Many people dream of one day establishing their very own small business. While a lot of us have some elements of entrepreneurial ambition, not many follow through with such business ventures. Abandoning the safety and security of a full-time job to set-up a business is daunting and it requires a significant amount of hard work. What’s more, it can take a lot of funding to get a business up and running.
Although there are success stories whereby multi-million dollar businesses were created from the most unlikely scenarios, the success statistics for small businesses are intimidating. Half of them don’t make it past their fifth year. The reasons behind the high failure rate are varied but many of them come down to the inability to execute across all business operations. With limited staff numbers and tight profit margins, small businesses can be stretched thin quite quickly.
It’s vital that small business owners and management prioritize long-term success, rather than getting caught up in immediate problems. While this is often harder than it sounds, it’s necessary for a business to progress.
In many cases, the best approach for a small business is to push the boundaries through a growth-oriented strategy. They don’t need to act like a large corporation but they should consider adopting some of their tactics. This allows a business to grow, while they plan for the future.
Here are four key tips for pushing the boundaries with your small business.
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1. Outsource specialist services
It’s important to realize that those working for a small business might not be skilled or knowledgable enough to successfully execute every aspect of your business strategy. Sometimes outsourcing specialist services is the best way to take your company to the next level.
Accounting, payroll, web design, marketing, and I.T. are all examples of specialist services that you could benefit from outsourcing. You can reap the rewards of expert service and you have the time and freedom to concentrate on core aspects of your business.
2. Get legal cover
A mistake made by too many small businesses is that they don’t take legalities seriously. When pushing the boundaries and trying to grow, it’s critical that you’re covered by commercial legal experts. Do your research and find business and commercial litigation experts for consultation, advice, or help with on-going legal issues.
3. Up your marketing game
Marketing is an essential aspect of a growth strategy. In the digital era, there is an abundance of information and resources available for free to help you execute a flawless marketing campaign.
Create targeted advertising campaigns designed to hit specific goals. Ensure that they are measurable so that you can analyze and dissect their performance after the fact.
You don’t need to reinvent the wheel when it comes to marketing. Stick to proven strategies and concentrate on execution.
4. Don’t ignore the numbers
Businesses have become heavily reliant on data analysis and statistics. From measuring social media engagements to analyzing demographical information on your weekly website traffic reports, there has never been quite as much data available at the touch of a button.
Utilize every piece of available data and gain key insights into all aspects of your business’ performance. The numbers don’t lie and they can show you where opportunities are.
Become data-focused and let this information drive your business forward.