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BFS Capital Blog

6 Things Small Business Owners Should Do Now

February 20, 2015

Some small businesses skyrocket out of their launch while others seem to be stuck on the launch pad forever. There is no one formula to success. Every small business goes through hard times when solutions to problems may feel unreachable. But if the following business tips become regular practices, your business might begin to make its way off the launch pad and up to new heights.

Forget About the Economy

Let’s rephrase. Understand the state of the economy, but don’t let it get in the way of your business. Remain level and focus on what you need to do in order to be successful. Just because the economy might be struggling, doesn’t mean your business has to, also. If you provide services or products that people need, and they understand the need to purchase from you, then you’ll stay in business.

Offer Something Different

If no one is buying from you, yes, offer something that no other company is offering; and yes, offer something different from what you are offering. When sales are dropping, it may be a sign that change is needed. This doesn’t mean completely changing up your product or service. It just means that value needs to be added elsewhere. Don’t let your first reaction be to cut a product or service out or to drop prices. Strategically think about what you are selling and why you are selling it. Create a new way of offering your product or service.

Find What Customers Want

You’ll never know what people want unless you ask. Create client and customer satisfaction surveys. Formulate the questions so that the answers will help you understand where your strengths and weaknesses lie. Offer incentives for people to fill out these surveys, such as discounts on future purchases. Also, if you have an e-commerce website, check your site’s analytics to see which product pages your customers are visiting the most. This way you don’t have to keep guessing. Consumer insight can be your most valuable tool to success.

Embrace Technology

Technology doesn’t have to be scary. It can be that best friend who helps make everything easier and a little bit more fun. When you know how to leverage technology in your business, you’re on your way to competing with the big boys. Social networking platforms have a number of tools that make marketing and advertising inexpensive and very effective. Target markets are much easier to reach, and the option of expanding is even greater. In terms of technology, every business should have a website, social media profiles, and a mobile site. Mobile! Mobile! Mobile!

Continue to Learn

Your business won’t be a fortune 500 company over night. It takes time and hard work to get close to that point. You may never see failure on your journey, or you might see it more often than not. What you need to do is learn from what you are doing – both right and wrong. If you continue to see the same mistakes, figure out a new approach. If your business plan is working, find if there are any areas that can might be able to perform better with small changes. There is always room for improvement. You won’t know everything off the bat. No one does, and that’s okay. Attend business conferences to stay up to date with what’s in and out in the business world. Network with other business owners who may have been in a similar position. Be a sponge!

Get Help

Owning a business is hard. Mostly in the fact that there is so much that needs to be done on a consistent basis. Many business owners try to do it all. Eventually, the amount of work starts to pile up and become unmanageable. Processes start to slow down and the owner ends up getting burnt out. Sometimes small business owners treat their company like a child. There is nothing wrong with that; until the overbearingness keeps it from growing. When you find yourself struggling to do it all, find help. You don’t have to do everything by yourself. If you are afraid that someone won’t do as good of a job as you, that’s where an HR professional can help you find the right candidate.