Small Business Tips
Keep A Separate Bank Account for Your Business
Mixing your personal expenses with your business expenses is a common downfall among many small business owners. By maintaining a separate account for your business, tracking business purchases and expenses will be that much easier. If you find yourself in a scenario where you need money from your business for personal expenses, all you have to do is write yourself a check from your business checking account so you can keep track of where the money is going.
Always Maintain Excellent Customer Service
Although it’s one of the oldest rules in the book, it can’t be said enough: your customer service is one of your greatest assets as a small business. Be sure that each of your employees is treating your customers with respect and decency. Bad customer service is enough to turn away a new customer fast.
Don’t Just Throw Money at the Problem
Before spending money on expensive equipment or hiring new employees, try to hone in on what problems are arising and whether they can be fixed with the resources and employees you already have. This is one of the most effective methods to cutting costs. It is also important to thoroughly review each of your potential employees during the interview process to ensure that the people you are hiring are trustworthy, hardworking, and accountable. This could prevent future problems from arising in the first place.
Include Offers in Your Advertisements
Unlike bigger businesses, as a small business owner, it is your job to make customers aware of your business and to establish the reputation you hope to maintain with your clients. One approach to drawing in new customers is to include offers in your advertising, such as a discount, a buy-one-get-one-free, or any other special offer that will set your business apart. Although such offers might be mildly costly in the beginning, they will prove to be an excellent investment as your attract new customers to your business.
Create Special Deals for Existing Customers
Once you have already developed a consistent customer base, it is crucial that you take every step possible to ensure that they will remain loyal to your business. One way of doing this is by creating special deals for your existing customers. Furthermore, the process of establishing a list of existing customers will prove to be invaluable for future marketing strategies because you will have certain contact information for your customers on file. You can use this information later on to develop targeted marketing strategies and to do research about what types of customers your business attracts.