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Expert Answers to Biz Questions
Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
A Health Checkup for Your Money
Most businesses in the United States have the classification of small business, having fewer than 500 employees. A large percentage of these small businesses have 10 or fewer employees. As such, they have a small budget and must account for every penny they spend. The good news is there are many ways to save cut expenses without losing out on potential profits.
Smart Banking
Making the best use of your money and having access to cash advances is a must for the small business owner. Where traditional banks may have more money to lend, acquiring approval for your small business is often difficult. Today, many of these owners are switching from their bank to a credit union. There are several benefits to choosing a credit union over a bank. First, most provide a free checking account. This will eliminate the nuisance and wasteful monthly fees. Second, it’s much easier to secure a business loan, which in turn allows you to keep your business afloat and invest in new ways to increase profits.
Social Media Trumps
As a small business owner, you know all too well the importance of launching a successful marketing campaign. Every dollar invested must provide a return. Unlike Fortune 500 companies, you don’t have the financial resources to recover from a failed campaign. Thankfully, there are several effective marketing strategies with low overhead. Social media is the new norm for businesses. If you want to be a player and legitimize your business, there’s no better venue. Social media sites such as Facebook have millions of followers at any given time of the day. Identify your target audience and have ads running during premium hours.
A Face in the Crowd
If your business is just a name, it will remain that way. However, if people in the community and the surrounding area see your face, they will connect with your business. Don’t underestimate the power that comes from maintaining a presence and giving back to the people who support your business. Many successful small businesses host things such as summer music festivals and walk-a-thons to give back to the community. This will instantly give your company good standing and improve its image.
Trade Shows
Trade shows give you, the business owner, a chance to see customers and people in the area, up close and personal. They, in turn, can ask questions about the business and the products or services you provide. It’s a handshake, knowledge and a smile that will offer long-lasting positive effects. Trade shows also give you the opportunity to meet your competitors and make a personal connection. You can discuss different approaches that work for each business and discover new methods for improving sales.
Rewarding Loyal Customers
The loyal base of your small business can make or break it. If content, they will refer family, friends, and co-workers to your business. This provides free advertising and will improve volume without the need for added marketing costs. In order to enjoy the benefits of a loyal base, it’s essential that they feel good about the business. One way to keep them happy is to offer a small monetary finder fee or a discount on future products or services.
Keep in Touch
Customers need to know that they matter. For small business owners, every sale is important. Luckily, you can capitalize on each sale by maintaining contact with your clients. Sending periodic emails alerting your customers of new products or services available and following up after each sale with an inquiry will help keep customers loyal. It’s a step towards a fan base that builds trust and a solid reputation.
It's not too late to start the new year off right. Find ways to not only save money but ways to put it to good use
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