Business Blog

Essential Investments All Small Business Owners Need To Make

There is no getting away from the fact that even small business owners need to invest a percentage of their profits every year. That is the only way to guarantee your company continues to grow and expand at a suitable rate. However, knowing where and how to spend your money is sometimes confusing for those without lots of experience. With that in mind, and in the hope of setting the record straight, this article will point you in the right direction. You should have a much better understanding of your requirements after reading this post. Make sure you share it with any business owning friends or associates too.

 

Staff training

All entrepreneurs must understand the value of professional staff training. While you might not have to pay for courses for some of the unskilled people working for your company, all managers and team leaders would benefit. If the managers you employ all have ILM Award Level 3 qualifications, there is a decent chance they will come up with excellent ideas and help to improve your operation. You just need to search online for the best training providers in your home country and then get in touch with them to obtain some quotes. In many instances, your staff can complete their training courses online.

 

Marketing and advertising

Your company could supply the best products or services on the planet, but you will never make millions if people don’t know your brand exists. Considering that, it’s critical that you invest in marketing and promotion as much as possible every single year. We live in the digital age, and so there is no need to pay for TV and radio ads in most instances. Instead, you should pay some professionals to build an online presence for your business. You can then invest your budget in social media advertising and tools like Google Adwords.

Expanding into new markets

There will come a time when you need to expand to ensure your company continues to grow at a suitable rate. You should aim to develop slightly every single year, and that could mean many different things depending on the nature of your operation. Those who supply products might consider adding some new items to their list according to entrepreneurs like Richard Branson. Those offering services to other business owners might attempt to sell their assistance in new territories overseas. Just make sure you always conduct a lot of research and never rush into anything until you consult your legal team.

You now know about three essential investments that all small business owners will need to make this year. Of course, there are always other ways in which you might want to spend your profits. The information on this page is just here to make sure you don’t overlook any of the fundamentals. With that in mind, you just need to create a plan and work out how much you can afford to spend this year. There is only a month to go until you need to submit your tax return to HMRC, and so there is no time to waste.

Business Blog

Ways That Business Events Can Grow Your Business

Every entrepreneur wants their business to grow and be a huge success. Unfortunately, this is much easier said than done. If you think that starting a business is hard, then you’re in for a shock, because growing one is far from a picnic. Luckily, there are lots of methods, strategies, and things that you can do to get your brand and products out there and increase sales. Attending or hosting a business event is one of the best ways to do this. Here are four ways that business events can help to grow your business.

 

Earn Some Revenue

Whether you’re hosting or attending an event, it can be a great way for you to earn some money for you and your business. If you’re the one hosting, you can charge people for entry; Most of this will cover the cost of the event, of course, but you should still see some profit at the end of it. If you’re attending, and are somewhat of an expert in your field, then the host may want to pay you to speak. You can also earn some money by selling your products or services at the event.

 

Create Brand Awareness

Business events are the perfect place for creating and increasing awareness of your brand and products. Your bespoke exhibition stand design and build alone will say a lot about you and your business, and will give potential customers and clients some idea of what you’re about. Events are a particularly great place to launch new products, especially if you’re the one hosting. You can use the event to increase press coverage and teach customers about your new stuff, both of which will create a buzz and excitement.

 

Build Relationships

During events, you will be able to speak to current and potential customers and clients face-to-face. This gives you the opportunity to answer any questions and deal with any queries immediately and directly. If everything goes well, they will go home and do more research on you and your business; They might even try to find out when your next event is or where they can buy from you. This will help to build strong relationships that will last long after the event has ended

 

Increase Employee Productivity

You probably get to attend these types of events regularly, but your employees may not. Because of this, an event is often viewed as a treat, as it’s time away from the office. Of course, they’re still working, but they’re working somewhere a little more fun and interesting, and get free food to top it off. This means that you can use these events as an incentive to increase the productivity and satisfaction of your employees, which will improve your business, and help it to grow.

 

To survive, a small business needs to adapt and grow. Business events are perfect for this, as they help to get your brand out there to potential customers and clients, build relationships with them, and earn you some extra money on the side. With so many benefits, there’s really no reason not to host or attend an event yourself.

Business Blog

3 Effective Ways To Retain Top Clients

Well done, you! You’ve bootstrapped your business from out of nowhere. You took the seed of an idea and grew it into a mighty oak of enterprise. What was once simply a spark of inspiration has become a thriving business. You may well, look around some days at the thriving hub of commerce your business has become and wonder how you got here.

Sure, a huge part of it has been the raw power of your will and vision. A lot of it has been your ability to identify the areas of spending that facilitate growth while keeping wasteful spending down. Of course, your employees have also helped a great deal.

You’ve recruited the exact right combination of skills and personalities to make your business a juggernaut in your field. Your employees contribute ideas and strategies that you’d never have come up with on your own and they make your place a much more pleasant place to come to every morning.

Nonetheless, as important as these facets are, they amount to nothing without the clients who keep a steady stream of revenue coming into your business. The loyalty of your key clients is what enables your business to grow from strength to strength. You don’t want to lose them, so here are some effective strategies to help you keep them…

 

Give them something back

You rely on the capital your key clients bring to your business, so any expenditure in keeping that revenue coming in is worth the capital investment, even if you’re running a very fiscally tight ship. Giving something back to a top client is one of the most effective ways to engender loyalty and enhance your reputation as a business that truly values its clients.

You likely already know how effective discounts and promotions can be for customer retention, but your top tier clients deserve a little something extra. From Wimbledon hospitality tickets to gift baskets, there are literally hundreds of ways to give something back to a top client. Your relationship with these clients is important and worthy of investment.

 

Keep it personal

Social media posts and mass email shoots may be sufficient for infrequent or lapsed clients, but when you’re dealing with a regular anchor client this level of impersonal communication may be jarring or even insulting for potentially sensitive clients.

While they should absolutely receive regular communication alerting them to special promotions etc. your communication with them should always have the personal touch. This does not necessarily mean that you should always call or email them yourself, but their point of contact should be a trusted senior employee whom you trust.

 

Use your CRM solution to your advantage

You likely have a Customer Relationship Management tool at your disposal, but using it effectively is key to effective client retention. 68% of customers leave a business because they believe that it no longer cares about them, and your CRM can help to prove them wrong.

Use it to record the minutiae of information that you may not recall off the top of your head but will make a big impression when you next make contact. While previous purchases and packages are important you should also record key information like their spouse’s name, children’s names and any favourite activities or hobbies.

The more you can demonstrate your interest in a client beyond their relationship with your business, the more likely they are to feel valued.