How to Take Your Business to the Next Level
- 08 Feb 2021
Levelling up is somewhat of a recent catchphrase, and many have noted that as soon as the current pandemic ends, then there will be new opportunities, and small businesses will thrive. That may be too late for many out there. The time for change is now. The tips below provide some practical do-able business tasks that can serve to take your business to the next level.
Be flexible, times they are a-changing, be prepared to change with them. What the last year or so should have taught all small businesses is that things change, and they can change pretty fast. Be prepared for anything, keep your small business flexible.
Increase your Customer Base
Reach more customers in as many ways as you can. If you’re not online, get there. Be it a service or a product, you can both sell and market your business online or even just write about your business. Start a blog, increase your social media, and have a listing everywhere that’s genuine and has reach. Never neglect the fact that there are still those who use the traditional listings to find what they want. Be them online or printed in a local community publication.
Hone your Product or Service
The business needs to ensure that your products or services are the best in your field at your cost point and in your business area. This will require some detailed research. Find out who does what you do and where they are. This is your competition, and you must get to know them. Use the internet, use local listings, but find them and study them to improve your product or service as you need to know what else is out there and then do better than them. Know your competitors to understand your own business, who, where, and what makes them your competitor?
Choose Finance Carefully
In the current climate, small businesses must use all available avenues of finance before going to the big lenders. Externally there are several government schemes to assist small businesses. Internally, invoice finance is recommended as the best first step in the form of invoice factoring or invoice discounting, allowing the use of available resources for growth. There will be invoice financing costs, and the business must be aware of these, compare and contrast the options and select your finance option very carefully. However, there is less risk associated with invoice finance than with loans or even grants, which will require interest repayments and skew the business model, respectively.
Build A Brand
Marketing and brand building must be ongoing. As sales drop off and fewer people walk through the doors, the only way your business will get them back will be with your brand. This is linked to the quality of the products and services but is more than this. People must know what you stand for and why. What is the ethos of your business, and do your customers know this?
The tips provided are very simple and yet doing them will keep your business moving in the right direction. Keep in mind that not all of these activities will cost money, but if you have associated costs, draw up a budget and perhaps start with the finance tip mentioned to access the finance for some of these changes.