Small businesses account for 99.9% of all businesses within the US.
With that many businesses there’s always competition, and making profits can sometimes be difficult. Having a product or service that people want isn’t always enough, and you need to go the extra mile. If you want your business to stand out and succeed, there are several things you can do.
For 5 essential tips for small business owners, keep reading.
1. Information Marketing
If you want people to have any interest in your business, information is key. People need to be educated on your products or services before they show any interest. Letting people know what you sell is one of the most important things to do if you want to boost small business profitability.
Your website and social media pages should have all the information customers need, but you can also use lead magnets to acquire contact information. An attention-grabbing headline along with some clear, concise information can be very effective.
A good example for a profitable small business is to host a giveaway on social media, which requires people to provide an email address to enter. Include a CTA in the giveaway and use follow-ups to make it more effective.
2. Quality Accounting Software
Your accounting software is crucial to the finances of your business. There are many options out there, so it can be hard to know what’s best for your company.
Quickbooks is one of the most popular, but that doesn’t mean it’s perfect. Check out this comparison of NetSuite vs QuickBooks pricing and it might help you determine the ideal solution for your business.
3. Add New Services
Think about what you sell now, and ask yourself if there’s anything else you could be offering to meet your customers’ needs. Take note if your customers mention anything they’d like, and conduct market research to see if you could benefit from selling it.
A simple example would be a shop that sells phones adding accessories such as screen protectors or cases to their inventory. Adding new revenue streams can help increase small business profits and increase customer satisfaction.
4. Seek Repeat Sales
Acquiring customers’ contact details can help increase your profits without the need to spend money on extra advertising. It can be easy for customers to forget about businesses, even if they were happy with their experience.
You can send them reminders to reorder or give them news about new products and promotions. Special offers and seasonal products fit in well with this strategy.
5. Keep Your Employees Happy
If you want to effectively manage a small business, you need to make sure your employees are happy in their roles. Having a high staff turnover wastes money and time that will be saved if you can retain existing employees.
Competitive pay is key, and you should do what you can to make their working day more comfortable and enjoyable. Things like bonuses and flex-time are great for keeping your staff motivated and productive and will make them want to stick around.
Implementing These Tips for Small Business Owners
Some of these tips for small business owners may seem obvious, but not all employers implement these strategies well. When using these methods, you should talk to your employees and customers to see how effective they are. This way you can adapt to solve any issues that might be present.
If you’re interested in reading more business & marketing articles, check out some of our other blog posts.