Following the Budget 2021 announcement, find out what all small business owners need to know.
As you would have heard numerous times, we live in a fast moving world especially where business is concerned. New today, obsolete tomorrow. Selling your product/service is more about reaching out to your customers unlike when, it used to be the other way round. This however, could be very challenging when you are stretched and have limited resources or at least not unlimited. There’s a never ending list of tips on what every small business owner should know. However, I’d like to focus on 5 tips which is a good place to start. Please note this is practical advice for real results from feedback from businesses we have worked with.
Whilst it is common knowledge and should be the goal of any business to grow and acquire more clients, as they truly say in the business world, it is more cost effective and easier to retain your current clients than to acquire new ones. However, with the stiff competition businesses face today and to help you compete effectively in getting more customers and keeping your existing ones, I’ll be focusing on five tips (not a magic wand) to help you achieve this.
Is your businesses struggling to be seen? Does it have an active presence on social media, or are you like one of the many business owners who say that they don’t have time to post regularly on social media? Do you know that social media makes a difference? These social media platforms will bring awareness to your business, organically grow your business, and one of them may even make you some extra money! By not doing so you are letting opportunities pass you by.
Business is business and whatever the size of your company there are many principles that apply to all. Look at the following skills that big businesses use that small businesses can use too:
If you’re serious about your business you will have to resign from your day job at some point. Making this decision is like jumping out of a plane. At first, you are eager to put on the parachute and get up in the air, the idea of free falling on your own is exciting.
You are now several thousand feet up in the air, with your feet hanging out of the plane. Then the question come into your mind. Is it safe? Am I ready? Should I wait? But if you wait too long the moment might pass completely.
All credit to Rita Gunther McGrath on this blog. She’s the author of – The end of competitive advantage. She says that: ‘organisations need to forge a new path to winning: capturing opportunities fast, exploiting them decisively, and moving on even before they are exhausted. With this book she explains a new set of practices based on the notion of transient competitive advantage. She shows how some of the world’s most successful companies use this method to compete and win today.’
There are many reasons for business failure. From poor management and not following the business plan, to bad market research, to poor marketing strategies - the list goes on. From the outside, it can be easy to spot what someone isn’t doing right, but when you’re on the inside it’s not so easy to see the mistakes being made, even when you’re the one making them. Below we look at three common business mistake to avoid that could save your business from going under.