As a small business owner, you have to find ways to keep your budget trim while at the same time investing in the priorities that will yield the best return on investment.
Here are a few areas you should focus on to stay competitive in 2020 and beyond.
Selectively invest in tech
It’s easy to forgo spending on tech when cash is tight. Yet, spending on tech that will automate or eliminate manual or redundant business processes will save you money. Just be sure to choose tech that will have a measurable result on your bottom line.
Improve Customer service
One of the most practical ways to be competitive in 2020 is simply to offer excellent service to your customers. This will help you build loyal return customers who will refer friends and family to your business. Make sure that your policies and agreements are simple to understand and that you focus on finding the right solutions for your customers. As you focus on building relationships, your customer base will flourish.
Take advantage of social media
There is no excuse to fail at social media these days. In fact, it’s a business necessity. For a small fee, you can build your business through social media channels. Use each platform to showcase different things. LinkedIn is a great space to share your research, awards and employee training. Facebook can be used to show your company events, charity work and a behind-the-scene look at your production.
Find ways to be more green
No matter what industry you are in, look for ways to make your company eco-friendly.
Perhaps you already have some initiatives in place to reduce your carbon footprint. Be sure to let your customers know. On top of going green, it’s important to be authentic and help your customers see why it is important to your business.
Another way to stay competitive this year is to make sure your team is organized and working efficiently. Ensure your team set daily, weekly, monthly projects or tasks in your project management tool. Asana and Monday are web and mobile apps that can help you keep you manage your work.
By seeing tasks and projects in real-time, everyone stays on-task and accountable. Plus, you can link files so that everything is in one place and accessible to the whole team.
Re-market to your loyal customers
Is your business spending a big chunk of your marketing budget towards new customers? If so, you may want to focus some time to target your existing customers. Best of all, it doesn’t cost anything to market to them. Give them a superb experience, nurture the relationship by staying in touch and ask for referrals.
As you focus on the strategies we’ve outlined here, you will be able to offer an unparalleled experience for your customers. Know a small business owner who could benefit from these tips? Share this blog on social media.
Graduated from the University of Toronto with an Honors BA English Specialization and has completed several publishing courses at Ryerson University. She is a proofreader, editor, and content writer based in London, Ontario.