Running a Successful Local Business
Whether you're a freelancer growing your connections, building a home-based startup, or trying to grow your SME, then you'll know that it's a lot of hard work. However, it can also be a lot of fun, too. After all, owning your own business can be incredibly rewarding, allowing you to follow your passion and providing a freedom that you may not have experienced before. But did you also know it can benefit your community, too?
The Local Economy
You may not realise, but SMEs are the backbone of the British economy and they're producing more revenue every year. In fact, in 2017, small businesses accounted for 99.3% of the UK's private business sector and contributed almost £2 trillion to the economy.
Small and medium enterprises also provide employment. Working within their local communities, this helps to reduce unemployment rates and benefits the local economy.
Tips for Success
No matter what stage you're at – be it developing your business plan or trying to boost profits to drive growth – here are some tips to make your venture more successful and create more local jobs.
Did you know that most small businesses fail due to issues with cash flow? This means having a healthy cash flow is crucial for success and growth, so it's important to become
financially literate. To be successful, be proactive in your approach to cash flow, plan ahead, build a cash reserve, and find ways to reduce outgoing costs. This could include negotiating with suppliers, going greener, or telecommuting.
Every business owner knows that customers are the lifeblood of any venture, so it's important to go the extra mile and improve their experience where possible. This could be done by interacting on social media, building on feedback, or improving delivery with a courier like TNT Direct. After all, your business cannot thrive without customers or clients.
Marketing should be one of your main priorities. Without a strong marketing strategy, you cannot hope to bring in customers, drive traffic, generate leads or boost conversions – marketing is essential for sales and generating revenue. To ensure your venture is successful, make marketing a central part of your business activities.
In any business, knowing your competition is essential. This means carrying out your research and staying up-to-date with what they're doing, from changes to products and promotions, to how they talk to their customers. Without doing this, you cannot hope to stand out or stay ahead of your competition – two of the biggest keys to success.
Entrepreneurs are known for being risk takers who embrace new opportunities. As such, to run a successful business, you must be open to new approaches. This could include streamlining processes, updating your services, or admitting when something is not working. After all, learning and improving are essential when owning a successful business.
Running a business involves a lot of multitasking. You need to complete a myriad of daily jobs and it can feel like your work is never done. To keep on track, it's important to get organised. Make to-do lists to make sure you don't forget anything – this could also help you monitor progress and spot new opportunities.
No business can grow or be successful with just one person at the helm, so learn to delegate. To do this, assess your skills. Recognise your talents, but don't be afraid to admit to your weaknesses, too. For example, maybe you're a marketing genius but not so great at managing finances. As such, know when to ask for help, outsource tasks, or bring in new staff.
Building a successful company can be tough but also gratifying. Follow these tips to grow your business and when you're ready, advertise for local talent via our job board.