11 Growth Hacking Small Scale Business Tips You Really Need To Know!
By: Samik on February 14, 2016
Being an entrepreneur, you will find that you have just your own experiences to guide you as you go along. There are numerous other great resources from where one can gather great insights. But, no two businesses are alike. It implies that you will never know what works for you until you experiment something on your own. For a person whose family is into business, the journey may appear slightly smooth. Even they too will have their own share of tough times as entrepreneurs.
Following are the 11 small scale business tips helps marketers to scale up their business worldwide…
1. Be active in social media
Social networking platforms of today are forces you can never afford to ignore as the owner of a small business. Create a profile in a few popular social networking websites and stay active offering your valuable advice and tips to those who need them. Do research on where your target audience hangs a lot and build your homes here accordingly. When you start earning a reputation as an expert, people will trust your recommendations and will buy whatever you offer without questioning their reliability.
2. Know the rules of taxation for small scale business
Explore the Government websites and understand the rules and regulations with regard to taxation for your type of business. If you are not an expert in the field, consult an attorney. Just see to it that your choice falls on a reputed firm or a well-experienced expert.
3. Stay organized
One of the very important small scale business tips is to stay organized. This is the key to success in everything; your business is not an exception. Create a to-do list for every day. You should also make sure that you are completing all the tasks you mentioned in your timetable. Complete one job at a time and move on to the other only after that. Multi-tasking may give you the satisfaction that you are doing as much as possible. But, it will have a negative impact on your productivity. You won’t be able to concentrate on anything.
4. Give priority to your customers
The customer is still the king for a business. When starting a business, try to think like a buyer. Customize your products in such a way as to give you utmost satisfaction as a consumer. Remember, word of mouth is the most effective mode of advertising. And, making your clients well cared for is a must for you to survive the fierce competition you are facing.
5. Find your USP
You will definitely face fierce competition wherever you may turn as an entrepreneur. But, staying unique is a must if you want to live long in the market. Find an area where you are different from the others and excel in it. The process may take some time. But, it is a must to succeed as the owner of a business. Declare your USP (Unique Selling Points) through your actions.
6. Build a team to support you
The best of the best small scale business tips should be this one. This is a big loophole where every business owner should be focused on. Don’t hire a professional based on qualifications. Make the person feel that you are seeking for someone to be a part of a team. Take all measures to ensure that the entire staff is fully aware of its individual responsibilities.
7. Decide how to maximize your profits
There is no doubt to one thing; the ultimate objective of every business is to make the profit. Adjust your expenses in such a way that you are able to increase your profits. Don’t go too far as to fall in the bad books of the authorities. Calculate all your expenses and find ways to exceed your revenue in such a way as to help you expand your business.
8. Start with your own money
This is an area where the majority of beginners fail miserably. They spend the loans they receive to get settled as entrepreneurs. Know that it may take years for you to make enough profits to start paying for the loans you took. Spend as much as possible from your own wallet for your business and keep loans as of last resorts. It will minimize your debt. And, you will find yourself repaying for the same even without you noticing it.
9. Update your plan at regular intervals
Everyone knows that a business needs a plan to succeed. But, is yours updated as you move forward? Always keep your business plan before your eyes. Update it as priorities and objectives change. This will make sure that you have a detailed outline to act upon. And, don’t forget to keep a detailed record of everything that happens in your company. This is a must-have small scale business tips if you want to learn from your mistakes and avoid repeating them.
10. Enjoy your work
As the owner of your firm, you will have to set an example of what you expect from your staff. Be passionate about your work and let it radiate to those around you. When you feel down, have some time for yourself. It can be a few hours or a week. Take stock of your situation during this interval. Follow any successor’s small scale business tips and adopt them. Analyze the reason why you started the firm. If you are honest enough, passion is sure to return.
11. Acquire insurance protection
Evaluate the insurance protection you have and add up to it to safeguard your business. The practical approach is to consult a reliable insurance broker in this regard. Having a discussion with your staff too may help you make wise decisions. The process to get a low premium may take time. However, be patient and kind to your wallet.
Finally, have a healthcare mechanism in place. This is a must even with your best efforts to stay fresh and clean all through the day. You will be staying almost all the time in a group. And, there is no guarantee that your staff is as hygiene as yourself. Don’t go to extremes and create confusion. Just stay alert and have a contract with your doctor.
This is a small outline. There is much you can do to become an entrepreneur. As you go along you will find even more ways to update yourself and your business as well. Just keep this growth hacking small scale business tips with you to scale up your business.
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