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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.
3 Tips on How to Revamp Your Small Business: Budget, Team & Marketing
If your small business isn’t faring well, a revamp might be in order. There are three major components of a business where making a change is relatively easy, but its results might be impressive. Those are the budget, team, and your marketing strategy. Depending on your current situation, you might choose to overhaul only one of them or all together.
How to Revamp Your Small Business: 3 Changes That Make a Major Difference
1. Budget
Rethinking your budget is something you need to do every year to account for your business’ development. However, if your company is struggling with finances now, an immediate review is essential. An infographic from Business Insider shows that 82% of all small businesses that fail suffer from cash flow problems. A quick budget revamp can prevent this because it will help you reallocate your funds more efficiently.
To make budget analysis and change easier, you should use cloud accounting software like QuickBooks. These solutions collect data and can provide you with reports that show changes in your business’ finances over time. Use them to find weaknesses and predict future problems.
2. Team
The team is a lifeblood of your small business and it’s also a major issue for companies today. According to Statista, the quality of labor was the biggest problem for businesses in the US in 2018. When the people working for you are unreliable, you cannot produce quality products/services thus losing customers and money.
Revamping your team is difficult because you’ll have to dismiss the people who don’t benefit the company. However, you have to be strong and unyielding here as this is a matter of your future success.
As a small company, you will also struggle attracting more high-quality talent. You can solve this problem with the help of Professional Employers Organizations (PEOs). Be sure to use an independent source to screen PEO providers. There are over 700 of them in the US and you’ll need to get a detailed comparison and some help to find the ones best suited for your business. When you do, you’ll be able to offer prospective employees some tempting benefits with the help of the PEO.
As the people will be actually working for the organization, which ‘rents’ them out, your business won’t have to pay more taxes for increasing your team. Note that high taxes are the second biggest problem for US small businesses in 2018.
3. Marketing
To revamp your small business marketing strategy means rethinking it completely, which is a very complicated task. The things you need to focus on first are:
- Target audience.
Do you target the right people? Is your targeted group too wide for effective niche marketing? Do you understand your target audience well enough? - Platform.
Are you using the platform and approach preferred by your target audience? Do you need to dedicate more time and effort to one of the channels? - Website.
Is your SEO top-notch? Do you need to upgrade your website design? Do you need to improve loading speed or move to a new hosting? - Advertisement.
Do you use the right platforms for your ads? Are your ads creative and engaging?
Be sure to analyze and improve or change every factor and delve deeper if the revamp doesn’t bring the desired result.
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