The ultimate goal of every small business (or in fact, any business regardless of its size) is to get ahead of the competition, grow and increase its revenue. Often times, it is enough for a company to stick to the tried and true tenets of doing good business, but often times, there is need for those little tricks other SMB owners do not think of. Today, we will be talking about these little tricks and how they can do wonders for a smartly run small business.
Outsourcing is one of the smartest things small business owners can do and this is especially true for certain aspects of running their company. For example, you should definitely outsource your IT department since you will probably have no need for an in-house IT team that will cost an arm and a leg and that you will use every two weeks. You might also consider an outsourced customer support and telemarketing teams where you will be saving money and reaping the benefits of companies with decades of experience.
Debt Recovery When Needed
One of the worst things that can happen to your SMB is that you have people and companies that owe you money for services rendered and that are always coming up with new ways and legal reasons not to pay up. For larger companies, this is not such a big problem because they have more revenue streams and they can afford if someone is late with their payment. For smaller companies, this is just not possible. This is why experts from a debt recovery company from Perth always recommend their SMB clients to pursue their debtors immediately. This way, you will always have the cash flow needed for your company to operate.
Reducing Employee Turnover
Many SMB owners believe that employee turnover is simply a reality of running a small business. They think that they cannot keep their employees no matter what they do and that they will go to bigger employers if given a chance. This is not true. You can keep your employees and stop bleeding money by having to replace them. For one, you need to pay them what they are worth and you need to make sure you provide as many benefits for them as you can. Also, they need to know they are being appreciated and that their opinions matter. Treat your employees right and they will pay you back, manifold while your competitors will be scrambling for new people every few months.
Base Your Marketing On Numbers
Often, when you run a small business, marketing sort of gets lost in the shuffle and you figure that anything is better than nothing. You set aside some money to boost your visibility and you sort of forget about it. As long as you are surviving, it works, right? Wrong. Your marketing efforts need to show just as much factual results as anything else. If you cannot see the palpable, real-world benefits of a certain marketing campaign, then it is not worth the investment. It is especially important to keep track of your online marketing success rate because you can easily fool yourself into thinking that a hundred more social media followers means result. It doesn’t.
There is a reason huge corporations spend millions every year on business analytics and entire teams of analysts that predict how the market will move and what the company should do. This way, they base their decisions on data and analytics models instead of on guesswork. This way, they are dramatically increasing their chances of making the right decisions. The good news is that SMBs can nowadays utilize data and analytics thanks to various SaaS providers and pieces of software that can provide some truly fantastic insights to act on. This is the 21st century and the sooner you get your SMB into it, the better you will be off.