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

10. Limit your distractions.Use project management software to collaborate with others and create focused to-do lists da...
18/09/2023

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.

9. Cut costs as needed.Cost control is key to staying afloat — especially in the early days of running an online busines...
18/09/2023

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.

8. Don’t be afraid of data analytics.Web analytics, social media, CRM and financial analytics provide a readout on busin...
18/09/2023

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.

7. Create unique content.Post unique photos of your business and your employees on social media — people prefer human fa...
18/09/2023

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.

6. Have a great website.Your website is the seat of your operations — it’s how new leads discover your products, and, un...
18/09/2023

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.

State your brand’s value proposition upfront so first-time visitors understand your offer. Take it from the search engine DuckDuckGo. Its homepage states simply: “Search the web without being tracked” — a worthy appeal to today’s consumers who are concerned about data privacy.

5. Protect your intellectual property.Intellectual property consists of the intangible assets — trademarks, copyrights a...
13/09/2023

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.

4. Maintain a personal touch.Small businesses are uniquely positioned to offer a personal touch — especially if you have...
13/09/2023

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.

3. Automate as many things as possible.Automating repeatable tasks saves time and ensures small things don’t fall throug...
13/09/2023

3. Automate as many things as possible.
Automating repeatable tasks saves time and ensures small things don’t fall through the cracks. Recently met a prospective client at a networking event? Use your CRM tool to automatically follow up with new contacts within 24 hours or send emails to new leads who visit your website. Use accounting software to automate your day-to-day bookkeeping so you don’t waste time on data entry.

Salvage abandoned shopping carts by sending an automated email to nudge shoppers to complete their purchases. If you don’t use payroll software, learn how to automate payroll management in Excel.https://encrypted-tbn0.gstatic.com/images?q=tbn:ANd9GcTc-aaXDB-DSGsjVDN94tUsXnNGO7LdikkUkQ&usqp=CAU

2. Learn to be flexible.Agile businesses can quickly pivot in response to changing market conditions, while the slow mov...
13/09/2023

2. Learn to be flexible.
Agile businesses can quickly pivot in response to changing market conditions, while the slow movers struggle not to become obsolete. Lean into your data and be willing to change course. Listen to customer feedback and don’t be too wedded to your own opinions.

For example, let’s say you’ve conducted interviews with prospective customers and it turns out your product isn’t well-received or the market for it is too small. Don’t cling to a business idea that won’t float. Be willing to change your business model or pricing strategy if your current approach isn’t working for you.

1. Stay organized.Proper documentation, time management, and automating repeatable tasks can mean the difference between...
13/09/2023

1. Stay organized.
Proper documentation, time management, and automating repeatable tasks can mean the difference between boom and bust.

Keep accurate records of business finances: Record every transaction (customer billings and vendor payments) into the proper account at least once weekly and keep an eye on the bottom line. Keep copies of all invoices, cash receipts and cash payments for bookkeeping and tax purposes.
Set (and keep) deadlines: Stay on top of administrative tasks using project management software — this lets you set deadlines, assign tasks to employees and upload documentation to a central repository.
Plan ahead: Plan your social media campaigns in advance using social media scheduling software. Use email marketing automation to follow up with new leads. Use Slack, Zoom and Microsoft Teams for quick communication with your team. If something can be explained in an email, you don’t need to have a meeting about it.

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