We live in a period of unprecedented uncertainty. Whatever the nature or size of your business, the months ahead look set to be daunting.
By adopting a clear strategy now – such as introducing barcodes into your small business – you’ll be in a better position to deal with difficulties and even move your business forward.
Our common-sense guide will help steer you through the turbulence.
Keep Existing Customers Happy
Repeat business is the bedrock of a thriving business, so maintaining a good relationship with your customers is essential. Follow up after a purchase to make sure they’re happy, and discuss ways you can add value for them in the future.
Emails, text, newsletters, social media – there’s plenty of ways to reach people, and if you’re not sure what’s best, ask them.
Also, don’t overlook the benefits of picking up the phone and having an actual conversation, like in the olden days. A little human contact goes a long way, and you’ll be surprised how many people appreciate it.
Hunt for New Customers
Don’t assume this is impossible just because times are hard. Pay close attention to which part of your marketing strategy is most effective – newsletters, DMs on social media, special offers, adding value. All have their place.
Consider joining relevant trade associations and attend networking events and trade shows. You could also write articles for industry publications or speak at local events. Get involved in local business networking groups – an ideal way of getting known within the local community.
Look After Your Staff
Your people are fundamental to your continued success. Indeed, they’re your main asset. Happy staff are loyal, trustworthy, motivated and willing to put in the extra effort, and that gives you the edge over the competition.
Review your interview process, training programmes and appraisal techniques, to ensure you’re attracting, and retaining the right people. Perhaps consider ways of offering financial and non-financial incentives, always pay on time, and don’t forget to thank people for a job well done. It might be their job, but we all respond well to appreciation.
Manage Your Cash Flow
Failing to keep an eye on this is one of the main reasons why businesses fail. Happily, some common-sense steps will help keep you from going astray.
Review your finances for the next quarter. Things like utility bills, salaries and rent tend to be fairly consistent. Be realistic about expected revenue and make sure you invoice promptly. Unexpected circumstances should always be factored in. Are there any staff bonuses coming up? Does new equipment need to be purchased? Will the sudden cold weather increase your heating bill?
Doing this at the start of each quarter will give you a roadmap for the coming 90 days. It’s all too easy to ignore forward planning when you’re tied up with the daily hustle, but this is how problems go unnoticed until it’s too late.
Delegate and Make Time to Plan
The temptation to jump in yourself at times can be difficult to ignore, but it does you no favours in the long run. Your staff must be able to do it themselves, and they’ll appreciate the trust that this implies.
Train them well and delegate the day-to-day tasks. Then you can focus on strategies to manage and grow. Your competitors won’t stand still but you will if you’re bogged down in the daily nitty-gritty, and that can only end in tears.
Your Secret Weapon
Talk to the fine folk at Tanto Labels today, and learn how our barcode and label products will keep your business ahead of the pack.
