Small businesses are private organizations, called in this way because their annual assets do not exceed 2 million dollars and their payroll does not exceed 50 employees, although these figures may vary depending on the State where the company is located. Because of their size, they are not predominant in the markets in which they work, but this does not mean that they are not profitable when it comes to making a profit.
Usually, when a person makes the decision to start their own business, it is because they already have a product to offer in the market and with which they think they could make a profit, the need to generate extra money and the desire to create their own company can be other motivations that lead entrepreneurs to make that decision.
This type of companies is characterised by using direct lab or, although there are cases where they are modernized with the latest technology, which increases the production of the product sold. Here at Elite Financial we can help you grow by optimising processes in order to maximise profit.
It does not matter if you are the owner of a small business or an experienced entrepreneur, it is important that you cover the basics if you want to be successful.
The first thing you need to know is that not only is a plan necessary, but a series of metrics that help you measure progress. In addition, you need to understand how your product or service fits into the market and how you can let your potential customers know.
To be understood better, these are the key strategies that every small business must have to be successful:
- Objectives, Goals, Strategies and Metrics defined
It is nothing new to say that every business needs a plan. The truth does not have to be formal, much less requires a special format. However, every business should have defined what is expected to be achieved and how it will be done in the coming months. These objectives, goals and strategies must be clearly written and shared with the other members of the business!
Also, you need metrics to measure progress, because if you do not do this, how will you know you’re going in the right direction?
For example, if your goal is that a thousand users have your product this year, how should that average appear monthly, weekly and daily?
Tip: Take the time to organise all your ideas on paper. Set solid goals and targets for the following months and define the metrics you will use to measure success.
- Find your differentiating element
It’s incredible how a lot of businesses find it impossible to explain what makes them different from others, or why they are better than the competition. The sad truth is that if you cannot explain why they should choose your product and / or service, they will not! A value proposition is not only the value you want to offer, but the perception of your customers about how that value will be delivered, experienced and acquired.
Tip: Begin now to design your value proposition.
- Analyse your competitors
There are many businesses that think they are too small to invest in any kind of analytical strategy. However, you are never too young to know what your competition is doing.
Do not be scared, because you should not invest money in a big project since everything is possible with Google and a little curiosity. This is more or less what you should ask:
- Who is my most direct competitor?
- What are the results that your products and / or services promise?
- What kind of words and messages are you using to sell your products?
- What is its price?
- How are your products and / or services delivered?
- How are they being promoted to sell?
As you answer these questions you will begin to identify what your value proposal is, or at least what are the aspects that you should improve.
Tip: Every time you can sit down to analyse your competition, the more you know about them, the more different you can be.
- Have money available
Obviously, money is everything in businesses, because it is necessary to pay bills and employees. It is vital that every small business has a plan to determine how these payments will be made in a timely manner.
Believe it or not, many large businesses may be in trouble to have all their money committed to outstanding bills. If you want to pay your debts faster, read some quick tips to save money and pay your debts.
Do not let this happen to you!
Tip: Find a strategy that allows you to pay without delay and be very careful not to exceed your limits.
- Have a solid marketing plan
There are businesses that are entrusted to have a good month of sales or just enough money in their bank account, but suddenly everything changes, and that money begins to disappear. Do you know why this happens? Because they do not have a marketing plan that helps them stay stable.
Unfortunately, these companies tend to focus on marketing only in times of crisis. However, the solution here is to create a marketing plan that allows you to promote your business consistently, so that customers and potential customers know that you still exist.
Tip: Document yourself about the ideal marketing platforms for your business and start executing them.
Clearly this is not all that your business needs, because these are the necessary bases to achieve the success you want.
Remember that here at Elite Finance we have more than 15 years of experience in the business field. Here at Elite Finance we know how to help you achieve your goal and help you build a great business but one that also covers customers’ needs and makes sure there is an effective strategy based on real results in order to improve the amount of income.