7 Small Business Tips To Help You Grow In 2020

2020 has been a whirlwind of a year that has resulted in over 100,000 small businesses going out of business. We do not want to see that happen to you!

We have put together 6 essential small business tips to keep your business strong and growing in these uncertain times. So, before you waste another second…Let’s get started!

1. Know Your Customer Base

Do you want your product or service to sell, sell, sell? If so, it is time to get to know your customers like never before. Even the greatest product can struggle to find its footing if it does not translate to the consumer.

Do your research about the area by researching demographics, trends, competing businesses, etc. Feedback is your best friend…no matter how brutally honest it might be! Give your customers a platform to give you honest feedback so that you can adapt to their needs and preferences.

2. Utilize Social Media

Facebook alone has over 2.5 billion uses, and if you include other venues such as Instagram, Twitter, or TikTok those numbers only get higher. Engaging content on your social media accounts keeps regular customers up to date and attracts potential consumers.

Stay on top of comments and conversations among your guests. Look for what is working and what could use improvement. Don’t forget to post content regularly to keep engagement high.

3. Networking

Networking is small business 101, however, in the social media age face to face interactions are becoming limited. Face to face connections can generate a sense of trust and friendship with those who you wish to do business with.

Build relationships with other local small businesses in your community niche. Find ways to help benefit each other so that in the long run everyone succeeds. If there is ever a networking opportunity or convention near you take it!

4. Customer Service is Crucial

Feedback happens immediately with online review apps and social media. If a customer feels that they have had a less than ideal experience with your business they will let the internet know.

Negative reviews and bad community feedback can crush a small business. Keep your employee’s customer-focused above all else. Encourage regular meetings to discuss how to improve customer experience.

5. Time Is Money

89% of employees waste time…your time. Time theft is an ethical issue that doesn’t get addressed as much as it should in the small business community. Creating a culture among your staff that promotes a desire to give their best is important for you as a business owner.

Consider utilizing a time clock app to promote accountability within the staff without feeling like you are overbearing. At the end of the day work needs to be done efficiently and with money on the mind. If you find that your labor is high consider reworking schedules to eliminate excessive people on the clock during slow hours.

6. Bank Appropriately

Private banks for small businesses is the best route when it comes to managing the financials of your business. With private banks, you have a direct line on assistance. Additionally, you will be valued as private banks offer very personal banking experiences.

7. The Best Small Business Tips

These 7 small business tips can make all the difference is the sustainability of your business. Keep focused on the goal during these hard times and you will succeed!

We want to connect with you even further! If you are ready to learn more about all things finance check out the rest of our page today.