In this competitive era, you cannot just wake up, start a business, and get rich. Everywhere there is a cut-throat competition which makes it necessary for you to do every little thing in the right way. You need to know about the cash flow, do a data analysis, study your competitors, know your customers, and more. Here are 5 quick tips that can help you survive and grow your small and medium size business.
Create and follow a plan
Investing time in good planning can eliminate many issues arising during execution. Create a document or excel to report everything and track your activities. It is not a one-time activity. Based on assumptions and results, you need to constantly keep altering the plan. Remember cash management should be your top priority. Since you cannot guarantee timely in-flow and outflow of cash.
Manage your cash and funding
Cash management is something that can never be placed in the second position. Being a small or medium enterprise, cash crunch can come up anytime if not planned properly. Decide on the amount of inventory you need to have. See that your money is not getting stuck in this process. Remember to collect payments from clients. Understand the levers in your business. Approach people who can fund your business and try not to skip any loan repayments.
Recruit and retain talented employees
Recruitment and retention is another important thing to consider for the growth of your business. You cannot go and hire anyone and everyone. Firstly, you need to consider your budget and finalize the profiles for which you need to hire new people. Do a good research and hire an appropriate person. Consider the attitude of the person and company’s culture before getting him/her in. Secondly, try to retain good employees. Higher iteration rate is not a good sign. If you want your customers to be happy, you need to keep your employees happy
Track your competitors
For outstanding performance in a business, it is essential for you to know what your competitors are up with. Whether it is related to marketing, customer satisfaction, product features, offers, etc. track their activities and try to imitate the good ones. This will help you reach your competitors’ customers as well. Follow both, direct and indirect competitors.
Connect with customers via E-commerce sites
Thumb rule for business growth is to expand your online presence by associating with e-commerce sites. It has numerous benefits but majorly it expands your business reach and helps you communicate with your customers. This will help you know what they like and what they don’t. To eliminate the pitfalls in your business, it is important to know your customer’s opinion. Don’t take negative reviews personally, because you cannot make everyone happy but you should work on them to improve your business. This will make your customers feel valued and spread a word-of-mouth for your business.