Are you a business owner running a one-man or one-woman show? Is there room for improvement? You bet! There always is. Especially when it comes to making your business better. What if your company has over 100 employees? Things may seem more complicated, but the principles are still the same.
From knowing how to find the best debt relief options to increasing your social media reach, it all starts with personalized attention to your business operation. The way you look at your business matters, but whether you perceive your business to be on a downward or upward spiral, these healthy tips will help you focus on improving areas that can offer significant gains.
1. Keeping Track of Cash Flow
Monthly, weekly, and daily cash flow tracking is a headache sometimes. People hire accountants to do so, but if you do it all, it's time to focus on tightening the reins of your cash flow and knowing where the money comes from and goes. Over half of failed business owners say their problem was cash flow. Working capital may be hard to get if you can't prove how much is in your account receivables and account payables.
2. Goals Matter
An essential part of your business is setting goals. If you don't know where you want to go with your company, chances are you won't get anywhere. Use your business goals to meet your deadlines and see how your business flourishes. If you have a business debt, your first goal would be to pay it off or refinance that debt with a low-cost loan.
To avoid drowning in high interest debt, tighten your belt, make extra payments on the principal owed, make payments higher than the minimum amount due on your business credit card accounts or consolidate your debt for a lower rate until you reach your goal.
Set short and long-term goals and generate the details of how you plan on making them come true. Each day, keep track of your goals to determine if you’re making progress to meet them. This strategy can give you a purpose and also boost your business morale. Some business owners set up visuals for employees to track progress and create a more cohesive teamwork atmosphere.
3. Impact Your Business with a High Energy Marketing Campaign
It’s easy to waste money on Ineffective marketing but impactful marketing doesn’t have to cost an arm and a leg. Some low-budget, high-impact marketing ideas include creating multipurpose content. For example, blogs, infographics, videos, and quotation tiles are all in line with today’s online business promotion tactics.
Online review sites are another way to keep customers coming back and attract new customers. When consumers are making a purchase choice, how your business is perceived matters. Social media marketing offers many possibilities at a lower cost than traditional advertisement. Take advantage of the trend and be at the cutting edge of marketing by embracing new ways to get the word out and create word-of-mouth that will make your business grow.
Review this post on the SmartBiz Blog to learn more about impactful social media campaigns: How to Quickly Master Social Media Marketing for Small Businesses. You’ll learn where to put your energies to create meaningful results.
4. A Compelling Business Presentation Will Sell Your Idea
Whether in person or by video, business presentations sell your business idea to potential investors and creditors. Remember to show your passion, make it interactive, use humor and play the numbers just right. Prepare your business presentation carefully, make sure to include your short and long-term goals and mention the differences and similarities between your business and similar ones in the market.
5. Hire the Right People for Your Business
When it comes to hiring, knowledge is a great thing, but personality traits are even more important than the best school degrees. It’s no wonder the best human resources administrators say that soft skills are more important than anything else on the list, given that the person is qualified to do the job.
“Write better job descriptions, focus on soft skills, check social media profiles, ask the right questions, and let candidates interview you as well,’ says Marlene Davidson, Human Resources director for a top marketing company in of Pembroke Pines, Florida. "Every person is a salesperson for the organization."
We’ve researched hiring practices and put together a comprehensive list of guidelines here. You’ll learn if you need a freelancer or full time employee and how to recruit to find the best candidate.
6. Follow the Best Industry Practices for Your Business
You don't have to reinvent the wheel. Every type of industry has its "best practices" catalog. You can infuse the already set platform for your business operation with personalized care for everyday details and marketing promotions. Don't waste time on methodologies that won't have a direct impact on your business goals. Motivate your staff, train them well, and after a good day's work, take a break.