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Getting the most out of your small business isn't always easy. When you're wearing many hats and working hard to maximize your limited time, some tasks have an opportunity to slip through the cracks. These tips can help you run your small business more efficiently, making the most of the hours you spend at work – and your investment.
Automate as much as possible
When there's only so much time in the day and plenty of tasks on your to-do list, the more you can automate, the better.
With today's technology, it's possible to automate a wide variety of business tasks, letting a computer do the heavy lifting in the background while you focus on the core aspects of your business. For example, according to Software Path, marketing automation software has led to a 14.5% increase in sales productivity, making it possible to save time where it counts.
Target your marketing strategies
In today's tech-centered environment, it's no longer acceptable to only run ads in the newspaper or on the radio with the hope the right audience picks up on your message. Instead, targeted marketing can ensure you get the biggest bang for your buck, with benefits like the ability to:
- Speak specifically to a targeted audience
- Attract and convert high-quality leads
- Highlight unique attributes that differentiate you from the competition
- Cultivate customer loyalty
- Improve available products and services
Outsource where necessary
Small business owners often do a little bit of everything, serving as a customer service rep, a marketing manager, an accountant, a financial analyst, and a human resources team, all in one. However, when the burden becomes too much to bear for one person alone or a small team of people, outsourcing can save time, energy, and money.
For routine daily tasks, like bookkeeping or managing social media, working with a third party can improve the caliber of service without significantly increasing costs. Outsourcing can add expert input to your business and provide availability on an as-needed basis to help your company grow, all while reducing costs by as much as 30%, according to Harvard Business Review.
Invest in your website
If your website isn't up to par, now is the time to make a change. Upgrading your website using a responsive, mobile-friendly design can increase your position in search engine results pages, improve customer responses, and boost your reputation in the local community. In addition, the more information you make available on your site, the less time you will have to devote to answering customer queries.
Utilize tools and technology
Are you still distributing to-do lists on paper? Insist on tracking inventory by hand? While there's nothing wrong with old-school techniques, software solutions designed to improve productivity can go a long way in a small business.
For example, inventory management tools can take the burden off manually overseeing inventory, and social media marketing opportunities can improve employee communication. No matter where your business needs to improve, there's a tool to help you save time and increase results.
Encourage employee satisfaction
Happy employees are hardworking employees, which means better results for you and your business.
To keep your team content, focus on what employees value most: job security, opportunities to make a difference, and a comfortable, enjoyable workplace. Still not convinced? The cost of replacing an employee, according to the Society for Human Research Management, is estimated to be around six to nine months of the salary of the position in question.
Listen to feedback
When you get feedback from customers, it's only natural to smile, nod, and say thank you without really taking the time to put compliments or constructive criticism into practice. However, failing to do this can send your company in the wrong direction.
While you have a vision and purpose for your brand, your customers are the reason you exist, and they know how well you're meeting their needs better than anyone. Instead of charging ahead without acknowledging potential red flags customers raise, take time to listen, process feedback, and leverage customer opinions to make educated decisions that will give your company a leg up.
While there's no way to guarantee business success, there are certain steps you can take to skew the odds in your favor. From an improved website to utilizing outsourced resources, it's possible to increase efficiencies across your company.
For more information
For more information to help your small business, check out the BBB business news feed and the BizHQ.
BBB Great West + Pacific contributed this article.