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KEEPING UP THE SUCCESS RATE OF YOUR BUSINESS
During tough times it’s hard to keep your business from going under, but if you passed the bench mark for keeping your small business alive for over a year, you have a good thing going. Now, all you have to do is keep the pace and dodge every bullet that may come your way.
Focus on advertising
Keep up with the advertising industry, by looking at what your competitors are doing. See where you can change and spice up their ideas and then use it for yourself. You are not stealing their ideas. You are merely reinventing it and making it better for your business. Focus on the social media aspect as well by sharing your business incentives online.
Come up with new ideas
Put time aside for all staff members to participate in an active brainstorming session. Come with new ways to draw new clients and to expand the business. This is also the perfect time to organise yourselves and shine the light on ineffective areas of the business. Don’t let the staff feel pressured into coming up with ideas, but rather reiterate that it’s also a time for all employees to educate, train and connect with one another. Incorporate teachings of new software computer courses to keep up to date with the latest tech advancements.
Do a bit of pro-bono work and volunteering every year that is in line with your business model. You will be able to try out new ideas or tools that have been wanting to implement and because charitable work normally leads to more business opportunities as well.
Manage excess cost
Cut out all luxury expenses and manage the numbers every month to maintain profitability and positive cash flow. Don’t get comfortable justifying the numerous expenses in your business that are not operational or critical. These can either be completely eliminated, differed for a future date or cut back.
Trust your employees
Do not be the type of business owners who wants to do everything themselves. Doing so can lead to burnout, divided attention, and eventually causing you to make a mistake. Unfortunately you can’t be everywhere at once. You will have to learn to trust the people you hire to take care of the needs of your business. Doing the books is an example of a business function you might need to outsource to begin with. You don’t necessarily need an accountant, but you do need someone to balance the books and keep track of the finances.
Keep track of your management style and always provide a useful hand to staff members. The most important thing you will ever do for your business, is keeping your employees happy. A positive production flow comes from positive employees who know what is at stake. They don’t see it as your company, but as their company as well.