3 Proven Strategies to Boost Your Small Business
by Amy Collett
You've heard the advice that to be successful, you need to work smarter, not harder, but putting that philosophy into practice often presents challenges. In truth, the most successful small business owners aren't necessarily working harder than you, but they may be following these proactive strategies to gain a business advantage.
Make Sure Your Bank Account Is Working for You
While it may seem like a relatively small issue, choosing the right bank account can have an enormous impact on your day-to-day operations as well as your bottom line. From traditional brick-and-mortar financial establishments to online banks, today's business banking options are richly varied and offer features galore. It's well worth spending some time to find the right bank for your small business. Some key features to look for include:
High-yield interest without accompanying steep fees
Seamless integration with your payroll and bookkeeping software
Robust and user-friendly online banking services
Instant mobile deposit at no additional charge
Avoid accounts with overly restrictive limits on transactions or aggressive minimum balance requirements. If your business requires regular cash deposits, the location where you make them is also an important factor to keep in mind.
You can also use tools like Plaid Liabilities Loan API, which allows you to gain instant access to your business's current liabilities and loans so you can keep your company financially healthy and control your debt.
Take Care of Your Team
As a small business owner, it can be easy to get so caught up in the numbers game that you overlook one of the most critical parts of your business: your employees. Your staff members are the make-or-break element of your company that can either put you over the top or prevents you from making progress. Picture your business as a boat with you and your employees as the rowing team. While the members might have varying strengths and skill levels, each person shares responsibility for — and deserves credit for — getting the boat to its destination.
Your workers can be your most valuable resource, and as CMOE explains, investing in them almost always yields tremendous returns. For instance, make sure you have an organized payroll system to ensure your employees get paid promptly for their work. If you only have a few employees, you can use a payroll calendar template instead of investing in payroll software. This template can track employee payroll info and calculate wages and taxes.
Make mployees feel like an integral part of your company's growth. When people are free to pursue meaningful projects, feel engaged with coworkers, and have an employer interested in advancing their career, The Globe and Mail explains that they are more likely to be satisfied with their work and willing to go the extra mile.
Effective communication is critical to your business's success and puts your employees in the best possible position to thrive. Optix Communications can help you create a targeted communication plan that drives business objectives.
In short, when employers do the right thing, from HR to double-checking books and catching errors, the workplace is a happy and productive one. By contrast, all the best business practices in the world won't overcome poor employee performance, and high turnover prevents your business from moving forward.
Dont Underestimate the Power of Networking
The most successful entrepreneurs understand that networking is not only a great way to grow your business, but as CP Communications explains, it's also a critical tool for giving your company an edge over your competitors. For the best results, you'll want to spread your networking efforts across a few different markets, making sure to include both online and local opportunities.
For online networking, try connecting with other business owners — both in your industry and from your community — via social media. Use your business account to show interest in these businesses by following their accounts and responding to their posts.
For local networking, joining your area's chamber of commerce is an excellent way to meet and engage with other business owners in your community. Not only will you increase your business contacts, but studies have shown that chamber membership can dramatically improve your brand recognition and company reputation among nearby consumers.
Another successful networking strategy is exhibiting at trade shows specific to your industry. Take the opportunity to participate in an upcoming trade show, showcasing your business and letting the world know you're open. Not only will you network with other like-minded businesses and clientele, but you'll build brand awareness with face-to-face interaction.
These three strategies are relatively simple to put into practice. Want to learn more? Reach out to the team at Optix Communications and Coaching today!
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