So your start up business is not a newbie anymore and business is not booming like it was in the beginning phase. Figuring out what simple changes you can incorporate will make the bottom line much higher. Improving customer service along with streamlining procedures and office work are a few options to start incorporating. Then up selling your current sales staff and or hiring additional team members can start to boost the withering sales. Seeking out additional funding options can help build up additional infrastructure. And finally, introducing new marketing strategies could open the eyes of current clients and help target new business relationships.
When you began this new venture, your fresh outlook and products saw a flood of new customers. Now that you are settling into that market, your customers might not be feeling the love by your constant attention or freebies you offered them in the beginning, so they are finding it elsewhere. Your customers are your bread and butter so make them feel important. Put in the extra work to make additional customer service calls and asking the questions to which they feel you could improve your business relationship. Do not view this exchange as an insult, grow and make the necessary changes they are desiring if those changes do not shift your values and goals for your small business. If they are telling you that your price points could use some adjusting with your changing industry, you may need to reshape your price points.
Do you feel like you are doing more paperwork than ever before? When your start up began, the more details you could incorporate the better your business could be. You may not need that additional form or input information that is above and beyond like you once did. It may just be further pulling your sales down. Restructuring your workflow platform can not only make your actual sales and work easier to manage, it may also give your mood a boost knowing you are accomplishing more necessary work while letting the busy work take a back seat.
When you look at the sales of your business and get feedback from your current team, you see that they are making sales but not bringing in more business. Giving sales incentives and bonuses to your current staff, may increase their mood and bring out more energy and excitement to put in the additional work needed to expand your customers’ needs and breakthrough to new ones. If you have already incorporated this inventive, but your team is sinking with the needs of all your clients, hiring on additional sales staff slowly could elevate that. Having a meeting to ensure the additional team members are not a reflection of the current team, but in fact the needs of your customer base increasing, could help settle any hesitance of the overall business. Making your team satisfied and happy will bring out the best in their skills to meet your customer’s needs.
With sales holding ground but not increasing as fast as you would hope, you have already streamlined your office policy and increased sales, but they are not helping quick enough. Reevaluating the current small business funding you have in place and looking at new products that were out of reach as a startup company, could switch your open for business light back on. Consider obtaining a small business loan or opening a secured line of credit and using the additional funding for updating your inventory needs or allowing your business to move into a better location, can help you see the sales you need and want instantly. What’s great about opening those lines of credit, they also help you build your businesses credit portfolio along with your sales at the same time.
Some small business owners look at marketing as an extra expense once everything else is taken care of, when your marketing budget should be a necessary one. Taking on social media platforms that do not cost you a dime or at the most is a minimal cost for the obvious return, will allow a constant supply of new customers to build relationships with. With Facebook, Instagram, and Twitter acting as your lifeline to your customers likes and shares this will help connect you with people that may have always been out of reach. Offering a referral program to your current customers to use their social media platforms to build up your customers is also a small price to pay. If social media is not targeting your customers, then utilizing a marketing campaign weekly to your customers via email can help keep in contact with changes and sales to your “preferred customers”. Everyone wants to be valued so making the preferred customer list creates a sense of appreciation for their business and that they are getting deals not available to just anyone.
Improving your small business can be a never-ending job due to the changing needs of your customers. Continually tweeting and adjusting can secure a steady flow of sales and happy clients coming back time and time again. Also, when you put forth more effort into connecting and relating you your customers, they are happy to talk about your efforts with others. Increasing and adjusting your small business funding will only put your business on even more solid ground. Funding options change so having a trusted small business advisor can also make weaving through your options easier.