While no two small businesses are the same, every business wants to continue growing and thriving in the market. For many entrepreneurs, it can take years to tap into a successful idea or strategy that gets their business off the ground. However, there are a few basic tenets of small business success that have stood the test of time. Here are some of the top secrets that are essential to any small business’s success:
Master the art of productivity
Small business owners are known to juggle dozens of responsibilities in a single day. All of this multitasking can make it difficult for business owners to stay focused on a single task, often leading to decreased overall productivity. Avoid falling into “productivity traps” such as checking emails by using a system that works for you, whether it’s a to-to list or an app on your smartphone. This way, you can stick to a schedule and accomplish more in your day without getting distracted by the little things.
Have an emergency fund in place
Personal finance experts recommend individuals have an emergency fund of at least $1,000 built up to ensure they’re financially prepared for unexpected expenses or emergencies. Business owners should also strive to establish an emergency fund for their company to provide a financial cushion in the event of surprise events such as a product recall, building maintenance or repair, or an economic downturn. It’s a good idea to begin putting away money each month in an easy-to-access account to avoid relying on personal savings or credit cards to cover emergency expenses.
Get creative to reach customers
In today’s crowded marketplace, it can be difficult to cut through the noise to drive new customers to your business. However, implementing creative marketing efforts can help your businesses stand out and leave a lasting impression on potential customers. For example, try hosting a free event to welcome new customers to your store, or encourage your social media audience to share your content with a giveaway contest.
Develop a culture of great service
Customers are the lifeblood of every business. Without loyal customers, a small business simply cannot survive for long. One way to ensure your customers stick around for years to come is by fostering a culture of great service throughout your organization. One way to go the extra mile for your customers is by implementing a loyalty or rewards program to give customers free merchandise or discounts and encourage them to continue supporting your business.
Consider outsourcing to grow
One of the secrets to success of businesses both big and small is the power of outsourcing. Many business owners find that outsourcing assembly, packaging, fulfillment, and other routine, back-office tasks helps them save time and money. By outsourcing certain tasks to a third-party specialist, business owners are free to focus on core competencies and concentrate on growing their business.
Are you looking for an outsourcing solution for your business? Ohio Valley Goodwill Industries has over a century of professional expertise handling assembly, packaging, and order fulfillment projects for businesses of all sizes in Cincinnati, Northern Kentucky, and Southeastern Indiana. We’re happy to help you find a solution that works within your budget. Contact us today for a free quote and take a tour of our facilities.