Small Business Tips and Tricks to Help Make Your Store Thrive

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Small Business Tips and Tricks to Help Make Your Store Thrive

You might be the world’s most proficient accountant, resume writer or artisanal baker, but your small

04/09/2023

15. Find your niche.
Small businesses have limited resources and can only offer a limited array of products compared to large corporations. Specialization is your best bet — especially if you are a sole proprietor offering a service — as this enables you to better iterate a compelling value proposition and define a target market.

For example “on-demand coaching for mid-career professionals looking to make a change” is a clear value proposition that defines the audience, the service and the reason why people might seek out your business as opposed to any other.

04/09/2023

14. Study your competitors.
Your competitors know something you don’t and vice versa. Studying your competitors helps you define your competitive edge while finding your weaknesses relative to your rivals. Look at their tagline, unique value proposition and products or services.

Here are something things to look out for:

Digital marketing strategy: Observe their website and social media accounts. How do they generate traffic and leads? What do they post on social media? What kind of content do they publish?
Target audience: Who is their target audience? Is there any overlap with your customer base?

04/09/2023

13. Think omnichannel.
“Omnichannel” isn’t just a corporate buzzword for Fortune 500s that deal in big data analytics. Think about offering a seamless experience across all of your marketing channels.

This can be as simple as ensuring consistent branding across all your social media channels and ensuring your website is mobile-friendly. However, try not to spread yourself too thin. While it’s best to meet customers where they are, don’t try to be present on every channel. Focus on a few channels to create the best possible experience on each one.

04/09/2023

12. Deliver unforgettable experiences.
Great customer service increases the lifetime value of your customers and helps attract and retain new customers. In fact, 86% of consumers say a good customer experience can turn them from one-time buyers to loyal customers.

Also, manage people’s expectations. You’re a small business with limited resources and scalability. You probably can’t offer 24/7 customer support or a two-day turnaround on a custom item. What you can do, however, is resolve issues expediently, deliver a consistently great product and provide personalized support.

04/09/2023

11. Prioritize customer support.
In most industries — especially retail — businesses compete on the customer experience rather than the product. Make it easy for your customers to get in touch with a real human on social media, messaging apps, email or even by phone.

Remember, a small business should be accessible. There is no excuse to present like a faceless corporation. If orders take time to fill or you’re creating a custom item, keep your customers informed of the process and manage their expectations accordingly.

If customers do complain, use active listening to understand their pain points, investigate the root cause and offer a resolution that matters to them.

12/07/2023

10. Limit your distractions.
Use project management software to collaborate with others and create focused to-do lists daily. Also, stick to your original business purpose. Don’t try to be everything to everyone.

Naturally, you would like to expand your product line and enter new markets eventually, but if you’re still working on your go-to-market strategy and have yet to launch, don’t get distracted by pipe dreams.

Finally, productivity experts recommend working in one-hour blocks with a 15-minute break for peak productivity.

12/07/2023

9. Cut costs as needed.
Cost control is key to staying afloat — especially in the early days of running an online business. Establish a baseline to measure actual expenses against planned expenses. By looking at budget variances, you can see where your estimates are accurate and where they’re off. Look at where you went off track. What can you cut?

Maybe you can find a different supplier, or buy video editing software from another vendor that offers usage-based pricing since you don’t use the software as much as you thought you would. Take a draconian approach to eliminate inefficiencies like redundant/duplicate processes, underutilized software or unreasonable price markups from vendors.

12/07/2023

8. Don’t be afraid of data analytics.
Web analytics, social media, CRM and financial analytics provide a readout on business performance.

For example, if your website is converting leads, how many potential customers you are attracting each month, whether or not people like your social media content and whether you’re spending more money than you’re bringing in.

These are important things to know. In fact, 67% of small businesses spend more than $10k/year on analytics. If you can’t measure something, you can’t improve it.

12/07/2023

7. Create unique content.
Post unique photos of your business and your employees on social media — people prefer human faces and real, behind-the-scenes footage over stock photos or videos.

Say you run a bakery. Find a way to bring people into the kitchen by filming your process. If you run a clothing label, create unique lookbooks featuring your female friends as models to show a variety of body shapes and skin tones, rather than hiring models from an agency.

If you’re an interior designer specializing in small spaces, upload videos on YouTube or start a podcast to share DIY tips for renters. Find ways to be authentic, share your expertise and tell the story of your business.

12/07/2023

6. Have a great website.
Your website is the seat of your operations — it’s how new leads discover your products, and, unless you run a physical store, the sole method for people to buy from you.

Treat it as sacrosanct. Keep the design clean and simple — limit colors, banner ads and pop-ups — and invest time in proper SEO. Before you build a website, put some serious thought into branding. Branding builds trust and differentiates you from your competitors.

28/06/2023

5. Protect your intellectual property.
Intellectual property consists of the intangible assets — trademarks, copyrights and patents — that differentiate your ecommerce business from any other.

For a small business, this means protecting things like designs, business ideas and trade secrets. If a competitor tries to copy your product, they can erode your market share and damage your reputation. If you decide to register a trademark or apply for a patent, it’s best to seek an attorney’s help to make sense of the legalese and avoid making minor mistakes (eg: omissions in descriptions or drawings, missing deadlines) that can result in your request being denied.

28/06/2023

4. Maintain a personal touch.
Small businesses are uniquely positioned to offer a personal touch — especially if you have a small team or run the company yourself. Handwritten thank-you notes go a long way. Or, you can include a simple gift alongside the purchase or offer freebies in exchange for reviews.

Use your CRM tool to make notes of personal details for each customer so you can offer more high-touch personalizations. For example, say you’re a jeweler who recently sold a custom engagement ring. You can send a simple wedding gift and a discount offer for a future purchase after the couple marries.

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