Simple Ways to Grow Your Small Business
Seemingly little steps that can have a huge impact.
Every small business owner wants (and needs) growth, that much is obvious. What isn’t so obvious is exactly how they can achieve it.
You don’t need to have a ground-breaking sales strategy or an expensive marketing team to grow and strengthen your business. This article outlines 7 simple things you can do today to make your business stronger and more profitable.
Bid on Government Contracts
Federal contracts can provide small businesses with steady streams of revenue for extended periods of time, and there are plenty to compete for. The Small Business Administration (SBA) works with different government agencies to make sure that 23% of all federal contracts are awarded to small businesses.
Check out the SBA website’s Contracting Guide to see if your business meets the requirements to bid on federal contracts. If so, use their searchable databases to see what type of government contracts have been awarded recently, and who they were awarded to. While you’re there, browse the procurement forecasts to see whether any government agencies are planning to purchase any products/services that your company might be able to provide.
Reward Top Performers
The most common example of a reward system is when an “employee of the month” gets a $100 bonus. Or, if you sell products or services that your employees want, rewarding them with store credit is an even better option, since it won’t hurt your cash flow.
It’s important for your employees to realize that the better they perform, the better the company performs. People tend to work harder when they know there’s something in it for them. Make it a win-win situation — if the company does well, the employees will too.
Install security cameras
If you can afford it, security cameras are worth the investment. Make sure you have a good view of the cash register, high traffic areas, and any other particularly valuable items.
If you can’t afford an expensive security setup, buy a few fake cameras instead — most people can’t tell the difference. When people think they’re being watched, they’re less likely to cheat, steal, etc.
Create a social media policy
If an employee’s Facebook page lists your business as their employer, there’s a chance people might interpret their views as those of the company. It’s ridiculous, but it’s the world we live in.
A social media policy can help to protect your company from unwanted public scrutiny and media attention. It lets you decide how your company is presented on social media. Look at some examples online, and tailor one to suit your business. It won’t take more than 20 minutes.
Consider New Customer Groups
Government contracts aren’t the only potential untapped revenue streams out there. Think about other businesses in your area that could use your services. Like federal contracts, B2B (business-to-business) relationships can provide a small business with steady streams of revenue.
Selling a product or service directly to other businesses can be more profitable, and a lot less frustrating than selling directly to consumers. For example, when it’s time to get paid, dealing with a company’s accounts payable department is much easier than tracking down an individual customer with a past-due balance.
Look into additional insurance coverage
Just one lawsuit can be enough to cripple a small business, so it’s important to make sure you have adequate general liability coverage. If, in the future, your business is ordered to pay out in a lawsuit, a general liability insurance policy can help your company avoid bankruptcy and live to see another day.
According to Norton Rose Fulbright’s 2015 Litigation Trends Annual Survey, the United States is the most lawsuit-prone country in the world, by far. You never know what the future might hold, so general liability insurance is absolutely crucial for small businesses.
Backup your accounting records
Regardless of whether it’s caused by an earthquake or an innocent mistake, losing financial data is an absolute nightmare. Just like an insurance policy, you never know when you might need a backup copy of your accounting records.
You’ll need a few minutes and a thumb drive, that’s it. Keep a backup copy of the financial data for every year you’ve been in business, and keep it in a separate, secure location.
Key takeaways
Taking the simple steps outlined above can help you to identify new sources of revenue, improve employee morale, and protect your business from future risk. By focusing your attention on improving the individual moving parts, you will strengthen your business as a whole.
