Running a small business means dealing with new challenges each day. But with challenges come experience and learnings of how to make your business better. While there is no way to remove challenges, this article by Imperitiv Solutions explores a few things you can incorporate into your business to drive it on the path to success.
Listen to Your Customers
Your customers are the most important aspect of your business. You can develop the best product, but, if it doesn’t meet customer expectations, your business cannot succeed.
Creating a customer feedback loop allows you to gain insights into your target audience, understand current demands and market trends. Your loop needs to have three basic steps:
- Gathering customer feedback
- Analyzing feedback
- Using feedback to make changes to your product
Feedback can be gathered through email or social media surveys, live chat, website feedback forms, and customer reviews.
Share this feedback with all departments of your company. Instruct them to draw inferences from the data and suggest ideas to improve customer experience. Next, create a plan to implement necessary changes to your product based on priority.
To complete the loop, reach out to customers communicating the changes you have made utilizing their feedback and encourage them to share further inputs.
Strive to be Efficient
As a small business, it is imperative to be efficient with time and resources. As the owner, multitasking becomes second nature. But, aim to prioritize your time and learn to say no. Meetings are important, however, some can easily be replaced with a simple task update via email or text. Dedicate your time to tasks of high priority and delegate the rest to your team.
Effective delegation requires setting clear goals with timelines. Use online platforms such as Meister Task, Airtable, and more to assign tasks to teams. Additionally, you’ll be able to track real-time progress and supervise employees better.
Similarly, to reduce paperwork, cost, and delays, utilize technology whenever possible. For example, you can completely automate your payroll and invoice activities using QuickBooks. As reported by RCN business, along with efficiency, automation improves productivity and helps small businesses scale faster.
Build a Reliable Team
As much as you’d like to make it happen, you cannot do everything yourself. For your business to be successful you need to build a team of competent and motivated personnel.
As a small business with tight budgets, hiring numerous full-time employees might not be feasible. But don’t fret, here’s where freelancers and services come into play.
While you focus on the core areas of your business, outsource supporting tasks such as:
- Marketing: Hire freelancers on a part-time or contract basis. They bring expertise in social media marketing, content creation, website design, and more to help build your online brand image.
- IT: Professional IT consultants such as Imperitiv Solutions provide up-to-date cybersecurity and data backup services. These services are important to prevent hacking attempts and protect your copyrighted data.
- Legal: Registering your business as a Limited Liability Company (LLC) is an expensive and tedious procedure. When hiring a Colorado registered agent, LLC formation will be faster and more affordable.
An LLC makes it easier to manage your business as it streamlines the process of adding partners, selling your equity to others, and taxation. With a registered agent, you will save thousands of dollars and protect yourself from litigation.
Develop a culture of making decisions based on data. According to Soft Journ, being data-driven improves efficiency, promotes informed decision-making, and allows for transparency and accountability of actions.
Additionally, taking decisions based on data will allow you to outperform your competitors. You will be able to predict trends and market changes which they’ll miss, resulting in an increased customer base and sales.
Your business will generate large amounts of data from your website, marketing campaigns, and sales activities. It is important to store it centrally for ease of use and sharing. Tools such as Tableau, Excel, or ThoughtSpot can help you do just that.
Along with these activities, various other factors will determine the performance and success of your business. But incorporating these will give you an edge over your competitors and make your business efficient.
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