Simple Ways to Boost Your Small Business
The term ‘small business’ is a bit of a misnomer as the definition of small business can vary from country to country. However, the fact remains that 96% - 98% of all new businesses registered worldwide are classed as small businesses. This means that small businesses play a key role in the generation of economic activity in countries worldwide!
Small businesses are very important because of the role they play in helping to generate employment and inspire consumer spending. An enterprise with fewer than 10 employees or a company that generates a low level of income per month is considered a small business. Many people don’t realise that small businesses are really huge engines of growth for the economy.
Many people chase the dream of being their own boss and starting their own businesses, but let’s face it, it’s is not always a walk in the park.
However, no matter your budget, there are ways to increase your sales and grow your business into a success. Yes, it can be tricky to increase your sales when your budget is tight, but it is doable. Here're some tips…
Promote your business
The use of promotional merchandise works all around the world. Things like promotional leaflets, wristbands, will boost our company profile and get you noticed by potential customers. Once you have decided on what you’re going to get as promotional merchandise, gift them to your customers, and had them out in your local community. Use social media channel to promote your business online and get people talking about you.
Take a course
There are so many online courses that you can take these days that will really help you in running your company. Online training courses such as an MSP Training or PRINCE 2 certificate, will give you the confidence to manage your staff and company successfully, as well as help people take you seriously.
Know your industry
This is very, very important. Don’t think that you can simply start a company despite having no experience on knowledge of the business. You need to know to industry inside out! Your team should all know information about how the market that you are in and how it works. Share with them what the goals for your company are and what you are aiming for. If you know this a lot about the field that many others don’t, share your knowledge! Letting your team understand the main objectives of your company will encourage them to strive with you!
Bundle Products or Services
A number of small businesses have found great success by selling bundled products and services as a package as opposed to offering individual offerings. Your customers liken a bundle of services with savings or with getting something for free, even if the savings are nominal. This makes it a much easier for you to sell it to them.
Listen to your staff
When you manage a team, you need to work with them, not simply tell them what to do. If you become a team player, you will also be asking for help when you need it. Let your team know when you find an important problem or issue, instead of waiting for the issue to escalate. Learning from each other is key and if you work in a small company, so listening really is vital.
Respect Your Team
Last but certainly not least, you need to make sure that you treat your team with respect. If you fail to respect people, they won’t respect you. You need to be open, friendly and honest with them. If you don’t respect the people that you employ, they will not work to their full ability for you.
These days there are millions of people who venture themselves to different kinds of businesses- small scale to medium scale or large scale business. Every person has his/her passions and dreams. Unfortunately, sometimes people ignore their passions and just look for any job to simply pay the bills. If you do a business based on your passion, you have a much better chance of succeeding.
Having your own business isn’t about being stressed out and having a never ending workload - it’s about chasing your dreams and pursuing your passions!
When starting a business most people like to dream big. However, once you have overcome the hurdles of starting a business and escaped the initial risks that come with start-ups, it can be a daunting thought to put everything you’ve worked so hard for in jeopardy by attempting to scale your business significantly.
The process of learning is often found aimless in this millennial generation. In fact, we have almost forgotten the advantages of focused learning. Corporate e-learning is a concept that aims to educate and prepare the employees to enhance the potential and growth of the organization they serve.
Imagine, you have successfully established your brand name in the market by working hard for years and giving everything to build it. Everything is going well and you possess a large customer base with the good market image. Then suddenly one day you are barred from using your name, or you are penalized with hefty penalties or punishments
The value of coworking space can only be well understood by freelancers and small business owners. Reaching its maximum profit is what the aim should be for every business. Choosing to use an office space for rent in order to maximize the potential of their own business is definitely one of the reasons why this is opted by a lot of people and companies.
What is the first word that pops into your head when you hear the word – entrepreneur? Start-up? Rebel? Money? Struggle? Or all of these? The most commonly thought of word is – struggle. An entrepreneur does not inherit a pot of gold, they are not generally born with a silver spoon in their mouths. That is the basic reason why they are entrepreneurs – trying to get what they weren’t born with, right?
Most people believe that the entrepreneurship is the fastest way to become rich but this can end up being just an illusion. The truth of the matter is that you can only succeed in business when you have the right entrepreneurial skills, attitude, and behavior. Therefore, current and aspiring entrepreneurs have a chance to enhance their entrepreneurial skills through the Entrepreneurial Development Program (EDP).
The first year of a startup can be the toughest. In fact, between 1994 and 2015, an average of 60 percent of new businesses died in their first four years, according to the Bureau of Labor Statistics. But your enterprise doesn’t have to follow this trend.
Fraud comes in many different forms. The last thing you want is a knock-off product reaching the hands of a loyal consumer. This could ruin their experience and make them decide to never use your brand again. Fraud can also have a huge impact on lost profits and affect any business model from a short or long-term point of view.