Business success is a very tricky goal to fulfill. Even in a “normal year,” there are several influential factors and threats from a broad spectrum of obstacles. However, following the COVID-19 pandemic in 2020, it is easy to understand that 2021 won’t be that much better. Economies and companies are still reeling from the shockwaves of the lengthy lockdown and loss of operations. However, according to expert entrepreneur Robert Trosten, there are still reasons to look towards a brighter and better future. The U.S. economy is likely to grow by 3.5% in the first quarter of 2021. Though it isn’t close to the pre-pandemic numbers, this might be the chance for you.
Robert Trosten – tips for small businesses
Here are some of the tips that you need to keep in mind to develop your business.
Rank your customers
Small businesses tend to know their customers by name. However, it would be best if you kept in mind that listing your customers according to attributes is a great way to boost your business. For example, you can rank your customers on the attribute of “most-spending,” which you can be used to contact them for reorders. You can even rate consumers based on products favored by the customers to build related products to maintain the interest levels.
Develop a network of brand advocates
Remember that loyal customers promote you. They will post for you on social media and advice friends/family to check out your store and merchandise. If you have a customer base similar to this, you need to comment and interact with these positive reviews on social media platforms. This small gesture of appreciation will go a long way in terms of building a loyal follower base.
Adopt agility within your business culture
2020 has taught us to be ready for everything. It is all the more critical for small business owners to be flexible to survive in these dire conditions. The COVID-19 lockdown resulted in business pivoting concerning goals, operations, and procedures. If you require physical labor at the site, then you need to prepare for every eventuality. Make sure you discuss with your team and decide on a flexible approach that considers the workforce’s health and safety. You can also start by automating a few operational procedures to minimize errors and maximize output.
Social media advertising
Promotional campaigns are vital for the survivability of any business, and the fact of the matter is, it doesn’t come cheap. However, with social media sites’ popularity, you can now promote your brand, services, and products for free to the entire world. Target your customer base and newer demographic through Facebook and Instagram ads and streamline your budget.
Market diversification
If your business is struggling to operate within the traditional market, you should be prepared to look into other markets. Changing your market focus can be challenging but can ultimately provide tremendous success in the near future.
Additionally, automate business processes that take a lot of time, including accounting, maintaining paper receipts, and social media campaigns. Keep in mind our checklist to guide you towards business success. Take care!