If you’re like many small business owners, you’re more than ready to say goodbye to 2020. With the new year here, it’s time to get back on track and experience success in 2021. Below are a few tips to help you achieve your goals.
Small business owners don’t have the advantage of a large budget. They must account for every cent they earn and use it wisely. Unfortunately, 2020 was anything but normal, and many otherwise solvent businesses needed to rely on all forms of available credit, including credit cards. The good news is that if you’re now wondering how to pay off credit card debt, you have several options. You can pay a little over the minimum required payment or take out a loan to consolidate the debt into one lower, affordable, monthly payment.
Most people spend most of their time on their electronic devices such as computers and iPhones. Take advantage of this opportunity. Place an ad on social media that appears when the audience you want is most likely to be online. Send mass emails with catchy intros that prompts opening. These two measures are also cost effective. Regarding your website, gain more traffic by working to reach a higher ranking on a Google search.
Maintain Your Loyal Base
Assuming that your existing customers will remain loyal is a big mistake many small business owners make. Now, more than ever before, it’s important to remain in contact. Sending random emails to introduce new products or services ahead of a public announcement is one way to ensure they remain on board. Another way is through rewards for loyalty. Offering discounts or free services or supplies after purchasing a set amount is beneficial.
Expand Your Presence
Besides social media, expand your presence on the web. Find a few reputable coupon sites that list companies and their deals and sign on. Coupon sites have a large following of loyal viewers. Offering even a small discount on your products or services can increase sales significantly.
Your staff has a direct line of communication with your customers. One way to ensure that they are performing beyond expectations is to offer incentives for future sales. Some businesses, like insurance companies, use this method to keep employees working hard. They offer a bonus for each policy they write. If you can’t afford to pay each employee a monthly bonus, hold a contest each month and the one with the most sales claims the prize.
In times like these, it’s critical to think outside the box. Instead of charging for deliveries, make them free. If you didn’t offer a delivery service, it’s time to consider the implementation. The competition is stiff and standing apart by leading the way is something necessary to achieve sales and expand your small business.
Know the Competition
Knowing your business competitors works to your advantage. Gain an understanding of all of the services they offer and their pricing structure. Go online as a nameless potential customer and check out their website and the remarks left by their customers. This will disclose their weaknesses and allow you to use them to your advantage.
Having people on staff that aren’t necessary for full-time employment, can cause you to lose profits. Instead, consider outsourcing some of these services. Payroll, customer support and IT are a few examples of common services that small businesses outsource to save money.
Many small businesses experience a loss or minor gain each year because of purchasing the wrong stock. They buy products and never track their sales. Thankfully, you can avoid this by utilizing management software.
The year 2020 is no longer. Make 2021 the year your small business takes off!