Starting a small business has become less challenging in recent years. By March 2021, the number of small businesses in the US shot up to over 31.7 million compared to about 30.7 million the previous year. Small business owners now make up about half of the private sector’s workforce. The rapid growth of this private industry presents a huge challenge in terms of competition, as business owners clamor for clients in the same market. So, how can you position your small business to accelerate growth and stand out? These tips should help.
1. Invest in marketing like your business depends on it (because it does)
Research shows that nearly half of all small business owners expect to increase their marketing budgets in the near future. From ads placements to various promotions, the sole aim of these increased marketing efforts will be to attract new customers. Although customer retention appears to be one of the prime goals of many business owners, an ability to attract new clients can quickly accelerate your small business. Investing in marketing does not necessarily mean spending huge amounts on above-the-line marketing strategies like large businesses do, as various digital marketing techniques, for example, are just as good enough.
2. Stay up-to-date with industry trends
To flourish in your industry, you must stay in your A-game. That requires having access to important industry knowledge through thorough market research, reading industry news, following market trends, and other advancements. You can also take advantage of social media platforms to showcase your expertise in your industry and build customer confidence.
3. Branding
Another way to encourage customer confidence is by creating a brand that resonates with your target audience while setting your business apart from your competitors. You want your ideal customer to see your business as something more than an entity trying to reach for their pockets at any given opportunity.
4. Reduce your risks
A vital part of growing a small business or managing any successful business involves finding ways to minimize risks. Because cash flow and finances are the fuel that keeps businesses running, you need to ensure you prevent any form of financial disruption that might stall your business or collapse it. It’s also important to prevent risks like data theft and cybercrime, as they also have grave financial consequences.
5. Work with the right people
Your workforce is one of your main engines of growth, capable of either accelerating your business growth or slowing down business progress. Hiring a solid workforce means putting together a team that is dedicated to helping you achieve your business objectives. In addition, a good team allows you to delegate tasks to trusted hands, freeing you to focus on other important areas of your business.
Working with the right people isn’t always about hiring a team. Sometimes, the better option is to outsource tasks to an experienced team. For example, you can rely on outsourced accountants for small business instead of spending countless hours on various bookkeeping tasks.
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The world of work has changed dramatically in the last eighteen months, and as we head into a new year, there will be many companies who are looking to bring their employees back to the office or at least look for ways to improve their working culture.
Building a good company culture is not as easy as ordering a bunch of dim sum and drinking green tea, so companies must ensure that they take steps to understand what type of culture they want to foster, and then make sure that they build a company culture that is suitable for the company.
Build Motivation
While many people think that money will motivate you to work harder, it is not just about cash; it is also about your career, fulfillment, and purpose.
When asking the question ‘What really motivates people?’ you would think that putting money first was the answer given by most people.
However, most business researchers will say that money is not the most important motivator, the top three motivators are usually
Achievement and recognition – A large percentage of people say that they would work harder if they got recognition through a raise or bonus.
Liking your job – making the job worthwhile or enjoyable to be in is almost as important as money.
Recognition – from bosses, colleagues, or teammates for good performance and effort done in the job.
Why Is Company Culture Important?
So what is company culture? A culture is a set of values, norms, and behaviors that are widely shared and accepted by the people within the organization.
They have been able to create dominant company cultures that are so strong that they can eat up many other aspects of an organization where there may be strategies or ideas that could be great on paper but end up being poor practice in execution.
However, when you have a great company culture, it is much easier to attract top talent and get people to stay with your company. Talented employees are attracted by a sense of purpose, feeling valued, and getting the support they need to do their job well.
With a great culture, employees are more likely to be engaged in their work, they will recommend your products or services to others, and they may even do some word-of-mouth marketing for free on social media which can be great for your business.
The Three Main Parts Of Company Culture At Work
A company’s culture can be broken down into three main groups: Customer Culture, Organizational Culture, and Corporate Culture.
Customer Culture
Great customer culture is important for any business that wants to ensure that it has happy customers and can give them excellent service. Customer culture is something that a company should concentrate on from day one.
If a company first concentrates on deeper relationships with its current customers, then it is much easier to attract new ones.
A bad customer experience tells the world not just about your products, service or brand, but also about the type of company you are as a whole if customers are not given the support they need.
A few ways that companies can improve customer culture include:
Customer service training: Get everyone in the organization to take part in the same training so that they know how to have good customer service.
Empowered employees: Ensure employees are empowered and are able to help customers when they need it, even if this means going beyond their job description.
A strong brand image: Make sure that frontline staff are empowered and know how they should deliver excellent customer service within your culture and brand image. This is something that needs to be emphasized at every level within the company and to be regularly reinforced through all media communication channels.
Findability: Make it easy for customers to find your business and use your website. For this, it’s best to find an affordable SEO services to handle your search engine optimization, and keep your website on top for search rankings so customers can find you easily.
Organizational Culture
This is the part of a company culture that is aimed at the employees. Organizational cultures are based on key elements which can be generally separated into behavioral and cognitive factors
For instance, behavioral factors are things like rewards and achievements which help to motivate and give employees a sense of belonging within the organization. They can include:
Rewards – both internal and external rewards are important, along with bonuses, cash prizes, and gifts for achievers, but also training opportunities and promotions can be valued as an achievement.
Recognition – ensuring that everyone is valued and gets recognized for their contribution to the company is vital to having a great organizational culture.
Support – everyone needs a bit of emotional support and encouragement when they are working, so having a good support network within the company is vital to ensuring that employees want to work harder.
Corporate Culture
Corporate culture refers to the company as a whole, not to individual employees. Corporate culture can be about core values, beliefs, and attitudes which are shared by all the employees in an organization. It may be about how managers work with staff or other external parties, or it may also cover things like relationships with clients and suppliers.
A good corporate culture can help you sell your products more easily because it is based on the company’s values, beliefs, and attitudes.
Should You Focus on Positivity or Creativity?
This is an interesting question, and it is something that companies and managers will have to debate long into the future.
There is no doubt about it, increased employee happiness has a positive effect on economic returns. So has creativity been given short shrift? Or should managers focus only on creativity when it comes to motivating employees? Is positivity more important or should we just stick to business as usual?
We have all seen many examples where people have demonstrated creativity at work by coming up with new ideas, new products, or new services. They know how good their products are, they are confident that they can sell them, and they can get the funding they require to start their business. However, in today’s competitive world, it is not enough for your ideas or products to be great, they also have to be profitable or you will not make any money.
Creativity can be a barometer of employee engagement, but it is not the only thing that matters. It’s easy to come up with ideas and pitch them internally, but in order for your good idea to turn into a profitable product, you need to work hard at turning it into a reality that your customers can enjoy and use every day.
This will require a lot of hard work on every level of your business from the CEO down to the junior members of staff.
Leading From The Top Down
For many companies, their brand image and culture are based around the top management. It is often those at the top who are most effective at communicating to staff how company values and policies should be acted on by everyone.
The top managers must be seen to be leading from the front so that employees are inspired to do a good job, as well as being rewarded accordingly. This will make them better at their jobs and more satisfied which will, in turn, lead to a positive corporate culture that attracts talent into your business.
When it comes down to it, the best way for a business leader to motivate people through their values is by communicating them clearly with all members of staff. For this, it must be communicated through a good culture (as mentioned above) as well as through training courses and performance evaluations.
Statistics indicate that recognition and rewards based on performance can have a positive impact on employees which will help to improve their work.
This may seem like a cliché, but your employees need to know that they are valued and have an important part to play in the company.
They will not just perform better, but they will feel good about coming to work every day because they know they are making a difference. You can build your business around them so that you get what you need from your team without much effort.
Interpersonal Aspects of Leadership
Interpersonal leadership refers to the relationship between leaders and their employees.
Relationships between leaders and the people that work for them are very important as they impact how good an employee is at their job, how much they are motivated, and how effective they are at doing their work.
A good leader understands the needs of their people and knows how to involve them in decisions that will help the business to be more productive.
Interpersonal leadership is essential to a company’s success, but it is not something that should be taken lightly. You need to see your employees as partners, as co-workers, as people who are performing a job that you need them to do.
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In the spirit of the upcoming holiday season, businesses need to take advantage of this opportunity by creating a successful Christmas ad campaign. To help create the best advert possible, companies may resort to hiring a video production London agency to help them refine the core objectives, audience, messaging and purpose of their Christmas campaigns.
However, to get the best results possible, it’s important to follow the best practices available and know where to get started. Let’s look at some of these today and how they can help your business succeed!
According to Ideal Insight’s blog post, brands such as Coca-cola, John Lewis, Burberry put in lots of time, money, and efforts in their Christmas Ads, and the report shows how successful they were, just in time for the 2021 ad releases.
It’s that time of year again. Businesses are preparing to start their holiday promotions, and you’re probably wondering how to create a successful Christmas ad campaign.
We’ve created this guide to know what steps to take to make your company the best it can be during this holiday season.
Why should I create a Christmas ad campaign for my business?
Creating a successful Christmas ad campaign can benefit your business in many ways. A holiday promotion is an opportunity to raise awareness of the company and its products, get new customers on board with deals or offers, and increase revenue by selling more gifts than usual during this time of year.
For example, if you’re a clothing retailer, your Christmas ad campaign might offer discounts on winter coats or holiday sweaters. If you run a restaurant, you might promote gift cards that can be used at any time of year. The possibilities are endless, so it’s essential to tailor your campaign to what will work best for your business.
Best Practices for businesses to create successful Christmas Ad Campaigns
There are many different opinions about what makes an effective advertisement, but there are also some general practices that are usually considered best practices. The following tips will help you create a successful Christmas ad campaign for your business:
Advertising Placement
Where you place your ads is essential, as it can determine how well the public receives them. For example, if you’re running a TV commercial, make sure to target programs that have high viewership and demographics that match your target audience. If you’re running an online ad, make sure to place it on websites that are frequented by your target audience.
Marketing Channels
Utilising a mix of marketing channels is an effective way to reach more people with your holiday promotion. Different types of businesses will have different channels that work best for them, but some general ideas include TV commercials, online ads, print ads, and social media campaigns.
Promotional Strategies
There are various promotional strategies that companies use to increase their revenue during the holiday season. Some businesses offer special deals and discounts for gifts, while others give away free items with purchases. A fitness centre could promote memberships by providing a limited-time promo code or exchange on gift packages.
When creating a successful Christmas ad campaign, it’s important to remember that there is no one-size-fits-all solution. By using the best practices above as a guideline, your business can create an advertising campaign to reach more customers and boost holiday sales.
Examples of successful campaigns
One of the best examples of a successful Christmas ad campaign in profitability was Sainsbury’s in 2014. They ran a commercial called “1914,” which depicted the story of the Christmas truce during World War One on Christmas Day where British and German soldiers had a truce, cased fighting and played football. The commercial was very well received and helped boost Sainsbury’s sales by making £24 for every £1 spent on advert during the Christmas period.
Burberry ran another successful campaign in 2016 with their “The Tale of Thomas Burberry” ad. This commercial told how Burberry’s founder, Thomas Burberry, created the iconic trench coat and to help tell this story, the advert featured some established talent with actors such as Domhnall Gleeson, Sienna Miller, Dominic West, and Lily James.
The commercial was very well-received and generated a lot of online discussions, with many people praising its creativity. Burberry made a whopping £10 million during the 2016 Christmas season.
Tips for creating a successful campaign
Businesses can do a few things to create a successful Christmas ad campaign.
Firstly, it is essential to think about what makes your company unique and how you can communicate that through your ad.
You should also make sure that your commercial is engaging and creative, as this will help to capture people’s attention.
Finally, it is crucial to ensure that your budget is allocated in the right way and allocate enough money for marketing.
One of the best things to do when creating a successful campaign is to run it alongside an ongoing promotion or another ad; this will help your commercial stand out from others and make sure people remember both the product and what they saw in the advertisement.
It can also be beneficial if different team members are responsible for various aspects of the campaign, such as design and marketing. This will help to ensure that everything runs smoothly and that all of your bases are covered.
Bottom Line
In conclusion, creating a successful Christmas ad campaign is essential for any business looking to make a profit during the holiday season. By following these tips, you can create an ad that will be sure to bring you some extra business during the holiday season!
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If you are concerned that you are missing out on sales, then you are not alone. So many people are in the same situation as you right now, but if you do not do something about it, then you may find that this goes on to impact your profit in the future. Want to find out more? Look below.
You’re not Updating your Information
Having a website and then creating listings on top of that is certainly the first step. Unfortunately, for a lot of business owners, this is as far as they take it. This isn’t enough though. You have to make sure that you change and update your information as you swap telephone numbers, alter your product selection or even when you refresh any of your offerings. If you don’t, then you may find that your customers end up stood outside your business when they find out it is closed, and this can damage your reputation in more ways than one. If you put in the work to update your information however, then you won’t really have to worry about this at all.
Not Acquiring Customer Information
Businesses often find that they do not follow up on marketing expenses with a comprehensive analysis. If you are one of them then you probably have no idea what is working and what isn’t. The best thing that you can do about this is come up with an effective plan and then use software to track the results. You also need to make sure that you know your customer and their contact details. This is the best way for you to make sure that you are building a long and profitable relationship overall. The more customer data you have, the better. Using scheduling software will also work in your favor quite a lot here, so keep that in mind when trying to avoid missing out on customer appointments.
Not Following Up
If you can manage them properly then you should know that existing customers are a fantastic source of business. Far too many short-sighted companies forget about the customers who have purchased from them in the past and instead, they look at new customers only. This is one of the biggest mistakes you can make, so you have to make sure that you avoid this if possible. The solution here would be for you to send out personalized marketing messages to any customers you have. You need to encourage them to fill out surveys based on their interaction with your company, and you also need to give them a discount in exchange for their corporation.
If you can follow this guide, then you will soon see that it is easier than ever before for you to not only get new customers but to also retain old ones. Sometimes it is the simple changes that make the biggest difference too, so make sure that you keep that in mind if you want to boost your sales and the general experience that you have when interacting with customers.
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Have you noticed that your business is lacking somewhat? It might be the case that there are certain aspects of a business that you didn’t think were important in the beginning, but now see that they are. When this happens, you have got to take the time to figure out how you are going to get these things integrated into your business as soon as possible to help the end result. In this article, we’re going to be looking at some of the things that could be missing from your business, so keep reading down below if you would like to find out more.
Fantastic Marketing
The first thing that you are going to need to think about is having fantastic marketing. You, like many other business owners, may have been under the impression that marketing wasn’t that important, until the point where you realized that it is. Marketing is responsible for getting new people interested in your business, which is how you gain more customers, taking your business to the next level.
As such, you need to ensure that you hire at least one marketing professional for your business so that you get the benefits of their knowledge on the subject. We’re almost certain that you are going to see more customers than ever before if you do this.
Human Resources
Human resources are responsible for all things between the employer and the employee. This is often another area of businesses that owners like to save money on, thinking that they aren’t going to need these services. But, you’re wrong because they are extremely useful to have. Make sure that you take a look at hr software for smbs to make the process easier, and to ensure that HR have the opportunity to make their process more efficient when they get going.
IT Professionals
The final thing that we are going to look at is IT professionals. We live in the age of technology, and this means that your business is going to heavily rely on tech to get by. As such, you need professionals who know what they are doing so that if something does go down, you have someone on your side who can come and fix it asap. The quicker this is done, the quicker you can get back up and running.
The same goes for protection of the business as a preventative measure. You need someone who knows how to secure your business network and minimize the risk of threats to the company.
We hope that you have found this article helpful, and now see some of the important things that your business might be missing. The problem with missing things is that your business is not going to run the way that it needs to if you don’t have everything that you need. We wish you the very best of luck, and hope that you figure out how to get the things that your business needs sooner rather than later.
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