Sometimes it is hard to keep up with a business and all of the responsibilities that come along with it. For some people, the business profit does not work out to be in their favor. It is sad when you see another small business close its doors. 50% of small businesses fail within the first five years.
There are a few things you can do to try and save your business from closing up for good. The first is to find what the root of the problem is. There has to be a reason as to why the business is failing. Is it not being able to collect invoices? Does the business model need to be restructured? Once you are able to find the problem, you will be able to fix it.
After you have found the problem that has been causing your business to fail, find what opinions would be best for you. Just because the business is failing does not mean you cannot turn it around and start making profit again. Come up with the best solution to the problem and act upon it ASAP. The quicker you act on fixing the issue, the faster your business will make a turn around.
Some of the best advice giving to those who own a small business is not what you would normally think of. When starting your own business, there is a lot of stress that comes along with it. Worrying about this and that is a constant day to day struggle. One tip about owning a small business is to not stress about the systems and the protocol at the business, but rather worry more about connecting with people. The networking that you make will help your business grow more. Clients, colleagues, and business partners will judge on how well you connect with them. Relationships are your greatest assets. Having great customer communication will only boost your business in the right direction.
Networking is a huge part in owning your own business. With the networking, you will be able help the business develop more. Not everyone that you connect with for your business will help advance your business, but everything you do can be motivated by the purpose to grow your business.
Over the past 5 to 10 years, business etiquette has made some big changes. Work attire, attitude, and work environments are all evolving with the change in technology. The increase in today’s technology has taken away the formal side of business. A lot of companies today do not require business attire at the work place. The more casual a person is dressed, the more casual their attitude and work ethic becomes.
First impressions are the most important when working in business. The attire that employees wear says a lot about their business. If someone was to walk into a law firm to find everyone in jeans and t-shirts, you would not find their business professional. Do not make the error of doing this with your business. Attire for the work place at a business depends on the business itself, so do not make the mistake of giving the wrong impression.
It was a pleasure to have Diane Helbig guest speak at our lunch and learn yesterday July 10, 2013. Those who attended learned much about how social media can impact a business and help company profit. Social media is a growing tool in today’s world, which businesses need to be using to their advantage.
One tip Diane spoke about stood out to me. Everyone knows how great social media can be to help their business grow, but there are a lot of mistakes a company can make when using social networking sites. First would be focusing on sales, and not connections. When a company is just starting out on social media, they put an emphasis on increasing their sales. This is the wrong way to be approaching it, for the word “social” within a phrase means the users wants to be social on these sites. If your business is only posting about products and sales, you will off-put your viewers. Be smart when using Facebook and Twitter, your company is looking for connections on these sites not selling a product. When you have effectively connected with a viewer, they will be more likely to purchase one of your products. Making sure you are taking the right steps on social media will help your business expand more.
Looking to gain knowledge of social media marketing and email marketing for your business? Come join us on Wednesday July 10, 2013 for a Lunch and Learn with Diane Helbig, the author of Lemonade Stand Selling.
The event will start with lunch at 11:45 a.m. and Diane speaking from 12:15 p.m. to 1:00 p.m. After will be a 15 minute Q & A with Diane.
Tickets are worth a $30 value. Attendance is free! LIMITED SEATING so reserve your seat now!
To reserve a seat, click here to RSVP or call (330) 836-2937.
There are four categories when trying to determine your target audience. Geographic’s; this will be the location and climate zone of your customers. Demographics are the age, gender, income, family size, and occupation of a client. Psychographics; this describes the personality and life-style of which the customer displays. Last are the behaviors of the customer’s attitude and the response/use to a product.
Target marketing can help a business in many ways. First it can help determine if there are enough potential clients for your business. There is no point in putting the money into a business if you are not receiving any customers. It can also adjust your business to better meet the needs of your clients and tailor your products and services to meet their desires. Customers always come first. If you don’t have any customers, you don’t have a business.
[Web Photo]. Retrieved from http://appledaniels.com/reach-target-market-business-blogging-efforts/
Small businesses always seem to be adapting and changing marketing conditions, getting new business tools, and opening new sales opportunities to help their company grow. As a small business owner, you must keep one eye on the routine tasks but also another eye on new opportunities. Here are a few ideas to help your business find that growth opportunity you have been looking for.
A great way to help increase your company sales and bring in new customers is to add complementary products and services. Ask yourself, what is the definition of what my business does? If for example your business is roofing, ask if you are in the roofing business or the exterior building materials business? Redefine your business and add in house siding, gutters, and downspouts to your product line.
Do not be like many small businesses and limit your sales reach and distribution to only be on-site and over-the-counter sales. Ecommerce has shown to be beneficial and improve your marketing reach, customer base, and sales volume. Consider to have your business market online to help expand your brand more.
[Web Photo]. Retrieved from http://www.forbes.com/fdc/welcome_mjx.shtml
Every business has its own different needs; this is why who you choose to work for you is highly important. 80% of your company’s success comes from the people who help work and build your business. Experience level is not always the top criteria, you need to find people who are honest and have great enthusiasm. People’s attitude towards their work will deliver through their interview much more than just their experience.
Be careful though when searching for employees, for there are two different kinds of people in business: expanders and containers. Both are great, but need to be put into the right position. Expanders like to push the envelope, take risks, and see how far they can go. But you better keep an eye on them, for they like to spend money. Containers like to keep everything in order and keep details sorted. They are the ones who keep you from losing money. Make sure you match each employee to the right position and let their natural talents assemble a great team for your business to build.
[Web Photo]. Retrieved from http://www.jjc.edu/about/operational/human-resources/Pages/new-employee.aspx
There will always be bumps in the road when having a small business. This is why having a business plan can help in the long run. A business plan can help guide you through the stages of growth as your company progresses. Understanding the profit numbers and creating an analysis is the first step to a business plan. The key portions of a business plan will include a profit-and-loss forecast and a cash flow projection. Projecting your cash flow is important and can make or break your business. Even if your company is getting plenty of business and selling products, if you are not getting paid for 90 to 180 days, you are not going to prepared and will not survive.
Creating a business plan will allow you to determine start-up costs (how much you will need to save) and marketing strategies (how can you reach to your customers to make sales). If you cannot make the numbers work on paper, then they will not work in real life.
[Web Photo]. Retrieved from http://www.classiqueblog.com/business/entrepreneurial-business-planning/
Advertising has always served as a critical principle in the business world, allowing sellers to efficiently compete with one another to gain the attention of the buyer. You can never just rely on a one-time announcement or a word-of-mouth strategy to keep your business afloat. A commitment and investment to advertising will reinforce you and your sales team.
When trying to advertise, the object is to get the word out that your company has something to offer that the buyer needs to have. It does not matter what form of advertisement you choose, the content needs to stick to the rules of journalism of who, what, when, where, and why.
Every company has a certain demographic which they are trying to sell to. The form of advertisement that you choose needs to reflect on this. Choosing to post advertisements online to men and women over the age of 55 might not give you the response you were looking for. But if you were looking to advertise to teens and young adults, online ads will work greatly. Figure out what method of advertising will give your company the sales increase you were aiming for.
If you think your business needs some assistance with advertising, contact The Business Doctor, LLC today and find out what we can do for you!
[Web Photo]. Retrieved from http://www.insightmrktg.com/2012/09/28/your-marketing-toolbox-advertising/