Smart Small Business Tips

Being a small business owner demands a great deal of time and attention to detail. These details can make the difference between making a profit and taking a loss, especially in tough economic times. To keep your business in tip-top shape, spend time addressing those areas that can cause falling sales and rising costs. This attention will go a long way in making your business a financial success.

Monitor expenses frequently

Every day can hold a number of surprises that can mean unexpected costs and lost productive time. It can be critical for small business owners to regularly monitor these unscheduled expenses to see how they affect the bottom line. A monthly review of expenses is not too frequent to ensure that you are making the necessary adjustments to continue making profits. Without this monitoring habit, you can quickly find yourself in a hole without realizing it until expenses have taken a large chunk out of your profit margin.

Keep up with technology

Technological changes occur so frequently that it is often difficult to keep up with current developments. Faster computers, cloud sourcing, and mobile technology can ultimately save you money and make your team more productive. Learn about new technologies by reading about these products online or in technology magazines. See if any of them could help your business reach more customers, better monitor financial transactions, or help your workers produce more in less time.

Target your advertising efficiently

Advertising can make up a large percentage of your monthly budget, so make sure you’re getting your name out there to the right target audience. Before allocating your advertising budget on a quarterly basis, research the various options available in your local area. New publications and brochures are always being produced. Determine how well previous advertising efforts have worked and consider switching to a different medium. Consider using local radio or television to advertise your products or services. Make sure your website gets regular traffic. If not, consider the marketing packages offered by your website host.

Use social media for marketing

Set up a Twitter or Facebook account and post to it regularly, describing your products or services. Offer useful advice or information that people can use in their daily lives. Invite comments and questions to keep your business at the forefront of lively and interesting online conversations. Link your accounts to other related information that may be useful to online readers.

Offer discounts for first-time customers

To attract new customers, offer a first-time customer discount to introduce them to your business. Give them the real deal and they’ll use word of mouth to draw other customers to you.

Start a rewards program

If your business depends on repeat business to generate income, consider adding a rewards program. A rewards program doesn’t have to be complex or time consuming. A simple punch card that offers to “get one free” after a certain number of purchases can keep customers coming back to you, time and time again. A rewards program can also simply be the ability to bundle a number of items at a reduced price. Find ways to save your customers money while encouraging them to return to your business in the future.