DOMINATE YOUR DOMAIN
Smart Tactics for Small-Business Triumph
“Success” as a small business means different things to different people, but everyone knows failure when they see it. Regardless of the product or service you’re attempting to sell, consistent growth in any market depends on your business’s willingness to embrace proven tactics. If you feel your budding enterprise is running in place — or worse, running on fumes — here are three basic pointers to help you reevaluate your mission and avoid missed opportunities. You don’t know everything, but your employees might. Every business with a staff requires a managerial hierarchy to ensure everything operates smoothly. Still, not everyone at the top of the pyramid may know the business as well as those working in the trenches every day. Suppose you’re an owner/manager prone to taking a my-way-or-the-highway approach to employee engagement. In that case, you may be setting up your operation for ruin by not welcoming feedback — and even criticism — from your workforce. Consider reevaluating your business culture to allow for a more participative environment across all segments of your team. One way to accomplish this goal is to host regular meetings where staff members are encouraged to present new ideas or voice concerns.
A manager may have an idea for a more streamlined production process, or you may have data-entry personnel with thoughts on reducing redundant steps. Many businesses survey their customers, and following a similar path in-house will encourage greater buy-in and may alert you to issues influencing employee turnover and other operational concerns.
Give your competitors some business (really). Do you want to better understand how your chief
competitors earn and retain their customers? Become one of their customers yourself. See how they market their products or services to you, consider the strength of their customer service skills (or lack thereof), and identify any key strengths they have over your current model. If you own a Mexican restaurant, there’s nothing wrong with going to the one down the street to sample their enchiladas. You can also research your competitors by reviewing their websites, online customer reviews, and social media content. If your business focuses on trade-specific areas, such as technology or manufacturing, gain a leading edge by staying updated on trade publications and other industry-specific news sources that analyze consumer trends and their potential impact on you and your competitors in your field. Train, train, train. If you’re concerned about training an employee because they might take the knowledge you’ve paid for and leave for a competitor, imagine how bad it will be if you don’t train them and they stay . Investing in ongoing employee training — especially with in-house mentorship and leadership-building programs — helps your workforce stay productive and innovative. From role-specific certification to technical webinars to presentations by guest speakers, the opportunities for better educating small-business employees are endless. They could serve as a strong incentive to attract and retain new staff over the competition. While the strategies mentioned herein aren’t groundbreaking, they are powerful and among the most overlooked in the push for business survival and profitability. Implementing one or all of them will help keep your market position strong while you focus on what matters most: your customers.
2 CraigHansonCPA.com
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