Problems Facing the Small Business Owner
Due to the COVID-19 pandemic, it seems like with each passing day, small business owners become more cautious amid economic and financial uncertainty, making them feel less confident about their business conditions and more reluctant to hire additional staff. On top of all that, they’re also struggling to keep up with ever-changing technologies and lacking the tools needed to improve their efficiency, both of which prevent them from being able to achieve the growth they want and need — that’s where we come in. Our experts are here with the top factors to focus on for growing your small business, so you can thrive through this pandemic AND long after it ends.
Financial Growth
Pandemic or not, one of the most difficult but important things to do as a small business owner is to make sure you’re managing your money correctly. If you own a small business, chances are you don’t have an abundance of extra money laying around for you to do whatever you like with. Because of this, achieving financial growth and creating a balance of what you should invest your money in, as well as how much, is crucial for growing a small business. Here are a few places you should invest in ASAP:
- An emergency fund: This should have approximately 3 to 6 months’ worth of living expenses in it
- Your personal credit score: Having a healthy personal credit score will make it easier to get approved for future business loans
- Small business finance management: Hiring an accountant, bookkeeper, and/or adviser will to manage your finances will pay off in the long run — after all, they’re experts in their field for a reason
Internal Growth
Just as financial growth is critical for growing a small business, so is internal growth. When it comes to building your team, you want to make sure that you’re hiring the right people for each role. Additionally, you’ll also want to invest your money in employees who will represent the brand in a positive light. Lastly, in order to avoid the cost of employee turnover, you need to spend money on incentives that will inspire your employees to stay with your company. The cost of employee turnover can quickly add up, which is why spending money to retain your employees is worth it. Plus, a happy team often results in more productivity and a higher quality of work, making this a win-win.
External Growth
Growing a small business can’t happen without financial and internal growth, but neither of those things can happen without external growth. One of the best ways to improve YOUR small business’s external growth is to improve your client retention strategies. Just as you should invest in small business finance management experts, you should also invest in client retention strategies that will help you retain — and grow — your clientele. To make this easier for you, it’s best to hire a digital marketing team that will create and execute the client retention strategies you need. These strategies include, but are not limited to, the following:
- Reputation management: Quickly responding to client reviews — both good and bad — will show clients that you’re genuinely invested in them, which will increase their chances of utilizing your business again
- Social media channels: Social media is a great way to connect with your clients, so making sure you’re active on your platforms is important
- Blog content: Consistently posting blogs with free, informative content that your clients can utilize will establish you as the expert in your industry AND keep them coming back for more
Now that you know the top factors to focus on for growing your small business, the beMarketing team is here to take care of all your digital marketing needs! Not only will we improve your client retention, but we’ll also increase your clientele, so you can continue to grow your small business. Contact us today!
