Starting your own business can often mean that you would class yourself as a self-starter and motivated individual. After all, if it was easy to start a business and make a decent living from it surely everyone would be doing it. Businesses come and go, and it is a harsh fact that many fail in the first year, but that doesn’t need to be your story.
There will always be improvements that you can make, but there are factors within your business that with just a little tweaking could improve your business on a different level. Here are some of the things to consider.
Your social media presence and engagement
You can’t hide from the fact that much of what your business does will be online these days, and a huge way of advertising you and your business is through social media platforms. However, do you do all you can to maximise the opportunity these give you Perhaps not. You may post a bit, share an image or link very now and again, but the trick to combat the algorithm changes and to actually get your content seen is to be consistent and present on them. So engage with your audience, answer comments and direct message, interact with other accounts and share decent content. If you do all that, then you tick the box and will see huge improvement with traffic and engagement.
The logistics of getting product or service to customer
The main purpose of your business is to sell your product or service and deliver it to the customer or client. Job done. But can you do anything to improve this? The truth is, the logistical side of things for many businesses can be vague. Delivery slots can be quite wide, timings can be a little off, and often this can give a negative experience to your customers. However, using different software options like route optimisation could have you be in a little more control of your vehicles and delivery methods. Especially if you manage a team of people who are combating a diary system and having to fulfill orders throughout the day. Giving your customers more defined delivery options could add to the whole experience and give you the edge against competitors.
Being clever with your cash flow
Cash is everything in your business, and spending too much time in the red rather than the black can have you struggling to stay afloat. Sometimes you need to be clever with your cash flow. That means taking advantage of thirty-day payment windows on things invoiced to you, and also being aware that companies will do the same with money owed to you. You might also want to ensure that your projections for your business are realistic, and targets are set against this rather than looking like you are always chasing a shortfall.
Expanding when the opportunity strikes
Finally, it can often be a scary prospect to expand your business, especially if you feel like things are going well. But not striking when the opportunity presents itself could see your business missing a trick. If you can expand your line, buy more stock to sell or even move on in terms of where you work from then do it.
Let’s hope these tips help you to improve your business.