4 Simple and Easy to Apply Business Tips
If you are a small business owner, you may find that your limited resources restrict you from competing with the big guys. Well, those big guys usually started out as small guys. Indeed, Apple, Google and Mattel each got started in a garage and are now among the largest businesses in the world.
You may not have have plans to become a Fortune 500 company, but that doesn’t mean you can’t behave like one. By ripping a page from the big business playbook, you can apply four business tips to help your enterprise succeed.
1. Know your competitors – Every business has competitors and if you don’t know what they’re up to, then you’re missing out on some important lessons. This means visiting your competitor’s website and gleaning as much information as you can about the way that they conduct their business. Download the SEO Site Tools extension for Chrome and begin using it as you visit your competitor’s site. You’ll soon uncover a wealth of information including how many pages link back to their site, obtain traffic information and uncover their social media strategy. Mimic your chief competitor’s strategy and you’ll find a quick path to success.
2. Serve your market – You have a product and that means you also have customers. Or at least potential customers. Identify your customers by demographic and begin to target this group heavily. For example, if you sell weight loss goods and your customers are primarily middle-aged women, then emphasize reaching out to women between 45 and 54. Once you penetrate that market, you can work your way out by reaching women that are slightly younger and slightly older, perhaps targeting 40- to 60-year-olds. You can also reach out to weight-conscious men too.
3. Market yourself – Quite frankly, you aren’t sitting on a whole lot of cash that you can spend on marketing. Marketing is key to growing your business and getting the word out goes beyond newspaper ads, television and radio spots and online ads. If you can write and are able to put together tips articles, such as this one, then submit these articles to MyBlogGuest.com to build backlinks to your site. Backlinks will raise your site’s visibility, helping your pages to appear higher in the search engine results pages (SERPs) and be found elsewhere. If you aren’t a particularly gifted writer or simply do not have the time to write and submit your articles, freelancers can be found who can do the work for you. Visit Elance.com, Guru.com or Craigslist to post your information. A quality 500-word article with two backlinks to your site can be written and submitted for as little as $25 per article.
4. Bank it and manage it – Money is what helps to make any business succeed and managing it is critically essential even to the sole proprietor with no employees. Open a business bank account with a business-friendly bank or a credit union. Know what fees are involved and how you can avoid or minimize them. Insist on online banking and apply for credit through your bank. Manage your bills with a software program such as Quicken for Business and if you cannot handle taxes yourself, hire a knowledgeable accountant to do the job for you. Keep up with local and state licensing, and follow a quarterly tax schedule to ensure that your payments arrive on time. Always keep your personal and business accounts separate!
Running a business takes much time and requires a person who can quickly shift as things change. Today’s business climate is highly competitive, but if you can carve out a niche you’ll not only survive, but thrive.
See Also — 5 Small Business Twitter Tips