Top 5 Tips for Small Business Success

By  //  October 22, 2021

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1. Know your target audience

Once you’ve nailed your target audience on the head (not literally), it will be clear how to expand your business. Dig into the analytics and any statistics you have to define your target audience.

Hand out or email surveys with incentives to see what information you can find. At the beginning of setting up a small business, there will be lots of trial and error, for example, if you plan to use Google AdWords you can see who clicks on your ads most frequently and if they return to your website on a regular basis.

You can also use tools like Google Analytics to check who is visiting your website, in terms of age, location and gender.

2. Stay on top of your finances

The first option, if you’re making enough money already, is to hire an accountant. If the money side of things stresses you out, it could be beneficial to pass over the financial side of your business to a professional. However, this isn’t an option for everyone.

If you need to manage your finances yourself, make sure you set aside a certain amount of time every week to organise this side of the business. Use your common sense and don’t leave your tax return until the last minute, you will only end up blaming yourself and feeling the pressure to complete it urgently. 

It’s good to know in the case of an emergency there are options like bad credit loans in the UK, these are only recommended if you are in desperate need of some personal finance. However, there are always free ways to improve your finances, they might include taking some time to work on the marketing side of your business, for example, social media.

3. Invest in marketing and advertising

It’s true old school ‘word of mouth’ tactics still work wonders as a marketing tool, but you can’t always rely on this. The best way to gain success for your small business is to come at marketing from all angles, digital and in person. The power of social media cannot be ignored when it comes to any size of business.

Setting up a marketing plan and posting regularly on platforms including Facebook, Twitter, LinkedIn, and Instagram can make your business more known, especially if you run campaigns like competitions with sharable content. 

Keep it traditional with PR and print marketing, stick up posters or flyers about your company or leave business cards in places your target audience hangs out. Just make sure you have consistent branding and add a call-to-action on all print media, this could be your contact number, website, or social media handles, usually it’s helpful to have all of these included. 

If you’re an e-commerce business, remember to use tips like tagging your products on social media to lead directly to your website. It’s a good idea to research exactly what your competition is doing on social media too, this will help you gain ideas and create engaging content. 

4. Have a plan and goals for the next few months 

This can be really helpful, especially in times where you’re lacking motivation. A plan will make sure you have a focus for each month and a target to work towards.

Celebrating the small wins can be beneficial as a small business owner too. If you have employees in your business this will help keep them on track, it’s crucial to see what they’re working towards and achieving every month. 

5. Know your strengths and weaknesses

Starting a small business can be overwhelming, but if you follow these steps for success and work on your business every day, you will be flying in no time.

Narrowing down what you are good at will help you spend more time focusing on this or planning out where you need to improve and spend extra time. Every company has strengths and weaknesses; it’s just trying to work these out and seeing where you can progress. 

Good luck with your small business, we are sure it will grow into a big business in no time!