Running a small business is not easy. There are many things to manage, from marketing and advertising to customer service and inventory management. And that’s just the beginning!
It can be difficult for even the most seasoned entrepreneur to stay on top of everything with all of these challenges. So if you’re looking for some help managing your small business, check out our six tips below! Also, don’t forget to read this article about the pros and cons of small businesses and more!
- Hire a competent assistant.
If you can’t do it all yourself, don’t try to! It’s essential to have someone who will handle the day-to-day business operations so that you are free to focus on growth and expansion.
This person doesn’t need specific industry knowledge or experience but should be good at managing projects, time management, communicating with customers and suppliers, developing marketing strategies, etc.
You may even want to consider hiring this role out entirely by working with an agency rather than filling it internally, which could save your company money in the long run!
- Establish metrics for success early on.
Once upon a time, there was no such thing as “metrics” when running small businesses (at least not how we define them today). So if your business was running successfully, you could assume that all was well.
Thanks to social media and other sources, with so much data available at our fingertips, it’s essential for small businesses to establish success metrics early on.
What are these numbers? It depends! For some companies, it might be monthly sales figures or pageviews, while others may measure more specific points like time spent on site per visit or bounce rate (the percentage of people who leave a website after viewing only one page).
- Establish KPIs.
Once you’ve established what you will use as your metric/s of success, outline how this goal fits your overall strategy. It would be best if you defined upfront which key indicators (KPIs) matter most to your business.
For instance, if you decide that revenue is the most critical factor for your small business, key performance indicators might include total monthly or yearly gross income, month-to-month growth in sales figures, and how much has been spent on advertising efforts compared with actual returns from these campaigns.
- Focus on customer retention.
Once you’ve established what success looks like in terms of metrics, it’s time to focus on keeping your customers around!
Customer acquisition can be very costly when marketing strategies are not well thought out, so focusing more heavily on retaining current customers will save you both money and headache down the road (and potentially lead to increased company value).
Here are a few ways to keep them coming back for more: offer incentives such as discounts, create a rewards program, or give your customers the option to subscribe by email for regular updates, deals, and more.
- Invest in digital marketing efforts.
If you’re not doing any type of online advertising, then it’s time to start! There are many different platforms out there that can help you reach new audiences quickly, including Facebook, Google Adwords, Instagram, and Pinterest, just to name a few.
It would be best to consider investing in paid social media campaigns as they tend to be cost-effective when done well (and don’t forget about ads on popular blogging sites like this one!).
Make sure you do some research beforehand to know what ad platform is best suited for your company’s needs before jumping right into things. Remember: all good strategies require testing first!
- Automate what you can.
To help ensure your small business is running smoothly and free up more of your time for growth-related tasks is to automate as many processes as possible.
This could include automating email marketing campaigns, social media posts, order processing/fulfillment, or even customer service responses.
This will save you time in the long run and help improve your customer service response times!
The Bottom Line
Running a small business is not easy. It takes hard work, dedication, and a lot of planning. But if you follow these six tips, you can increase your chances of running a successful small business.