15th April 2019
Many challenges that start-ups and SMEs face can be easily avoided. Getting the fundamentals right from the get-go will see business blossoming due to the hard work put in. If you are thinking of starting a business, already run a start-up or are head of an SME, check out the tips below:
Finding the perfect fit for a job opening is difficult enough but keeping them as part of the team is even harder. Keep an eye on talent in your sector and developing programmes and benefits packages to retain new employees for the future. Make sure you have a company culture that is attractive to potential applicants and new starters. First impressions are key.
Start-ups and SMEs tend not to have huge marketing budgets. However, you can utilise marketing opportunities that are simple and don’t cost you anything. You could:
Your website is your number one sales tool for your business. Not only this, but the vast majority of traffic will be coming from mobile device users. Is your website compatible across different devices? Is it fully responsive? How fast does it load? These are all areas of your web design that should be addressed for maximum impact.
How often do you get in contact with your customers? Do you ever send them promotions via email? Do you communicate with them on a one-to-one basis on social media? Building a relationship with your customers is key and they will remain loyal as long as you put the effort in. Reach out to current and former customers with newsletters, discounts and the like.
Small business owners should utilise the expertise of an accountant or a bookkeeper. This will give you an opportunity to get all your ducks in a row in terms of business finances. You can use time with your dedicated accountant to review outgoings and bank statements, question deductions and have a plan of action for your tax deadlines.
It can be tempting to have your finger in as many pies as possible. However, jumping on every new idea or opportunity will mean you and your employees or colleagues are spreading too thinly.
Whilst innovation and an entrepreneurial spirit are key for business growth have wise head when broaching new ideas. Peruse the cream of the crop but don’t let them consume your time that is better spent running the everyday cogs of your business.
When you make any changes, compare month on month, compare different quarters. Compare Q3 against Q2, compared Q1 of 2019 to Q1 of 2018. Compare year on year results. Evaluate your top keywords, analyse the most shared content. This process of sitting down and appraising changes to your business will undoubtedly help you make strong decisions for success with the direction of your business going forward.