Did you know that about 20% of small businesses fail within their first year? And by the 5th year, 50% have failed.
If you’ve just started a small business, this stat may have scared you. And you probably want to make sure you avoid being a part of the statistic.
Since that’s probably the case, follow these small business tips to make sure you succeed!
1. Provide Excellent Customer Service
If you’re in the sector of working with customers, providing customer service should be a top priority. If your customers think badly about your company or don’t feel good about it, odds are that they won’t be spreading the best word about your new startup business. In the next step, you have to focus on marketing. Small businesses are always suggested to invest in digital marketing because it is less expensive and more useful than the traditional techniques.
However, on the flip side, if you have great customer service, they’re more likely to rave about you to their friends and family. That means more business for you!
2. Market, Market, Market
You want to make sure that your small business is targeting the right market and doing it the right way. One great way to be sure that you are using your digital marketing strategy correctly is to work with a consultant or agency.
Origin Business Consultants is a great company to work with if that seems like a good option for you!
3. Manage Time Effectively
Small business owners have to juggle a lot of different things, from their own finances to ordering products to talking with customers.
To stay on top of everything, time management is key to success. There are a ton of programs and technology options out there that can help you with managing your time and are more interactive than a typical day planner.
4. Take Time For Yourself
As an owner of a small business, taking time for yourself seems like the last thing you should be doing. But what happens when you burn out, break down, and start hating what you’re doing because it’s consuming you?
Your business will fail.
You need to get ahead of that becoming a possibility by taking care of yourself on the daily.
Go for a daily walk, brew an extra cup of coffee, shut your computer 30 minutes earlier on Fridays. Take what you need!
5. Invest Time in Social Media
Over 70% of people are on social media. If you want to grow your business, using social media as your small business marketing tool is a smart step.
Although it’s another hat to wear, the reach you will get (and potential sales from this reach) will be worth it. And once you grow your business enough, you can hire someone to run your social media as well!
Succeed With These Small Business Tips
These small business tips should keep you on your feet and growing toward a successful future. Follow these and you’ll be in the 50% that succeed!