Leveling Up Your Small Business

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Running a small business is notoriously challenging. It takes commitment and a lot of hard work to get off the ground, and from there, the difficulties multiply. For most small enterprises, finding their feet in the middle-ground of the marketplace is a significant achievement, especially when we consider the statistics. 

Failure rates for small businesses are staggering:

  • 20% fail in their first year.

  • 30% fail in their second year.

  • 50% fail within five years.

  • 70% fail within ten years.

These failures are down to a myriad of reasons. Many become owner dependent, leading to a poor delegation of tasks or burn out. Other businesses fail to budget efficiently and go bust. The list of challenges facing small businesses is endless, and so, failure is common.

It’s important to note that amongst the failures, there are even more successes. Small businesses can thrive. Adaptability is critical, and stagnation should be avoided at all costs. Small business owners can’t afford to get comfortable and should frequently consider the possibility of pushing their company to the next level. 

With this in mind, here are 10 ways of leveling up your small business.

Expand your client base

Many small businesses fall into the trap of relying on a small core customer base. Although these clients should be valued, they shouldn’t be relied on. A more extensive customer base is the first step in leveling up a business. More customers mean more sales, reach, recognition, and opportunity for growth. 

Establish your target market and reach them through your marketing channels.

Get analytical

Analytics can be used to spot strengths, weaknesses, problems, and opportunities in businesses. Data should be at the forefront of all decision making, whether it’s to do with social media posting or major investment. 

If your business is ignoring the data, you’re in danger of falling behind. Use analytics when and where possible. 

Install cybersecurity

More and more of our data and information is stored on computer programs, mobile apps, and the cloud. This makes them highly vulnerable to cyber theft.

Small business owners may not be aware that they are potential targets of cybercriminals. Fortunately, there is reliable technology available that helps prevent cyber theft. Protect yourself, your businesses, and your customers by taking responsibility for your company’s cybersecurity.

Use social media the right way

Social media has come a long way in business. It is a crucial marketing tool and an essential communication vessel. All companies should have a content calendar that is well organized and managed. Quality content is a must. Posts should be varied, and hard selling should be avoided.

Don’t ignore the phone

In the social media age, people are ignoring a useful phone-based marketing avenue - phone calls, SMS messaging, and voicemails. These are direct marketing tools that have a high rate of engagement. However, this straightforward approach must be made professionally.

Services like Call Cowboy Business Dialing Platform provide packages that help streamline direct communication systems like calls, messaging, and voicemails in a professional and organized way.

Time management

Many small businesses are run by one or two people. With heavy workloads, they tend to focus on the areas where they are most proficient. Being more diligent with time management can help to get on top of all aspects of the business. 

The 60/20/20 principle recommends allocating 60% of your time to core tasks, 20% to planning, and 20% to strategizing. This forces your hand to look beyond the everyday struggle and allows for future thinking.

Delegate

A trait of a good leader is that they trust in their subordinates and delegate specific tasks to them. Many businesses over-rely on owners or managers, spreading them too thin. This is detrimental to an organization. Owners or managers should consider delegating responsibility to other employees. 

If there aren’t enough employees, perhaps it’s time to take on some new ones.

Get customer feedback

Nothing can help you level up your business, like getting feedback from your customers. Remember that 100 percent of your sales are to your customers, so their opinion is important. Create an online survey, an e-mail campaign, or simply ask for their two cents. Take their views on board and consider acting on them.

Set bigger goals

Something that holds many small businesses back is a tendency to settle for where they are. If your goals are small and don’t involve growth, then a lack of growth is inevitable. 

Ask for help

Running a small business is challenging enough; don’t make it harder by taking all decisions on your own. Join a local business network, reach out to friends and family, seek advice from consultants, or approach companies that inspire you. There are experts out there who are happy to talk and give you advice for free. You might be surprised at who’s willing to talk to you.