10 tips small business

10 tips small business Even if you’ve only just started your entrepreneurial journey, it’s natural to contemplate small business growth.

10 Cut costs wherever possibleAlways aim to cut your costs when you can. Overspending is one of the main hindrances of s...
15/08/2022

10 Cut costs wherever possible
Always aim to cut your costs when you can. Overspending is one of the main hindrances of small business so make sure to critically analyze your outcome and make it your goal to minimize wherever and whenever possible.

9 Retain existing customersThe ability to retain and expand existing customers helped us as we didn’t have to depend on ...
15/08/2022

9 Retain existing customers
The ability to retain and expand existing customers helped us as we didn’t have to depend on significant new business during COVID. Our operations could look into data and find customers who we could expand, customers who we could retain, and customers who we could offer free trials for a limited time. This significantly cut our costs on lead generation in times when there were none.

8 Keep a rolling budgetLearn to keep a rolling budget and forecast for your business. It is easy to want to be extremely...
15/08/2022

8 Keep a rolling budget
Learn to keep a rolling budget and forecast for your business. It is easy to want to be extremely strict and rigid with your budget but, try as you may, you simply cannot expect the climate of your business to align with your predictions so make sure to allocate for both positive and negative fluctuations.

7 Delegate workDelegate, delegate, delegate. Don’t do everything yourself. As soon as you can afford it, outsource or hi...
15/08/2022

7 Delegate work
Delegate, delegate, delegate. Don’t do everything yourself. As soon as you can afford it, outsource or hire people to work for you. Your business can’t grow if you do everything yourself. Don’t be the bottleneck.

6 Focus on your vision and goalsA clear and meaningful vision empowers you to overcome the inevitable obstacles that cha...
15/08/2022

6 Focus on your vision and goals
A clear and meaningful vision empowers you to overcome the inevitable obstacles that challenge your growth.

Goals are the targets we aim to achieve our vision. Goals must be well defined, measurable, and time-bound. Break each goal into three parts – a goal you must do no matter what, a goal you know you can do, and a challenging goal.

Following this framework lays the path for growth in your business.

5 Collaborate with other businessesThe most important way for small business owners to get exposure and expand is to not...
10/08/2022

5 Collaborate with other businesses
The most important way for small business owners to get exposure and expand is to not shy away from collaborating and working with others. Reach out to your peers in the industry rather than treating them as the enemy— it goes a long way.

4 Learn from your most loyal clienteleAmongst your existing customers or client base, find those who spend the most, com...
10/08/2022

4 Learn from your most loyal clientele
Amongst your existing customers or client base, find those who spend the most, complain the least, and refer new business to you. Then phone or email to ask them directly “What is better about us than our competitors?” They’ll quickly tell you your strong points and your advantage – the reason they choose your business.

Use that as a blueprint to craft your message to the market. Maybe you take it to the market at scale – outbound cold contact, or social campaigns. If you have a sales team, give them the cheat-sheet you’ve gained from your customer base, and go forth and multiply!

3 Find a mentorI do invest time and money with mentors. There’s no other way for you to learn best practices but to be m...
10/08/2022

3 Find a mentor
I do invest time and money with mentors. There’s no other way for you to learn best practices but to be mentored directly by experts who can guide you on your skills-building goal. In my case, I continue to consult with my business mentor who’s been so kind to provide me with his opinions on what I do in terms of investing, sales, marketing and customer relations during this pandemic season. So far, I’ve been learning a lot and applying these lessons to my business.

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