As a small business owner, the goal is to move past the initial surviving mode and into the thriving category. Here are five strategies that small business owners can implement to thrive in 2016.
- Invest time properly
In order to grow, you must take the time to actually get out of your day-to-day tasks in order to focus on the direction of the business. This time (whether it’s one hour a week or two days a month), should be spent thinking about the “big picture” and strategizing, meeting with a colleague to network, going to conferences to get ideas or retreating to something that refreshes your mind. If you are always stuck in the routine responsibilities of your business, you will not have time to set the vision for the future and to think about growth. Schedule it on your calendar and make sure you commit to it.
- Identify your purpose, values and mission
One of the core principles of your business is its purpose, values and mission. When hiring, for example, make sure you also find talent that will comply to your business needs. Every successful entrepreneur and small business owner needs a motivated team that believes in the company’s vision and works hard at helping you achieve your mission. Plus, developing your core values will help you and your team stay focused and in the direction to success.
- Invest in marketing
Unfortunately, when budgets are tight and challenges arise, one of the first things small business owners want to cut is marketing. This however is a mistake. Making a smart marketing investment is crucial to the growth of your business: without it you have no customers. Businesses that will thrive next year will be those who invest their efforts on smart marketing tools, such as smarter SEO solutions or increasing web presence.
- It’s all about the customers
Acquiring new customers is important, but sometimes existing customers are forgotten—don’t let this happen. Your existing customers are your businesses’ biggest assets and it’s essential to remember that. Continue to nurture and build upon the relationships that you have established. Customers who trust you will surely want to buy more and will even send you referrals. You will find that it is much more affordable to keep a customer happy than to try to obtain new business.
- Do your homework
Just because a colleague used a specific product for their storefront doesn’t mean that the product they used will fit your needs. Do your homework and make sure that your business is using the proper tools it needs in order to be successful.
Ready, set, thrive.