As an owner of an SMB, you have to have eyes in the back of your head. The bosses that don’t have their finger on the pulse of the industry are the ones that fail. But, no one can cover every gap in their knowledge. Owners have accommodated for this in the past by focusing on the key growth areas. If these are taken care of, the rest should fall into place in the theory. However, the sector has changed dramatically over the past decade and there are new areas that need your attention.
Here is a selection of the four most important you may not know about at this moment.
Debtor Chasing
Everyone from Gates to Buffett has had to deal with debtors not paying their dues. It’s no secret it happens, and it takes place in the small business sector more than anywhere else. Still, there is a weird attitude towards overdue balances among SMB owners.
Some follow up to the death and make sure they collect, whereas a large percentage gives up after a short period. Revenue is essential, which is why you need to focus on chasing down debts and receiving what you are owed. Factoring invoicing is popular for this very reason. But, never underestimate the value of annoying debtors into writing a check because persistence pays off.
Customer Loyalty
There is an obsession with getting new consumers through the doors, digitally and physically. It’s true that fresh customers will keep the wheels of revenue turning and that they are essential to growth. However, the people who got you into this position in the first place are too. Loyal men and women are the lifeblood of an organization as they stick with the company through thick and thin. So, giving back to them is essential, which is why promotional codes and discount offers are necessary.
Big Data
SMBs understand that the raw info holds the answers yet can’t be bothered with the process. Leave that to the huge corporations who can afford to spend time and money crunching numbers, they say. Well, you shouldn’t have the same attitude as dealing with Big Data is straightforward.
For example, Google Analytics, a free piece of software, breaks down everything from bounce rate to length of stay. And, you can learn a lot more about consumers if you are willing to spend money on better features. The info can help you tailor your brand to the customers’ needs, so it’s a no-brainer.
Video Marketing
The written word was once the king but has been replaced by video. People want content that is engaging and interactive, and words just don’t have the same impact. Plus, you can link a post to YouTube and connect with billions of unique users every day. Most importantly, video marketing shows the world that you are a modern business that is willing to evolve. The same goes for interacting with social media followers and being creative in general.
Is your company ready to grow? Good, because these hints are here to help you do just that!
Images courtesy of Pixabay, Flickr, and PublicDomain.
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