How can a small business be improved?
📝 Instead of looking at pre-Covid tax returns and profit and loss statements, start by looking only at what’s been happening with your Profits and Expenses since the lockdown has ended in your specific area. Only then can you glance back at pre-COVID numbers, to have an idea of where you are headed in the near future.
Think of improving your business right now as if you are in a TRIAGE situation. Take urgent measures.
✅ Look to the social media at your competitors.
✅ Set up IT systems and programs to easily work remotely AND in the office/store. Both can be done efficiently and effortlessly.
✅ Automate as much as you can. Use online/cloud Quickbooks for example, and implement online/cloud client management software.
✅ Add remote workers and service professionals to your team.
✅ Don’t be afraid to use freelance websites to find remote workers, consider using Upwork for foreign workers, who have incredible and diverse skills and can use foreign language to engage with a new audience.
✅ Switch to online payroll and consulting payments services.
✅ Make sure your business accepts all currently popular payment methods like Venmo, Applepay, PayPal, etc
✅ Use Clover or Square for wireless credit card accepting terminal. That will also track your sales effortlessly.
How to increase business sales for your small business:
👉 Rework your “Ideal Customer” model to understand what’s changed for the people who are buying your products and services. Covid definitely changed their lives and you need to cater to their current 2021-2022 reality.
👉 Maximize your use of social media promotion and advertising. Your clients and customers are on their phones 8 hours a day or more. Be in their phones – make sure your business is showing up on their “for you page.”
👉 TikTok is your friend.
👉 Make 3 videos up to a minute per day talking about simple things directly related to your business or product or service. For a small effort, you can reap major benefits and gain a significant amount of leads.
👉 In your videos — talk to people as if you are explaining what you do to a bunch of 14-year olds. No matter what the industry, make your information super easy to understand and absorb.
👉 Hire professional help if you can afford it to consult your business in management, marketing, or other categories.
👉 Invest in your business by investing in your employees — keep them happy, productive, and motivated. Make them WANT your business to succeed. That takes strong leadership skills.
👉 Think about what parts of the work can be done remotely and implement those processes.
👉 Add SMS and email appointment reminders to your appointment systems. A client who forgot their appointment was a lost sale that could have been prevented.
👉 Create a great customer service experience — treat your customers like VIP with small and big touches.
Financing for a small business — how to optimize your company’s finances
🔶 If you received PPP loans, file for forgiveness for first draw and second draw is you are eligible. You can do this through your lender or the SBA dedicated website.
🔶 Be careful with getting new LOANS for financing. Have a clear business plan, and be realistic with your profits and expenses numbers. You have to be able to pay back what you borrow without going bankrupt.
🔶 Don’t put too much of your personal savings into a business that’s doing so-so. Or even worse — failing. A business is a business. But your personal savings are for you and your family, be careful with spending those!
Important reminders for small business owners
🔷 BE HONEST WITH YOURSELF.
🔷 Invest in a great accountant who you can also ask for advice with your business. Listen to your accountant.
🔷 Get a mentor! Listen to your mentor.
Best Human Resources (HR) strategies for small business owners
✅ Hire wisely, and don’t be afraid to let a team member go if they are not doing for your business what your business needs them to do, and don’t be afraid to hire someone new quickly. It’s ok to have turnover. Keep interviewing people to understand what’s the latest in the field.
✅ Make sure your workers feel safe — put all the Covid safety protocols in place as an investment, including plastic desk partitions, masks, sanitizer, spaced out scheduling, etc.
✅ Implement fair HR policies. Days off, father’s parental leave, etc.
✅ Make sure everyone signs a Employee or Consultant HR Manual (which means you first have to create said manual).
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