Staying afloat on rough seas – tips for small businesses
Times might get tough in the future, and sometimes it will be out of your control, but some general strategies may just stop you from hitting the iceberg.
Each small business is unique and carries different risks, therefore taking general tips from others is often more than enough help for staying afloat alongside cruise liner sized businesses.
GET OUT THERE – rob biagi.
Advertising strategies are key to small business success. Advertise online! Advertise offline! Use your customers! Heck even use bulletin boards! Consider proper advertising an investment, not a cost, and be nifty about it! Think of the seasons and work with them, for example: advertising around Christmas time is going to cost more than summer-time advertising. But at Christmas time, instead of spending more on advertising, use it to offer deals and giveaways, as people tend to think more about money during the Christmas season, and giving something away for free is a lovely and memorable touch.
And keep your website looking spick and span. Always make sure old content is removed and new content is advertised to its full need.
WORK WORK WORK WORK WORK – rihanna.
Small business owners often perform on a tight budget – but remember to keep the quality high or customers may feel they are being cheated.
When business is slow, always remember there are other options to get yourself smooth sailing again. Consider approaching other small businesses to jump on board with joint advertising i.e. you-scratch-my-back-and-I’ll-scratch-yours kind of deal.
HELP! I NEED SOMEBODY! HELP! – the beetles
Get help where you need it, for example financial and legal advice – as the repercussions of doing it incorrectly are more often than not a lot bigger compared to the price of professional help in the first place.
Don’t overlook anything – no parking spaces outside your salon? Make sure everyone knows where the nearest ones are, with signs etc to assist.
I NEVER KNEW I WAS A TECHNO FAN – the wombats
Use online technology to its full advantage – it saves time, money and can increase revenue, your client base and promotional status – and it is often a lot cheaper than you would expect.
MONEY – pink floyd.
- Increase cash flow
- Account for all outflows
- Improve efficiency
- Manage marketing
- Keep all statements
- Speed up CCC (cash conversion cycle)
- Analyse luxury expenses
All sounds great when said, but you’ve gotta put them into actual strategies to make sure your business maintains its profit and revenue without sacrificing the sales and revenue.
Also, brainstorming any new strategies and ideas can often lead to light bulb moments, especially if you include one-on-one meetings with loyal clients into the mix.