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10 Top Tips for Small Businesses

By The Icon Team on 09/07/2015 - 0 Comments

When it comes to maximising your revenue and profits, it’s all about executing the right strategies in a timely manner with the right people. In these times of gloomy forecasts for Europe this is just the time to UP your game and ensure that you are pressing all of the right buttons.

It is not necessarily about doing more, but doing the right thing. As the saying goes, ‘sometimes less is more’ or rather spend your energies on doing the right things and not just the ones you are used to doing.

Here is a great "top 10 tips for every business owner" checklist

1) Concentrate on your Customer base:

Understand your customer demographics and why they buy your products and services. ASK them the question. Also ask them if they can recommend others to you. Maybe set up a new pricing structure offering new price breaks giving your customers more flexibility to buy.

2) Increase LOW cost marketing:

Set up a business Twitter and Facebook page. Start a blog or comment on other blogs.

3) Ask for opinions:

Bounce ideas off of people you trust. Ask your team for input to new ideas. Ask your customers how you might change your product or service.

4) Update your Web Site:

Make sure you have a Web site that is up to date and reflects your current strategies. Add an e-commerce section. If you haven’t got a Web site, invest in one. You can get started for very little outlay now.

5) Free up time to sharpen up what really makes a difference:

This one always seems impossible, but look at your ‘to do’ list. How many things do you do that you could STOP doing? Are you properly organised. Are you using technology or is it using you?

6) Offer special events to draw in customers:

Run demonstrations or education classes. Re-look at your pricing policy and maybe re-launch products or services. Re-arrange merchandise to make it appear fresher to give a new customer experience.

7) Network to increase referrals:

There are both free and fee groups that you can join and don’t ignore the ‘virtual’ groups on the Net.  Do not miss out on social event networking.

8)  Keep a watchful eye on your cash flow:

All businesses need cash. Make sure that your invoices are being paid promptly. Pay early if offered a discount. Monitor your cash flow regularly, daily if needs be.

9) Update your business plan:

You should be planning for success, but you cannot monitor your achievements if you do not have a plan and do not have a way of measuring what you have done.

10) Prepare for  a step change:

You might need additional funding to make that next big step.  How will you convince friends, family or banks (or other financial institutions) to put in money if you are not clear on where you want to go and where you have come from? You must be able to show the ability to repay any loans.

The first step need not cost the earth, or be overly complicated - so, go forward from here with confidence. You will have a terrific advantage to succeed.

If you do not, there is every chance that your competitors will.

At Icon, our advisors are always willing to discuss your next steps - drop your local advisor a call or send them an email - don't wait, do it now!


Good luck and see you next month.

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