Sometimes, small businesses get in a soup.
They do not step back and plan for the future or come up with creative ideas for improving the business. This article shares 10 ideas that may work wonders for your business; or at least get sure on creative juices flowing.
Team up with another company
Consider a joint venture or strategic Alliance!
It can be broad - such as a joint venture to develop a new product or Technology; or simple - such as an agreement to co-advertise a product or service. the most logical strategic partners are companies in related industries, but on occasion, you may want to include competitors in that list.
Strategic alliances of the below benefits:
Access to capital
Access to International markets
Access to new distribution channels
Access to new or existing products
Enhanced ability to compete
Reduced cost and uncertainty
Because you cannot possibly know everything you need to make your business successful, get advice from as many sources as you can. Talk to your lawyer, accountant, and Banker.
Ask questions of entrepreneurs who have survived some of the same problems that you are facing. If they are willing, your competitors can provide particularly valuable advice.
Who knows, you may end up in some kind of Strategic Alliance with them.
One way to get systematic advice is to set up a board of Advisors!
Include people with different experience and backgrounds on your board. have regular meetings - once a month or so -During which you bounce questions and ideas off board members.
People may be more willing to take on this task because it generally involves far less responsibility and liability than being on a board of directors - make sure to give them some incentive for participating such as stock options are a small fee.
Send gifts to your key customers
Successful businesses build up goodwill.
if your company has some key customers, can consider sending the main contact a present as a show of appreciation. This present does not have to be a Ferrari or a Picasso - just some small token that says you value their business.
Imagine how you would feel if one of your suppliers did that!
Wouldn't you be more likely to give that supplier a preference in future dealings?
Consider giving the following items as gifts -
A desk clock
Gift certificate for two to a restaurant
Nice wine or champagne
A gift customized to recipients hobby
You could use your own product or service upgrades or new launches as a trial
Seek Financing when you do not need it
Yes that is not a typo!
If your business is doing well, you may - mistakenly - not see any pressing need to obtain more Bank financing or equity funding. But the best time to seek financing is when you don't need it. You are not forced into a corner and you don't risk cash flow problems if you have adequate credit.
Consider going to a lender to establish a credit line and soliciting venture capitalist or other investors for an equity investment in your company, even if you do not need the financial boost right now.
Banks and investors are more inclined to approve your business for loans when that business is doing well. And you are in a better bargaining position because you have absolutely no pressing need to obtain the financing.
Try different ideas
Successful business trial of different things - using different advertisements, adding new products, or improving the old ones. By trying new things you can obtain increased flexibility and find better approaches to your business.
Encourage new ideas from employees and customers.
Don't be afraid to try out the new ideas, especially if the cost is not outrageous.
Who knows - Maybe your next idea will be the equivalent of the hula hoop, the semiconductor chip for penicillin.
If not, hopefully the next idea at least keeps you excited about the business.
Motivate and Reward Employees
You absolutely have to reward and motivate employees to make your business successful; failing which, you risk losing your best workers.
You can motivate and reward employees in many ways. Of course, raises, bonuses, and perks are always effective, but people also want to be recognized and encouraged for good performance. So make sure that you continually recognize your employee’s achievement.
For true motivation, consider including employees in a stock option or profit sharing plan. The history of Silicon valley success stories shows that you can make these plans into tremendous motivational tools.
Research your Competition
You need information about your competitors to make good competitive decisions and to help you develop and market your products and services. So, start and continue to get as much information as you can about your competitors and their products.
Information sources include the following:
Customers who have bought from or been solicited by Competitors
News clipping services
Newspaper and Trade magazine services
The World Wide Web
Exhibitions, Trade Forums, etc.
Review all the information that you can get and keep it an organised file. It may come in handy later.
Get favorable publicity
Publicity or a favorable article about your company can generate some amazing results.Good publicity may generate new customers, interest potential investors in your company, and even raise your visibility to potential employees and strategic partners.
Create some press releases or social media promotions that spotlight something interesting about your company, or pitch a story to physical or online channels.
Visibility can lead to great unexpected rewards.
Ask your Employees
Ask employees to submit one suggestion a week to improve your business.in many cases, the people doing a job have the best ideas for improving it. And by showing that you are willing to pay attention to what workers have to offer, you improve the likelihood of motivating and keeping good employees.
Asking employees for their opinions and involving them in decisions can lead to happier employees and a more profitable business.
Build great online presence
Even small businesses can profit from having a good online presence; and, with the incredible growth of professional website development tools, websites have become very easy to build and maintain.
Think of it as an additional way to market your company and your products and services. Include your website and social media details in all your advertisements and marketing collateral.
Just make sure that you keep your website interesting, informative, and up to date!
For professional consultation on business growth, feel free to reach out to me at email@example.com