It does not matter if you are running a restaurant, bar or retail store -small business owners can improve income by playing smart. You might be running your business alone or with help of 10 people, you can grow your business by making conscious choices. These tips will assist you in going an extra mile.
1. Assess your income and expense
Most of the businesses keep an eye on their revenues and cost, but not all analyze on the monthly basis. Spend some time on understanding the cashflow. You will find some points where you can increase your income and reduce your expenses. Small improvements can yield significant results with time.
2. Improve marketing
Don’t just rely on walking in customers. A small investment in marketing can improve your business. Do some offline and online marketing to find out what works for your business. Google & Facebook help local businesses to spread the word in their vicinity.
3. Online Reviews
Get yourself listed on popular online review platforms like Yelp. Be prepared to face angry and happy customers who write their experience with your business. Politely answer each review and resolve their concerns. An excellent opportunity for you to improve and provide better service to your customers.
4. Set Goals
You may lose track of your progress without having any goals. You should know whether you are growing your business as per the plan or not. You will put extra efforts when you have goals in front of you.
5. Business Trends
Be aware of what’s happening in the market. There might be new product launch in the market, or some brand is giving away discounts as a promotional strategy. You must grab the opportunity to be part of trends in the market
6. Train your Employees
When you are not around, your employees take care of your business. Invest time and money to improve their skills. A bad employee can hit your business growth while a good worker can help you boost your revenues.
7. Find better Salesmen
Marketing does a job of bringing the customer to your door; it’s salesman who sells to make you money.
Once an owner saw that his agent sold a hat to the customer who was buying a fishing rod, “Sir, summer is on a peak. This hat will protect you from direct sun while fishing”. The owner appreciated his salesman for his smartness of cross-selling.
His agent said, ”Actually, the customer wanted sanitary napkins for his wife. I asked him that what you will do for three days? Why don’t you go for fishing.”
A good salesman can sell $100 stuff to the customer who came to your store for $10 item.
8. Motivate your staff
Everyone have different reasons for motivation. Some need extra money; some need appreciation and some need extra free time. Understand your team and do whatever it takes to keep them motivated.
9. Customer is always right
It’s no secret, you should not argue with your customer. An unhappy customer will tell ten other people about his bad experience with your business. It’s better to lose one customer than many. If someone is not happy with your services, then try to address his concerns. If nothing works, then return his money and let him go with neutral feeling than negative.
10. Take a break
Get some time for yourself. Go for vacation and re-ignite your passion into your business. You will have a good relationship with your business when you have a better relationship with your family.
While your business is to make money, it’s wise to invest some money in marketing, sales and improving employee skills. Look for opportunities to increase your income and cut your expenses.
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