THE NEW GILDED AGE (Part 2)
THE NEW GILDED AGE (Part 2)
Small Business Corner
23rd December, 2022 0
As the year 2022 closes, 65% of small businesses in the United States were successful — making a profit and experiencing growth. If your business is among these, then congratulations! However, if this year was a bit rocky, don’t falter. A new and potentially better year is just around the corner.
No matter what your small business’s current state is, you want it to thrive further and be more competitive. Anything is possible in 2023. Just like how you set resolutions to better yourself each year, you can do the same for your business. Here are five New Year’s resolutions to improve your small business in 2023.
Gone are the days when small business owners had to do door-to-door marketing just to get their products known. Nowadays, digital advertising is the name of the game, with approximately 50% of advertising being done online.
To gain and maintain momentum, you’ll have to build up your online presence too. Create a digital infrastructure for your business. If you lack the time or the technical know-how, it’s good to get professional services.
Creating a website would be a good start. A well-built site that has quality content, a user-friendly interface, and constant maintenance is a relatively cost-effective way to reach and expand your market. You should also take advantage of online processes like search engine optimization (SEO) to increase brand awareness and improve your overall online presence. After all, SEO can generate traffic a thousand times better than organic online searches.
Business owners sometimes get fixated on improving the products that they forget the most important ingredient — the customers.
Remember that your customers are your business’s lifeline, so you must take the time to interact with them. If you can, get close and personal with your customers. Don’t let your staff do all the customer service and interaction. Establish rapport and never be afraid to ask for constructive feedback.
Also, consider offering promos to new customers and granting exclusive perks to loyal ones. Doing this will not only promote your business but will also help you build a stronger relationship with your customer base.
If your busy schedule does not permit personal interaction, or you’re restricted by factors like COVID-19, make use of modern technology like social media. For a more personal touch, you can seek professional assistance to develop an interactive social platform.
These online avenues will allow customers to openly comment about your products and services. Then, take the time to personally read and respond to these comments.
A business is like an orchestra — the owner is the conductor and the employees make the rest of the ensemble. Like a conductor, it is your duty to effectively manage and monitor your people to make sure that the entire business operation runs harmoniously.
This coming year, consider giving personnel management more attention. Fill in vacant positions with the right people. You can even hire staffing services for highly technical and niche jobs to avoid the hassle of recruitment.
Also, get to know your employees more. Find out their individual strengths and weaknesses. Then, supervise accordingly or conduct any additional training, if necessary. Follow through by setting clear expectations and devising a plan on how to meet them as a team.
Another important part of personnel management is delegation. After hiring the right employees and helping them develop needed skills, learn to trust and assign important tasks to them. This will allow you to focus on more important aspects of your business, and it will help facilitate future business expansion. Don’t fall into the counterproductive trap of doing everything on your own.
The end goal of every business — big or small — is to generate profit. That’s why your New Year’s resolution should include wise financial management.
You should closely monitor your business’s cash flow. Every penny that is used for bills, rent, salary payments, and other expenses should be accounted for. Any loan should likewise be carefully considered, with a concrete plan of payment to avoid foreclosures and other financial setbacks.
As for profits, they should be intelligently used for expansions and investments. This can get a little tricky and risky though, so it’s preferred to get some expert advice before investing your hard-earned money.
Your constant goal for your small business is growth and expansion. That’s why you should not settle on only short-term objectives. Look beyond the horizon, and set your sights on greener pastures and potential roadblocks.
Can your current target market sustain your business three to five years down the line? If not, look into how you can penetrate new customer demographics starting next year.
Are there new technologies that the next generation of customers is more likely to utilize? If so, start experimenting and familiarizing yourself with these new innovations.
Competitors are equally important. Are there looming business rivals that might cause market congestion or profitability loss? If yes, then you should employ better business strategies and tweaks in your business model as early as possible to retain competitiveness.
As a small business owner, you may find determining all these future possibilities and making appropriate contingencies to be quite daunting. Fortunately, there are consultation services already available that can help you strategize, adapt, and prepare for the future.
From building your online presence to making long-term projections, there are many things you can do for your small business in 2023. If you need assistance on more technical aspects like online marketing, web design, and strategic consultation, experts from Hierographx can offer a helping hand.
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THE NEW GILDED AGE (Part 2)