Despite the struggles and changes in society, the world has adapted to new ways of living and working. So, as we look ahead to all the excitement and challenges in the years to come, there is no better time to adopt new small business performance strategies that will boost the success of your business and help you sell more now.
This article looks at seven top strategies your business can adopt to be more fruitful and sustainable.
6 Ways to Make Your Small Business More Successful
- Reevaluate Your Pricing Model
- Manage Your Cash Flow Effectively
- Supercharge Your Productivity
- Take Control of Your Marketing Strategy
- Use No-Code Plugins to Optimize Your Website
- Ask For Help
- BONUS: Invest in Sustainability Best Practices
We will go through each of these seven strategies in more detail, but if there are others that you've found successful, please leave us a comment at the end!
1. Reevaluate Your Pricing Model
Raising your prices annually, in line with inflation (currently 4.9% in the U.S.), is a widely accepted practice for all business owners and is particularly helpful for small business owners, helping to support sustainable growth.
54% of small business owners identify inflation as their primary concern during such periods of the year.
Your pricing model should consider fixed and variable costs and should always be communicated clearly to your clients.
When sharing any changes to your pricing model, it is important to focus solely on the benefits this will provide others. The better it sounds, the more likely your clients are to pay.
2. Manage Your Cash Flow Effectively
Cash flow accounts for all money coming in and going out of your business. It goes without saying that for your business to succeed and grow, you must earn more than you are spending.
Ensuring your business continues to grow involves keeping its financial activity in check. Stay on top of your finances and get the ultimate budgeting guide.
According to Business New Daily,
"A recent study from Intuit found that 61% of small businesses worldwide struggle with cash flow. Nearly one-third of those surveyed cannot pay vendors, pay pending loans, or pay themselves or their employees due to cash flow issues."
Managing your cash flow effectively will be essential for succeeding in 2023. Thanks to updates in technology, cash flow management is simpler than ever before.
We recommend using online accounting systems such as Xero and payment platforms like PayPal to take control of your finances.
An accounting services proposal is what you will need when submitting your financial reports. Adopting the right technologies will streamline even the most complex aspects of your business and help you reach your financial goals.
3. Supercharge Your Productivity
Solopreneurs especially don't have the luxury of delegating their work to others. That means it's crucial to have productivity tips and tools to keep business running smoothly. It will also make it possible to find some downtime for yourself.
There are a couple of things you can start doing right away to be more productive. The first is having one or two dedicated hours for your inbox daily.
Don't answer emails and messages when you're supposed to be doing another task. You should consider an email app on your desktop rather than jumping back and forth between your phone and your computer.
The second is to find shortcuts that make repetitive tasks more manageable. That might mean you put together templates or checklists that make starting easier rather than always contemplating your work from scratch.
Or, it might mean outsourcing some of your work to give you a breather. Whatever you decide to do, invest in activities that give you more mental space to innovate rather than put out fires.
4. Take Control of Your Marketing Strategy
Marketing your business doesn't have to cost a fortune. You can promote your brand for free using digital marketing strategies such as guest posting, social media promotion, and creating a Google My Business account.
“Marketing is one of the best and most sustainable ways to promote your brand in front of new audiences, boost your online authority, and win the loyalty of new customers in 2022,” says Maxine Bremner, Head of Content and Outreach at Hive19. “Often when small business owners hear the word ‘marketing’ the assumption is that it’s too big of a financial investment, when the reality is there are thousands of ways to achieve a return on marketing.”
Writing informative blog posts, creating infographics, and running competitions are excellent ways to market your business to new audiences and potential customers.
If you want your business to succeed, you must be fully aware of your digital customer journey, and, of course, they need to know your company exists.
According to Forbes,
“In today’s world of constant connectivity, you must ensure you’re seen and heard. The most common reason that people do not buy your product is that they do not know about it yet.”
Marketing helps your business be seen, and it is one of the most important tools for ensuring business success over the long term.
5. Use No-Code Plugins to Optimize Your Website
If you want your small business to reach new heights, it's time to utilize no-code plugins. 'No-code' means you can install these plugins without knowing how to code or hiring a web developer to do it for you.
Plugins expand on-site functionality, speed, and aesthetics (to name a few) to increase conversions, customer engagement, and customer satisfaction.
POWR Plugins will help your small businesses:
- Boost conversions online - motivating visitors to make a purchase
- Attract followers - increasing brand loyalty across social media
- Collect information - gaining insight into your customers' preferences and pain points
- Support customers - making it easy for your target consumer to contact you
- Engage visitors - improving the time visitors spend on your site
POWR is the ultimate supplier of exceptional no-code plugins, and through their service, we have helped over 8 million businesses grow.
POWR helps you navigate the often complicated world of plugins, advising on the best plugins for your business. You must invest in top-quality plugins to take your website to the next level.
6. Ask For Help
Running a small business certainly isn't a walk in the park. It requires a lot of hard work and determination to get an idea off the ground and transform it into something profitable and successful.
It also requires practical, financial, and emotional support. Asking for help when needed will go a long way toward business success.
Reach out to other business owners you admire and ask for their mentorship, join online communities, request financial support from friends and family, apply for a small business loan, and seek emotional support from your friends and loved ones.
Receiving the proper support when you need it will play a massive part in the success of your small business.
It will help you keep going when the going gets tough and will help you navigate the business world with wisdom, despite the challenges that may lie ahead.
BONUS: Invest in Sustainability
Your customers care about the environment and want you to care about it, too. In fact, according to this consumer research study by McKinsey & Company,
“60% of respondents said they’d pay more for a product with sustainable packaging.”
So, if you want your company to succeed, it's time to invest in sustainability.
Green infrastructure investment is one of the best ways to future-proof your business in an increasingly sustainable and planet-conscious world.
By investing in green infrastructure, you not only future-proof your business and gain the loyalty of your customers, but you significantly increase your reputation in a competitive market.
If you want your small business to succeed, it's time to go green.
The chaos over the past several years has, perhaps forever, changed how we do business. It's understandable that small business owners feel overwhelmed by the current business challenges and give in to the temptation to quit.
However, the future holds much promise, and if you take the time to learn from your mistakes, take on new challenges, and apply what you have learned, you can take great strides toward success.
We hope the small business tips in this article will help you on your way, and we wish you the best of luck!