It’s unfortunate that a lot of small businesses don’t survive beyond the first few years of their existence, but this mainly happens due to a lack of knowledge and understanding of what needs to be done to help sustain a small business.
Well, here are five helpful business tricks that small businesses can profit from.
1) Remain Abreast of Your Cash Flow
This is very important, especially for small businesses. It is important to have a good and accurate idea of the daily, weekly and monthly financial needs and trends of your organization, and to also keep informed of your current cash flow. When you have a good idea of your financial situation at every point, it makes you financially prudent in your business decisions, which help to improve your sustainability as a business.
2) Set Business Goals
This can come in form of targets which ultimately help achieve business goals. The fact is, small businesses need to work with targets if they intend to remain in business in the long run. Setting goals and objectives and developing targets to help meet goals and objectives is essential for business success, because it serve as a ‘planning tool’ that help keep your business focused, and ultimately helps to move your business forward.
3) Learn How to Use Low Budget High Impact Marketing
Small businesses cannot afford to waste money on ineffective marketing, so as a small business, if you must spend on marketing, you need to ensure that what you are spending on will have the needed impact. One way to do this is by testing marketing tactics for effectiveness before adding them to your campaign or marketing mix. Also, be sure to invest in low budget marketing options like social media and content marketing.
4) Monitor Business Trends
For some reason a good number of small businesses fail to do this. No business operates in a vacuum, and small businesses need to be particularly sensitive to business or industry trends because they bear the brunt of even the slightest change in these trends. It is important for small businesses to remain current on trends and issues happening in their industry and local community, and if possible, go a step further to predict possible future trends likely to occur.
This way, it is easier to develop a response or reaction plan to quickly adjust to the changes before they negatively affect the business (if large corporations are doing this, it only means small businesses need to do this even more if they want to survive).
5) Motivate Your Staff
As a growing business, you need your staff to remain motivated and ready to give their best to the growth of your firm. You might not have the resources to keep your staff happy in monetary terms, but you can figure out other incentives to help keep them motivated and encourage higher levels of performance.
By Damilola Ojo…
RipplesNigeria… without borders, without fears
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