as businesses are not static. It is important to accurately identify if your business is either on an upward track or if it is on its way down. So making consistent improvements to make your business better and continuously improving is a conscious choice. Not only must you balance your time, energy and money, but you must also choose the right area of business that will make the biggest impact to the bottom line.
Here are 7 tips to help you do this……….
- Analysing Business Data
Do you have an accurate idea of the daily, weekly and monthly numbers and financial trends in your business? If not, remember that it is vital that you spend the necessary time keeping track of your cash flow as this is the best indicator of how your business is performing. Continuously monitor the return on investment such as spending on social media marketing, traditional advertising and membership fees relating to professional groups and associations. If they are not delivering then change the plan and divert funding elsewhere.
- Set Goals & Objectives
Setting realistic goals and objectives is an essential part of business success. Set goals and use them as an ongoing planning tool to ensure you continue to move forward in your business. For the months when you don’t meet those goals, consciously put them on the agenda for the next month and don’t lose sight of why you set that goal. Some goals will take a little longer to achieve than other due to conditions outside of your control, so don’t give up.
- Use Effective Marketing
It’s easy to waste money and your valuable time on ineffective marketing. Learn how to use low budget impact marketing to improve your business. Test one or two new tactics and see which perform best before adding them to your marketing mix. Remember not all marketing channels will work for your business sector and effective marketing is about being successful in producing a desired or intended result. No result or return on investment means it is ineffective and wasting your time and money, so learn to move on and test out another method that works for you.
- Business Presentations & Short Videos
A powerful business presentation or video can help improve your small business by offering potential customers a quick snapshot of the exact nature of your business and should provide a clear insight into the benefits you offer to customers when they engage with your business. Visual displays are a powerful way of getting your business message across and should be informative and interesting to watch.
- Monitor Trends
Social, economic and technological trends will have an impact on your business. The events and changes in the global landscape may work for or against your business so it’s important that you stay current with the issues happening in your business sector and local community. This is particularly important when you are competing in a highly competitive market place. Watch out for your competition to see how they are adapting.
- Improve Your Selling Skills
A well functioning and organised sales approach is vital for any business regardless of size. And whether you’re a one-person operation or managing a sales team, you must continuously focus on ways to improve your sales techniques and view a change in your approach as an opportunity to improve profits. Be honest and ask yourself, is my current approach yielding the sales required to sustain my business. If the answer is no, then change is necessary.
- Your Business Sector
Every business sector has its own ways of doing things that are tried and tested. So, don’t spend time and money trying to reinvent the wheel and avoid wasting even more money and your time reinventing the industry……. Unless you’re set on building the next Apple. Identify the best practices within your business sector and strive to improve on those instead. Add value and quality and you will stand out from the crowd.
If you would like assistance with implementing these changes to your business, then contact MentorUs Business Solutions today.