An article I recently read stated that only 39% of small business end up profitable. While many businesses believe they have a detailed business strategy, a business strategy that cannot be executed effectively to promote any growth is not effective and needs revisiting. But what steps can you take to make improvements? Below are 4 tips to set you on your way.
Remember that, while you want as universal an appeal to your product or service as possible, you will never please everyone. It is important to research and define exactly who your target market are, so that you can shape your goals and strategy around this. From this data, you can then build your brand to appeal directly to this audience and channel that through your marketing.
Streamlining your processes is really about refining what you are already doing within your business. Start by removing any extraneous data you may be wasting time analysing, and really consider what processes could be made more efficient, whether it be running with more or less staff, or better systemising them. Ultimately, the goal is to save you and your business crucial time and money that could be spent on improving other things.
It’s important not to forget that your brand is showcased via both digital and physical means, and that it communicates your business’ values and what you represent. Ensure the same design language and voice is used throughout your website and social presence, and keep a consistent presence on both. This builds brand identity and familiarity with your target market, and will ultimately build trust and reliability with your client base. Your customer service and quality of products offered also plays into this.
Many businesses think they have a business plan, but does it contain long and short term goals for the next 5 years, and a clear roadmap of how you are going to achieve those goals?
The most important place to start with your business plan is clarifying your vision. Where do you want to get to? Where do you see the business heading? What is most important to you? Maybe it’s more time for yourself, or more money.
Start to set clear, specific, time-bound goals and the steps which you will action in order to reach them. It’s important to remember these aren’t definitive! Business plans and goals should be revisited and revised as your business moves through each step, but will help to hold you accountable.
