Small Business Tips and Advice

Discussion in 'Articles & Tutorials' started by bytrade001, Dec 28, 2011.

  1. bytrade001

    bytrade001
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    Global B2B buy sell marketplace: bytrade.com

    Be Prepared Financially
    One of the major reasons small businesses fail is that owners do not have the financial backing to survive the tough times. If your company is surviving on a month-to-month basis, it's a good idea to look for ways to reduce costs or increase your profit point. If you have looked at every way to reduce your cost and don't want to sacrifice quality, look at other ways to keep your profits higher than the next person. This may be a line of credit from your bank that carries you through tough periods. You may need to change a policy of giving customers 30-day billing. Sometimes location is everything, but sometimes it is an unnecessary expense. Whenever you can, put money aside into an emergency fund and keep six months' worth of expenses liquid. You should also attend small business financial management workshop to take charge of your factory's assets.

    Create a Website
    Many small businesses serve a small portion of the community and make the mistake of not investing the time or money into a website that shows what you do and where you are located. More and more people start online when looking for goods and services, even a local service such as a haircut. Internet search engines have become very good at giving regional search results. If you don't have a website that lets people know who you are and what you do, you are missing out on additional exposure. If you really want to ramp things up, you can make your site interactive by giving your customer opportunities for feedback and providing online coupons and learning forums.

    Look for PR
    It seems that big businesses consume the news with new technology or Wall Street scandals, but many small community papers are looking for positive local stories; your business can be one of them. You can find opportunities to send out a press release and invite people to visit your store. If you have just remodeled, maybe you can have a grand re-opening. If you are sponsoring a youth sports team and the team makes it to the state championships, you can take out an ad and hold a special "Team Day" at your location. Positive PR comes from news outlets, publication and the age-old word of mouth. It's important to be active in your community so that people will realize that your business is part of the community. Community members support one another, and you will find that your involvement brings more people to your business.
     
  2. gclemett

    gclemett
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    Be flexible in your thinking and nimble on the ground

    G
     
  3. infinityweb

    infinityweb
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    Thanks for your great advise:Thumbs up :)
     
  4. katherine

    katherine
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    Hi,
    Thanks for such informative share mate.
    Having a website in the present competitive world is very important. It helps the owner to reach to more and more audience.
     
  5. aldenjackson

    aldenjackson
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    An important first step is preparing business plan to define your business, products and services, and outline your goals, operating procedures and competition. If your company needs funding from a traditional loan or venture capitalists, a business plan will be required. Make sure your plan includes a marketing approach, so people are aware of what you're selling and how to find you.
    Creat business logo,web site cards and stationery.These items establish your company’s identity and help potential customers find and remember you.
    Advertising is most important to campaign your business.
     
  6. firstchoicecar

    firstchoicecar
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    Well I agree with your post,It is really great and as a business man these tips are really your advantage.
     
  7. gclemett

    gclemett
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    You miss the most important part of a business start up before you do any marketing or create anything.
    The one step 90% of small business owners leave out and possibly one of the main reasons the failure rate is so high.
    First of all you must establish your brand.
    By this, I don't mean a logo or stationery.
    Your brand is what you stand for, what you look like, what image you wish to project into the market.
    Without that, potentially, you will have no direction, no driven passion and no idea what you will look like to your customers.
    Major business address this issue with ease - we all know what Apple stands for as a brand. Volvo is obvious.
    These companies pride themselves on a brand that lasts for generations.

    Conversely, small business owners consider it unnecessary and a perceived cost they don't need.
    They are more focused on the inward thinking goals of business cards, web site, signage etc.

    We can learn from the successful big brands if we want to achieve similar success results.
    Start with who you are, what you want to be and what you will look like achieving it.
    Then build your profile!

    cheers
    G
     
  8. Bharat Book

    Bharat Book
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    I agree with gclemett.establishing brand for company is important factor.Personal interest is important for doing business.we need to know what we want to provide to our customer,who are target customer and what we want to achieve.according to me,small business can take help of business consultant.for that they have to look for more intelligent and experienced business consultant,who will take them in right direction.
     
  9. mtwheeler03

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  10. shafim

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    I agree branding is important, it makes your product synonymous with your logo,etc... but if you can't sell what you have because people aren't buying it, it doesn't make sense to spend a bunch of money branding your company and product. Just my 2 pretty pennies on the topic. I just reread and noticed I misread... haha... establish your mission and vision (your brand... not in terms of a logo/stationary). Definitely critical first step.
     
  11. StarkSEM

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    My biggest tip for running a Small Business:

    Make time for yourself. Have fun.


    Seriously, entrepreneurs and business owners 99% of the time, over work themselves. I got it that you have to work at your business to make it successful. But most of us take it to the extreme. My fiance has to drag me off the computer sometimes.

    I usually forget to thank her.
     
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  12. danadlington

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    I really like the post bytrade001. From my experience with online marketing it is important to work smarter rather than work loads of hours. Working loads of hours defeats the whole point of leaving your J.O.B. working for the man. Depending on budget working what mundane work can be outsourced. This frees up time to strategize which is what you should be doing as a CEO and company director.
     
  13. samozain2020

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    Informative post :) bytrade001
     
  14. ricky99

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    definitely when we started small businesses, then confirmed few tips and advice's . you become a honest, your attitude must be positive, choose professional employ's, remember this if your business is completely done, then you have also few challenges , you can also get lose.
     

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