Since it’s the start of a new year, following old ways of carrying business activities won’t make a difference if you do not try something new. Small businesses may find it hard to survive because of the other giants in the market.
In order to cope with the established businesses, entrepreneurs carrying out business on a small scale would want some tips that can really help them jumpstart their business. In this article, we have incorporated 5 simple tips to give your business a new boost in 2017 and increase revenues and profits:
1. Develop New Products for Your Small Business
Your small business strategy for this year will be incomplete without new developments in products or services. Being a small business does not mean that you have to keep producing same products or services. Innovative companies understand that in order to grow, they must develop new products and services that comply with the changing needs of the consumers. It is the best time to come up with new products because customers seek new modes to spend money at the beginning of the year.
2. Penetrate New Markets
Small businesses are not small because they operate with small capital. Businesses are small because they have access to limited markets. If you want to earn large amounts of revenues in this year, the ideal thing you can do is to enter new markets. Entering new markets will give exposure to the business and open new opportunities. Small businesses can grow instantly if they start exporting. To start with, online export stores can be a good option with less risk involved.
3. Start Delegation of Authority
Delegating authority does not mean that you have to pass your complete authority and powers to the subordinates. It means that you should delegate some operations to managers that have more expertise in the field. Being the CEO, you should focus on the strategic matters while delegating the operating issues to the managers. This will allow you to seek more opportunities for growing your business. (Related: read our blog about how to better manage your small business employees.)
4. Automate Your Small Business
Carrying out business activities without making productive use of technology is the most foolish act to do. If too much of your time is spent on tasks that could be automated, you should consider automating it. Not only you will save a lot of time but you will see for yourself that your business is growing. Technology can empower your organization and help you to improve efficiencies and expand the scale of your operations. (Related: read our blog about how software can automate your small business.)
5. Use Your Customers to Market Your Small Business
It may sound odd, but it works. Your customers can be your best source of marketing. If you offer your customers some incentives, they will bring more customers to you and as a result you will earn a lot of profits. This will allow you to expand your business further and reach new heights in the New Year. A New Year discount offer can work for you in this regard.
These are 5 simple tips to help your small businesses grow in to big businesses in this year. When every other business is earning lots of bucks why can’t you? Follow these tips and let us know if they worked. Want more tips? Try a free trial of our small business strategy and marketing training program.