How do you ensure business sustainability?
Entrepreneurship on 21st November 2019
It is never easy to run a small business. Tinkering along is critical for the success and sustainability of the business. Consistently monitoring cash flow, utilising social media as a marketing tool, while staying in constant touch with your business associated is a given. As all of this is not possible when you have so much coordination to do, here are a few things you can consider to make your effort more streamlined.
SET YOU BUSINESS GOALS
Similar to keeping the balance sheets in place, setting the goals and objectives of your business is essential to your success. Use these goals as an on-going planning tool to assess your achievements periodically. For instance, try to increase traffic on your business website or blog. More the traffic, more the engagement, more the potential for business growth. Of course, this depends on your specialisation.
USE HIGH IMPACT MARKETING STRATEGIES
Wasting money on ineffective marketing is easy. Try to find innovative low-budget, high-impact marketing strategies to improve your small business. Test one or two new tactics and see which one perform better adding them to your marketing mix. Social media is an excellent low-cost and low-risk way to promote your business. LinkedIn, Facebook, Twitter, and Instagram have been proven to be great tools to build a social presence and attract attention to your business.
ACCOUNTS AND BOOK KEEPING
Only a few small businesses can enjoy the luxury of hiring an accountant to update and maintain daily, weekly, and monthly transactions. Else, it’s vital that you set aside the necessary time to keep track of the cash flows. If you lack the financial skills, outsource to a specialised firm, this will help you focus on your business better.
BUSINESS PRESENTATIONS ARE A MUST
A powerful business presentation can help improve your business performance. Keep it simple so that it is easy for the audience to understand. Use examples and illustrations whenever possible. People can connect better when examples used are relevant to them. Lastly, a dash of humour always helps.
No business can operate in isolation. Events and changes in the global landscape and even local effect your business. Even things that don’t seem relevant on the surface might have an impact on your business. These could be opportunities and one needs to be alert at all times.
MOTIVATE YOUR TEAM
Any company is made of people. Talented and motivated staff members can bring on big improvements in the business. Try to assess what motivates your employees to bring in higher levels of performance. Part of this is about giving them a sense of ownership of the business, making them feel important and at the same time, responsible for the tasks assigned.
DON’T EXPECT INSTANT SUCCESS
Entrepreneurship is a marathon, not a sprint. Therefore one needs to be surrounded with not just positive energies but energetic people too. Also, regular exercise and good physical health beget mental health. This also adds in a positive aspect to your personality.
KNOW YOUR LIMITS
No one is perfect or has the same skillsets. Successful business owners have a clear idea of their limitations. By knowing your entrepreneurial personality type, you can manage your resources and find help in areas of weakness. This is a key driver to success. For example, if you’re great at sales but less experienced with bookkeeping, focus on sales and hire someone else to handle the books.
ALWAYS SEE FAILURES IN A POSITIVE LIGHT
Contrary to the logic, a failure can trigger transformation and help ignite innovation when seen from a positive perspective. Such junctures also help tame one’s ego and make your understanding of business concepts stronger.
PLAN YOUR WORK SCHEDULE AND VACATIONS
Lastly, discipline is the key to anything in life. So be it reaching office or leaving office on time, discipline is a must. There is more harm in overworking on a regular basis; therefore one has to plan accordingly. Sometimes the best way to improve your business and re-ignite your passion is to take a vacation.