Owning a business, whether it’s big or small, isn’t easy. You need all the tips and tricks possible to keep it going and, more importantly, to make it thrive. Whether you are starting out, or looking to take your existing business to the next level, here are five key things that you should do to secure your business’s success.
1. Revise your business plan
We all know that a business plan is essential to a business. It’s a vital strategic tool that helps entrepreneurs specify the necessary steps to make the business successful, and also helps to plan and achieve long- and short-term goals. But as the market and the business evolve, it’s important to revisit that business plan to make sure it still holds up. This way, when something in your environment changes you can reassess what your new challenges, opportunities and goals are. These changes include launching a new product, gaining new or different competitors, or new technology that may effect you. The most important reason to revise your business plan is when you are looking for more finances through loans or fundraising. If people are going to give you money, they will want up-to-date information on your business.
2. Know your customers
Customers are the be-all and end-all of your business. Without them to buy your products/services you won’t have a business. Therefore it’s essential that you understand exactly who you are marketing and selling to, and know their likes, dislikes and wants. One of the most effective ways to get this information is through research, reviews and surveys. You could consistently ask your customers to provide you with feedback – and this feedback should be honest (even brutal at times) so that you can get into the mind of your customer. You should also read online reviews to see what people are saying to you. This will help inform you on what you are doing successfully and what you need to improve on.
3. Maximise your social media
Word of mouth is still the best way to get your business on the map, and social media is the biggest mouth in the world! No matter the size of your business, social media is a powerful tool that allows you to reach hundreds of thousands of people at once – if you know how to use it correctly. Make sure your business is engaged in social media so that you can stay relevant and engage with your customers. (This will also help with getting to know them better.) It’s also important to know how to market your business on social media effectively. One way to learn this skill is with the University of Cape Town’s Social Media Marketing online short course. It will help you master the social-media-marketing skills needed to create, execute, measure and refine a high-impact social-media strategy.
Get R2 000 off this course with Get Smarter here.
4. Check in with an accountant
If you are managing your own funds in your business, you should bring in an accountant now and then to make sure everything is on track. This doesn’t mean you need to keep one on retainer – you can hire one for a few hours if and when you need to. An accountant can be very useful when you are writing/revising your business plan and for tax season. If you feel as though you are losing track of your finances, or are a little overwhelmed by the numbers, getting an accountant in can help you sort this out and point you in the right direction.
5. Upskill to maintain an edge
The business environment is ever-changing, and to ensure you stay at the forefront of business practice, it’s good to equip yourself with as much knowledge as you can.University of Cape Town’s Start and Manage a Small Business online short course is a wonderful way to learn how to start, maintain and grow your business. Learn how to manage a business, conceptualise ideas, make sales and sustain the growth of your business.
Get R2 000 off this course with Get Smarter here.
There are a whole host of online courses that you can take with GetSmarter. They partner with world-leading universities to select, design and deliver premium online short courses that are world class. Because you are a Good Housekeeping reader, you will get R2 000 off selected courses. Click here to see what courses are eligible for a discount.
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Improve your earning potential by upskilling with these courses from GetSmarter
