Now more than ever, thanks to the pandemic that’s swept across the world and derailed many businesses, it’s important to maintain or improve your business’s performance. As the owner of a small business, you may think that you’re already doing all you can, or you think things are going well. While that may be the case, complacency is a fast road to disappointment. SMEs need to be constantly changing, adapting, and growing to survive against the giants out there. So, whatever your business, there are a few things you can do to make sure you’re always working towards the next goal.
Coasting isn’t an option as an SME owner. So, ensure to have a clear business plan for the next month/quarter/financial year. You can create your own business plan, or work with online tools to help you set it out and get the most out of it. By specifically planning what exactly needs to get done, you can then free yourself up to see what you could dream of getting done.
Once your official business plan is in place, allow yourself the space to dream big. If you have colleagues you work well with, carve out time for some blue-sky thinking away from the stresses of day-to-day business. Once you have these dreams and ambitions, get them up on the wall in front of you on a whiteboard. You can inspire yourself and your employees to work hard to achieve these ambitions.
Businesses need marketing. Fact. No matter how well you feel yours is going, there’s probably more you can do. Consider checking out your competitors – do they run really effective social campaigns? Are they attracting interest with competitions or promotions? Have they bought up any advertising space? There are so many avenues out there to consider, so ensure your marketing plan is up to scratch and working as hard as it can.
Consider whether your business is eligible to receive any funding or investment to assist your business’s growth. You can either do this yourself, by researching and reaching out to investment firms, angel investors, or government bodies, or you can employ the help of investment advisors such as Clark Street Associates Skywater. Advisory firms such as these can assist businesses to discover funding opportunities – be it publicly or privately – that they may be eligible for.
Motivate your employees
To improve efficiency and boost morale, you have to invest in your employees. Without them, your business couldn’t run, and a happy workforce makes a world of difference. Another bonus is that word often gets out, and people respect businesses that take care of their employees. So, consider what you can do for your workforce – whether it’s offering flexibility, helping them develop their skillsets through courses, or incentivizing your staff through competitions. What works on some employees won’t work on others, as each is different, so get to know your team and create solutions to suit them.
This is a collaborative post.