Are you starting your own small business?
If so, congratulations! Establishing a small business takes a lot of preparation and hard work. But did you know there are over 30.2 million small businesses in the United States?
The sheer number of small businesses throughout the country can create a competitive environment for even the savviest entrepreneur. The best business advice will help you stand out from the competition in a unique way.
Read on to learn 5 key things that every small business needs to do!
1. Leverage the popularity of social media to market your company.
Your business needs a strong presence on the internet that leverages the popularity of social media.
An estimated 247 million Americans have at least one social media profile. This figure represents 79 percent of the population!
You should create business profiles on popular social media applications such as Facebook, Twitter, and Instagram. But it’s not enough to set up these pages. Hire someone to track them and interact with your customers daily!
2. Know your profit margin and stick to a budget
It’s no secret that to have sustained life as a business, you need to turn a profit.
You must pay close attention to the profit margin on your products and services. Your profit margin will also help you perform another important function for your business – developing a budget.
By knowing your fixed and variable costs each month and year, you will know your break-even point and what you need to do to be profitable.
You might even consider using a pay stub creator to help streamline processing payroll and further reduce overhead costs.
3. Develop a strategy for recruiting and retaining employees
One way how to succeed in business is by developing a strategy to recruit and keep talent.
Your company must establish an environment that challenges your employees but also rewards them for their hard work.
Before you ever interview your first candidate, it’s helpful to envision the kind of culture you want in your office. To create that culture, you will need talented employees that work well together.
But getting them to accept a job offer is only part of the battle. What will keep them wanting to work for you well into the future?
Create a fun workplace with competitive compensation and career growth opportunities to retain top talent.
4. Listen closely to customer feedback
You must ask for customer feedback and react to it in a meaningful way.
Consider offering an incentive for customers that complete a survey and listen to closely to complaints and compliments.
Customer feedback gives you an important look into how the people you serve think and feel about your products or services. What do they like about what you do? What do they think you can improve on?
Listen to this feedback and put together a plan to keep improving your business.
5. Be sure your website has search engine optimization (SEO)
In today’s digital world, you can’t afford to look past the importance of each engine optimization (SEO) for your website.
SEO is a form of internet marketing with its focus on helping your website rank higher in search engine results performed online.
Did you know that the first page of Google search results captures up to 92 percent of search traffic clicks?
By optimizing your website to rank higher in search results, you can increase the amount of internet traffic for your business.
Wrapping Up: The Best Business Advice
The best business advice is the tips and tricks that give you a comparative advantage over other companies.
For example, there are millions of small businesses that distribute surveys to customers.
But how many of those business owners are reading the feedback and incorporating changes into daily practice with a focus on improving customer satisfaction?
Be the owner that stands out because of how you react to what your customers tell you about your business.
Check out the blog posts on our website to learn helpful business intelligence information!