Reducing business spending during a recession is one of the few available ways to secure a place in the market and make a profit from your business. The wrong strategy to reduce a company's expenses can cause it to go bankrupt. However, there are ways to reduce company costs without jeopardizing the business.
Read MoreAs an entrepreneur, you’ll want to do everything you can to protect your small business. It helps make sure you see success and can actually run your company long-term. You’ll already know about more than a few ways to do this:
Read More
Small businesses are vital to our communities because they provide incredible products and services with a more personal touch. Many small businesses are looking for ways to ramp up their customer base, but they aren't sure they can handle an increased volume with their current staff load.
There are several ways to deal with higher volumes of customer inquiries, such as outsourcing customer support or getting a toll-free phone number, but many business owners worry that it will cost them too much to get started. Check out three affordable communication options for small businesses below!
Business phone numbers have been around for decades now, and they provide a sense of trust among customers. It used to cost a small fortune to get a business phone number for small companies, but now there are some free business phone numbers offered by quality companies.
Small businesses with their own phone line, instead of an employee's cell phone number, seem more official, and customers appreciate the opportunity to speak with a real person. Depending upon the size of the business, a business number may connect directly to a person, or it may guide a customer through a series of questions to find the right agent for them to speak with.
Some customers prefer to speak with a customer support agent via online chat. This allows them to type out their questions and get written responses quickly. Agents are still required for live chat to work, and customers enjoy this option because it connects them with a real person, but they can write out their responses instead of talking them out.
Support bots that use artificial intelligence appear to be the way of the future. These support bots are similar to live chat, but they don't require an agent to do the responses. This is a great option for businesses who get huge volumes of emails, voicemails, or chats with many of the same questions that can easily be answered automatically.
AI support bots may be able to answer a customer's inquiry on their own, like looking up the shipping status of a product using the tracking number, reporting business hours, or giving directions, or it can forward a more advanced question to an agent during normal business hours.
Many businesses find that it's helpful to have a mix of two or all three of the above communication options to give customers a choice about how they can get the help they need. Having open communication channels can help build a sense of trust with customers and keep them coming back again and again.
Starting and growing a business in today’s highly competitive market is tough and takes perseverance but it doesn’t have to be a huge undertaking that overtakes your life. You only need to be equipped with the right knowledge and expertise. We outline what you need to know about making your small business or startup a success from the start.
The process of starting and growing your own business is never going to be simple; that’s a fact. You might be extremely keen to build and grow a business that has the potential of being hugely successful, but that doesn't mean making a success of your venture will be any easier and faster to achieve. The fact is that building a successful startup from the group up is hard work. In order to achieve success, you need to understand that you need time to build traction and momentum and even more time to maintain it.
You also need to have a fundamental knowledge of positioning your business for success. If you want to see your venture succeed and thrive over the long-term, then you need to constantly grow your business. Planning and growing a successful business isn’t just about finding a concept and launching a company around it--it’s also about learning to make smart decisions quickly and effectively and always be able to think on your feet.
Wondering what it takes to see startup success in today’s overly saturated market?
Below are a few useful tips that it might be worth taking note of when it comes to building a profitable and prosperous business.
Create a Plan and Start with Taking Small Incremental Steps towards Achieving Your First Goals
Every strong company starts out with a solid plan of action. If you are going to ensure that you put your business on the map, then you need to have a clear set-out plan to follow. The concept of creating a business plan may be daunting, or you may feel that it’s unnecessary and a waste of time but having one in place is crucial to your success. The plan doesn’t have to be hundreds of pages long, but it does need to include the following sections:
· Executive Summary
· Owner Bio(s)
· Company Description and Management
· SWOT and Competitive Analysis
· Target Market
· Marketing Strategies
· Market History and Growth
· Product/Service Lines
· Sales Strategies
· Request for Funding (if you’re looking for investors)
· Financials
Writing a business plan doesn’t have to be an overwhelming task, as it’s just a case of mapping out each aspect of your business and determining how you’re going to best utilize each of these sections. That’s it - it’s simple really.
As an aside, whenever I write a business plan for any of my own ventures, I keep it to four pages and include all of the sections above (but the request for funding) because all of our funding is done internally.
Make Networking a Priority (Both in Person and Virtually) for Your Small Business
If you want consumers to know about your business, networking (both in-person and virtually) with other industry professionals and consumers is key to your success. Business is all about the connections that you build and nurture. If you are going to take it to the next level, you need to take advantage of every networking opportunity to expand your circle of professionals. Whether that’s networking in person at networking events or it’s networking via platforms like LinkedIn or industry conferences that are now virtual, it’s essential that you are making it a priority.
Optimize all of Your Operations for Efficiency and Sustainability
As your small business or startup grows, it becomes increasingly important to streamline operations and ensure that every process is as efficient as possible. This not only helps in cutting costs but also in reducing your carbon footprint, making your business more sustainable in the long run.
Start by evaluating your supply chain and looking for ways to make it more eco-friendly and efficient. For example, partnering with a national pallet company known for their sustainable practices and excellent quality can help your business to maintain effective and efficient logistics operations.
Moreover, adopting green technologies and practices in your workplace, like energy-efficient lighting and recycling programs, can significantly contribute to your sustainability goals. Additionally, consider implementing project management tools and systems that enable your team to work more collaboratively and productively, regardless of their physical location.
By focusing on efficiency and sustainability, you save money and build a positive brand image that resonates with today's environmentally conscious consumers.
Focus on Productivity to Maximize Output During Launching and Scaling Your Small Business or Startup
One of the most important steps to take as a business owner is to make being productive your focus. You can spend all day sitting in your office, but if you’re not working in a productive way that’s generating revenue, then it’s a waste of time, isn’t it?
When it comes to how you run your business, take steps to ensure that productivity is always at the forefront of your mind. If you’re the CEO or founder, then focus on the tasks that actually generate revenue and outsource the tasks that don’t generate any income.
For instance, instead of waiting until an IT issue occurs, source IT services that are able to offer business support, so that when you need help, help is close at hand. Similarly, instead of sending out invoices or bills, hire a virtual bookkeeper to manage that aspect of your business. If you don’t have the resources to hire or outsource to a virtual assistant, then use a free software program such as Wave Apps or a paid low-cost program such as QuickBooks to automate your invoicing and accounts receivables. You’ll be amazed at how much time these tech tools help save over the course of a week. You can do the same with social media marketing with tools such as Later, TailWindApp, or HootSuite.com.
The truth is that running a successful business is hard and it takes a lot of patience and grit; and it also takes a lot of time and effort to build a venture that has the potential to be successful. However, by taking note of the tips and advice above, you can make the process of running a successful startup, a little easier for yourself.
It is not something that anybody likes to do. But when you are running a business, you've got to learn how to hold the mirror up to yourself. For the first 12 to 18 months of any business' existence, there can be that feeling of flying by the seat of your pants. When you overcome this difficult period, you have to learn to address weaknesses. But more importantly, you need to turn these weaknesses into strengths. And while we can't be good at everything, it can be demoralizing to address where we are going wrong. So how can we do this in a constructive manner?
Get Guidance From An Exterior Source
Trust is pivotal to business progression. When we are looking to address our failings, it's important to find an exterior source that is impartial. When you get the guidance of someone that you trust it could become heated and personal. And when we start to get exterior help through technical processes whether it's something like an Office 365 assessment or putting a key business process out for feedback, guidance from an exterior source can result in more constructive criticism.
It is difficult to bring someone in from the outside but when they are impartial, this can yield significant results. If you decide to bring someone in that you can trust that you've also got a long working relationship with, it's important to be prepared for that person to pick holes in your process.
Learning To Accept Your Weaknesses
Firstly, you have to recognize that there is a weakness. Many entrepreneurs bury their heads in the sand and deny that there is any problem. But when you decide to face up to the fact that you have weaknesses but also determine what they are, this can be an incredibly painful procedure. But admitting that there are weaknesses is the first step to turning it around. It could be to do with business processes but it could also be to do with your leadership skills. Nobody likes to hear that they are bad at something. But being bad at something is where you learn to make it better.
Bringing In People That Have The Right Skills
When you lack something, you can either learn to do it or you can find someone that already has the skills. This is where outsourcing comes in handy. When you outsource a process to a company that can do it, it becomes a lesson for you but it also gives you a unique perspective on the situation. It also gives you the chance to empower people that work for you. There is a correlation between people that ignore their weaknesses and those that refuse to delegate.
As soon as you start to bring people in that can achieve what you want, you're not just getting the job done, but you are putting your trust in these people. This is an important hurdle for anybody to jump over when addressing their weaknesses..
FemFounder is a one-stop shop for creative entrepreneurs and small business owners who need PR, Instagram, Pinterest, and email list building help.
