Launching a small business is an exciting time in the life of an entrepreneur.
Once the initial momentum has worn off, however, it requires a lot of hard work and commitment to see your business grow.
If you’re not sure how to go about that, we hope you find the tips below inspirational.
Small Business Success is Impossible Without Setting Goals
You wouldn’t try to get out of debt or lose weight without setting goals, so make sure you write down several measurable goals for your small business as soon as possible.
If you don’t take the time to set goals, you will have no idea if you are achieving business growth or headed toward business failure instead.
The following SMART acronym can be especially useful when establishing small business goals for the first time:
- S for specific. Vague goals will get you nowhere because there is no way to know if you’re hitting them or not.
- M for measurable. Be sure to write goals that you have some way to track and measure to know you’re on the right path towards success.
- A for achievable. Back to the weight-loss example: No one would expect to lose 50 pounds in a month without surgery. Your small business goals should be equally realistic.
- R for relevant. You will have different goals for your small business than other entrepreneurs in your network, and that’s OK. The important thing is that they make sense with the business goals you’re trying to achieve.
- T for timely. It’s good to have both short-term and long-term goals that propel your business forward. Be sure to take the time to re-evaluate if you find that you’re unable to reach most business goals on time.
Get to Know Your Customers to Improve Your Company’s Service to Them
One common mistake that small business owners make is creating products and services that interest them without actually finding out if their customers have the same interests. Reaching out to ask for customer opinions is one way to understand how they think and what their priorities are.
You also can read and respond to all online reviews consistently to show engagement. Even if a customer leaves less than desirable feedback, thank him or her for sharing and vow to use it to improve your business.
Make the Most of Social Media
If you don’t already have a social media strategy for your small business, consider hiring a marketing agency to help with this task. Putting your business out there and sharing with thousands of potential customers every day can only help you meet your goals.
Remember that the purpose of social media is more interactive than taking a hard approach to sales. The benefit is that following your pages and seeing the way your business responds to people helps to develop trust that could eventually lead to new customers.
Please don’t hesitate to contact Chicagoland CPAs for additional tips on small business growth.