Every year sees new methods and inventions in the business world, and 2020 is not different. It takes the best strategies, aggressiveness, and persistence to survive the storm. What makes this year a more difficult one is the Covid-19 pandemic that has ushed businesses to tight corners where only the strongest survive. Below are 12 Quick Growth Tips For Your Small Business this year.
Minimize Your Operating Costs
One of the best ways to cut your operating cost is to dwell in the sharing economy. As a small business owner, it is prudent to pay for access to specific software rather than the expensive option of paying for its ownership. With that, you get access to the best business tools, equipment, and even human resources for a fraction of what you would have spent in owning them.
Invest In Simple Online Business Accounting Software
Instead of buying an entire Bookkeeping software, you can pay for subscription fees in some of the readily available online business accounting software. You can also opt to hire freelancers who use cloud-based bookkeeping at a cost.
Suggested article: 10 Tips to Start a Bookkeeping Business in 2020
Launch Campaigns To Attract And Retain Your Clients
Any business that needs to grow must first expand its client base. One sure way to do this is launching incentives like loyalty programs and customer reward programs. If you do this right, you will develop a steady stream of new customers while retaining those you already have.
Eliminate Payment Fraud
There are many loopholes that your business could lose money. One of them is through leaked customer information like passwords and addresses. Another one is payment fraud through credit cards and bank checks. Such instances of fraud could cost your business a lot of unwanted expenses in legal fees and compensations.
Conduct Regular Audits
In 2020 you should be striving to detect and eliminate leakages and loopholes in your business, especially with the avoidable expenses that come with them. The best way to minimize them is by investing in proper internal controls and security audits.
With the innovations that modern technology has brought about, paperless business is the way to go for any investment. Purchasing, managing, storing, and disposing papers is not only unfriendly to the environment but comes with several hidden expenses.
You can switch to Online bookkeeping services instead of the old fashioned paper receipts and ledger recordings. It would also help if you stopped accepting physical checks as a means of payment due to the high costs and workload that come with them.
Suggested article: Xero bookkeeping services & financial reporting
Challenge Yourself For Higher Levels
2020 is the year that you need you sour greater heights with your business. It may involve trying new markets and inventing new business models to position your business way ahead of the rest. One example that you can adopt is moving your products to the online platforms to compete with the big boys like Amazon and Alibaba.
Compete For Awards
After ascertaining that you are one of the best business establishments in your area of practice, you can begin competing for fol local and regional business awards. Such recognitions reassure your clients of your quality and ability.
Redesign Your Sites And Adverts
If your website design still targets only PC users, you need to change that in 2020. One important thing that you need to recognize is that people spend more time on their mobile phones than on any gadgets in the modern world. Targeting smartphone users with your website and campaigns will expose your business to billions of users. You can also target social media adverts instead of going for the traditional billboard adverts.
Prioritize In Search Engine Optimization
Search Engine Optimization or SEO involves strategically positioning your content in search engines like Google and Bing. When you do it correctly, anyone searching for any keywords related to your operations will first see your website.
It is one of the top proven campaign strategies for people who want to market their products and services. Mastering and practicing the best SEO practices will make your business stand out in the ever dynamic and congested digital platform.
Join The Top Video Platforms
Besides targeting search engines and other social media platforms, you should join and establish yourself in the video revolution. Using videos to convey your message is an ideal and more direct way to reach every class of individuals. Moreover, YouTube provides the second biggest media platform after google.
You can begin slowly by investing in a simple camera (some smartphone have the best cameras) and posting self captured videos on your channels. Later on, you might expand to hiring a permanent or freelance social media marketing team.
Stay Focused On Your Niche
The last and most important tip is to stay focused on your line of business. As a new business owner, anxiety and excitement might tempt you to venture into different lines and markets. While ambition is acceptable, overdoing it can result in missed chances and might divert your attention. Focus your dream to grow your market base and build your brand before you can do other things.
Every small business owner needs to put their best foot forward to survive the competition from their peers and constant bullying from established enterprises. Our tips above will give you the right knowledge to see your business grow to enormous heights when you implement them correctly.