February 2016 Small Business Strategies Newsletter
Question: I’ve started my new business - what’s next?
Small businesses are often started by one person making a hobby or passion into a career. Keep that in mind for inspiration as you face the seemingly daunting task of “where do I even begin”? For starters, breaking it down into manageable tasks is much more practical and before you know it, you’ll be on track. Managing your marketing, employees and finances is no small feat but we’ve broken the question down into three sections that will help you get started.
Save 10% Now!Build a marketing plan
A marketing plan is a blueprint that outlines your marketing efforts for the year. When getting started, think about your specific goal. For larger companies goals can vary, but for small businesses the goal is usually increased sales and revenue. After that, the most important thing to keep in mind is who you’re targeting and how you might be able to reach them. Think of who your competition is, and how you can position yourself to stand out. What is your value proposition? This will drive all of your marketing strategies. Next, you have to choose the actual methods you will use to market your business. Some things you may want to consider:
- How do I get new customers? Advertise locally, with signage and in local media. Also try online marketing, such as creating a website and social media accounts.
- How do I convince potential customers to purchase: One of the best ways to convert a prospect into a customer is by offering a new customer discount.
- How do I get customers to keep purchasing: Once a customer makes their initial purchase, make sure you stay in contact with them. Email marketing is a great way to stay top of mind. Also try using loyalty cards and giveaways for your best customers.
Marketing and advertising usually drive company revenue, so not spending the money on your marketing efforts is not a viable option. According to the U.S Small Business Administration, small businesses with revenues less than $5 million should set aside seven to eight percent of their revenues to marketing. This figure assumes that your business has margins in the ten to twelve percent range after covering other expenses, including marketing.
We have many of the tools and resources for your marketing needs, from business cards and logo generation, to branded clothing, and website templates. Follow us on Facebook and Twitter to get the most up-to-date tips!
Save 10% Now!Hire employees that are self-motivated
As a small business, hiring full-time, highly-qualified employees can be costly and time consuming. Remember, if there are little things you need help with, you can hire part-time help or a freelancer. However, if you’ve decided you need full-time help, there are a few things to consider.
It’s important that you hire employees that are used to smaller environments and who don’t need to be constantly supervised. As a small business, everyone has to pitch in and your employees should have a “can-do” attitude. Make sure you hire people who you will get along with during the long hours that a small business requires. In this environment, employees often become part of your work “family”. To keep up morale, consider creating a more unified team by wearing company branded clothing.
Save 10% Now!Get help managing your finances
Managing the finances for your business can be overwhelming. Even if you know exactly what you’re doing, small business owners may not have the time it takes to manage finances. If you have the budget, hiring a good bookkeeper is your best option. Bookkeepers are responsible for the day-to-day tasks such as filing paperwork for payroll, submitting invoices, paying bills, tracking company expenses and recording them into software so your business is ready for tax time. Hiring a freelancer or someone part-time, even a few hours a month, will save you time and will let you focus on other essential tasks that keep your business running smoothly.
If a bookkeeper isn’t within your budget, there is software available to help you keep track of your daily records and assist you when filing taxes. Keep in mind that accounting software is a tool for you to use and not a fix-all. Make it a habit at the end of each day to track your expenses, organize bills and invoices, etc. Business News Daily has researched and come up with a detailed article listing bookkeeping software for most needs and budgets.
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