As if starting a small business wasn’t hard enough, a study by the Bureau of Labor Statistics called Business Employment Dynamics found that only about half of businesses with employees will still be in business after five years. By their 10th year, only 30 percent of them are still around. That’s not a good sign for the future of your small business if you think about it.
Does this really mean that you should give up on your dream of starting your own small business? No, not always. If you follow these tips, your chances of surviving will go up, and you can actually enhance your business.
Think About Automation
Small businesses often have to work with small numbers of employees – and perhaps no employees at all. Because of this, automation technology can help these companies in a unique way. Automation refers to systems that run with little help from people. It speeds up a wide range of business tasks, such as:
- Accounting
- Tax prep
- Email marketing
- Social media marketing
- Customer service
If you feel like you can’t do everything by yourself, automation could help enhance your business hugely without having to take on additional staff.
Connect To The Community
Customers love to shop at local places. After all, when they buy from a small business in their area, they get benefits like helping the economy in their area. Knowing the people behind the product or service makes customer service better and makes the experience more personal. Also, buying from local businesses helps keep the community’s identity.
As the owner of a small business, you should look for ways to give back, like volunteering, hosting a fundraiser, or giving money to a non-profit. Attend local events and get involved with the community by asking for feedback or praising your loyal customers. In other words, help your community, and your business will do well. This is something that community-minded entrepreneurs like Paul Ognibene know very well, and they use it to their advantage.
Organize Your Processes
The more you work on your business, the messier it can get, in a literal sense. You might have papers all over your deck, a Google Drive that isn’t organized, or subscription services with old payment information. When you use more organization and efficiency, it’s easier to reach your goal of making your business better.
Reviewing your technology and making it easier to use by adding simple digital services is a great place to start. Get rid of apps you don’t use, turn paper files into digital ones, and add team members to the right platforms.
Boost Your Online Presence
Small changes can make a big difference to your website. Make sure that your contact information is clear and easy to find on every page. And give great customer service when a prospect calls or emails you. Answer them right away and take care of their problem.
Local SEO, or search engine optimization, is another popular marketing trend and one of the best ways for small businesses to get their name out there. If you can incorporate this into your marketing and your online presence, you should get a greater reach and thereby enhance your business.
