Small businesses in 2022 are back in high demand, embracing a more active and open working world since covid. Despite this, many small business owners have found it hard to keep the momentum going. To help remedy this, i24 has made a small set of tips for small business owners to help with the daily struggles. Here are our 8 best tips for small business owners:
Prioritise filling your niche
If you are a small business owner, you have heard the phrase “be the best at what you do”. Filling your niche as a small business is important, necessary, and will necessitate growth. Not only this, but filling your niche also cuts out opportunities for harsh competition to develop.
Effectively use technology to get ahead
Technology allows businesses to get further for less. Whether it be invoicing through the Invoice24 invoicing solution or by using excel to sort your finances. Effectively using more advanced forms of technology will help you get the edge.
If ever you feel something is too difficult or long, try searching for a tool that assists with it. There will almost always be something to help.
Set realistic goals for the business
Ensure that what you are doing is within the scope of a small business. A common mistake made by small businesses is that they try to expand too quickly or venture past what their finances allow for. Always ensure that what you try to do is feasible for your business in order to avoid disastrous mistakes.
Always be honest with consumers
Being honest with your consumers is paramount when maintaining client relations. Whilst it might seem better to say you can do things that are out of scope, don’t. It is far better to lose a client because the service is out of scope than to have them leave because the business fails on its promises. This falls under the expansive category of customer relationship management, which you can read more about here.
Wherever possible, cut costs
All small businesses need to save money where possible, especially the sole traders, who share their finances with their business. To make budgeting simple, it’s advisable to make a spreadsheet detailing expenses, income, general finances etc. From there, you can decide what’s needed and what isn’t.
Use effective marketing
Businesses often ignore some of the best marketing tools at their disposal. If it fits your target audience, you can use it to draw in consumers. An example is smaller businesses being afraid of cold calling, or not committing to inbound marketing methods such as blogging. By making use of such methods, you can expand your business cheaply and effectively whilst targeting a specific audience.
Constantly observe competitors
There are going to be competitors in every industry. Instead of creating bitterness, observe and learn from those who are doing something similar. By committing to observing the competition, you can find strategies that are better at targeting your consumer base, as well as any business management that you might be able to improve.
Start to create autonomy where possible
Make as many processes as easy as possible in order to make admin a simple task. True autonomy might not be possible, but making work as simple as possible helps. The more you can autonomise boring administrative procedures, the more time you can spend doing what you love.