As a small business owner, any ideas that you have can be put to work right away. That means they can often have a bigger impact on your business than they ever could on a larger company. In this article we cover six quick tips that you can put to work for your business today.
Outsource
Rather than having to worry about taking on more staff, or managing staffing levels to fit with demand, why not consider outsourcing instead? You might find that you end up paying a little extra per hour, compared to in-house staff, but that you can grow far more comfortably into the future.
Don’t Always Compete On Price
Many people are brought up to believe that the lowest price always wins. Most small businesses can compete on other things on than price. Imagine if your business was ten times bigger than it was now? Would it be profitable at your current pricing levels? If not, then consider what you could do to beef-up your margins.
Develop Partnerships
Many small business owners fail to consider just how good it could be for their business if they developed partnerships. To give an example, if you provide plumbing services in your local area, then why not consider entering into a partnership with an electrician or a joiner? Maybe it would be possible for both parties to refer work to each other.
Delegate
It is rare to find a small business owner that’s good at delegating. Some of the time, though, small business owners don’t have someone in place that they can delegate to. Consider more and more ways that you can delegate the jobs you do, and as your business grows you will have more time to concentrate on strategy.
Search Marketing
Search engine marketing is one of the most cost-effective ways that you can grow your business – if you know what you’re doing. If you set up an account with Google Analytics, you can track exactly what visitors buy from you when they type in certain keywords. You can then buy the keywords that are likely to convert into sales. When you are able to be smart about your marketing, it stops becoming an expense and starts becoming a cost of sale.
Get Discounts
Contact all of your suppliers and ask them if you are entitled to receive your services or products for any cheaper than you are getting them for currently. There’s a polite and an impolite way to do this. Just tell your suppliers that you are looking for ways to improve your margins so that you can compete better on price, and that you’d appreciate if they would consider offering you a better deal. If they say no, then you might wish to explain that you’ll pay their competitors a visit!
One of the best ways to enter a negotiation is when you already know what a fair price is. Just tell them what you are prepared to pay, and give them an opportunity to take it or leave it. This is what bigger businesses do already, and there is no reason why your small business can’t do it too.
Visit CityLocal’s small business directory to find out about our lucrative franchise opportunity. www.citylocal.co.uk & www.citylocal.ie
Outsource
Rather than having to worry about taking on more staff, or managing staffing levels to fit with demand, why not consider outsourcing instead? You might find that you end up paying a little extra per hour, compared to in-house staff, but that you can grow far more comfortably into the future.
Don’t Always Compete On Price
Many people are brought up to believe that the lowest price always wins. Most small businesses can compete on other things on than price. Imagine if your business was ten times bigger than it was now? Would it be profitable at your current pricing levels? If not, then consider what you could do to beef-up your margins.
Develop Partnerships
Many small business owners fail to consider just how good it could be for their business if they developed partnerships. To give an example, if you provide plumbing services in your local area, then why not consider entering into a partnership with an electrician or a joiner? Maybe it would be possible for both parties to refer work to each other.
Delegate
It is rare to find a small business owner that’s good at delegating. Some of the time, though, small business owners don’t have someone in place that they can delegate to. Consider more and more ways that you can delegate the jobs you do, and as your business grows you will have more time to concentrate on strategy.
Search Marketing
Search engine marketing is one of the most cost-effective ways that you can grow your business – if you know what you’re doing. If you set up an account with Google Analytics, you can track exactly what visitors buy from you when they type in certain keywords. You can then buy the keywords that are likely to convert into sales. When you are able to be smart about your marketing, it stops becoming an expense and starts becoming a cost of sale.
Get Discounts
Contact all of your suppliers and ask them if you are entitled to receive your services or products for any cheaper than you are getting them for currently. There’s a polite and an impolite way to do this. Just tell your suppliers that you are looking for ways to improve your margins so that you can compete better on price, and that you’d appreciate if they would consider offering you a better deal. If they say no, then you might wish to explain that you’ll pay their competitors a visit!
One of the best ways to enter a negotiation is when you already know what a fair price is. Just tell them what you are prepared to pay, and give them an opportunity to take it or leave it. This is what bigger businesses do already, and there is no reason why your small business can’t do it too.
Visit CityLocal’s small business directory to find out about our lucrative franchise opportunity. www.citylocal.co.uk & www.citylocal.ie
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