Topic 2 Preparation & development of your business
Managing your business
By becoming a businesswoman you will need to take care of several aspects of your business and personal life at the same time: how to sell, manage, market, communicate, etc. It is necessary to evaluate if you have the needed skills to take on all these roles and, if needed, look for assistance by hiring someone.
Different options exist:
- Open up your capital and partner with people with skills that complement yours to support you
- Hiring personnel: This decision needs to be taken with care as can be risky
- Outsource certain functions: marketing, accounting…
- Work in a network: discuss your know-how and your customers to work in project mode and create commercial synergies between professionals.
Selling, finding and keeping clients must be your top-most priority as well as managing your time.
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How to make your company known?
When starting a business, one of the most crucial aspects is to make it known to your potential customers. It is important to define the message and image you want to convey to them, and then choose the best channels for communication. Nowadays the options are almost endless and it can seem difficult to choose the most effective ones. The first thing to consider would be the habits of your target clients, as you will not be communicating the same way for for example seniors and youngsters. The second important factor is the budget you can and want to spend in the promotion of your business. It’s a good idea to write a communication plan where you define the goals, target audience, methods and how to measure the results of your strategy.
Here are some most effective channels to consider:
In our digital world it is becoming inevitable to have an online presence. Choose the most effective social media channels for your business by considering where your target clients can be most effectively reached. In general the younger generations prefer TikTok, Youtube and Instagram while the 30+ mostly prefer Facebook, Instagram, Twitter and LinkedIn. Posting and sharing your products and updates on social media is a very efficient and low-cost, if done right.
Creating a Google Business profile allows you to be visible in the search results of Google on the internet and is completely free. It will also allow for your business to show up in Google Maps results when potential clients look for either your business name or the category of business you have. A powerful tool not to overlook!
In addition to social media accounts, having a website for your business is an advantage, as in addition to being a promotional tool it tells the story behind your business and helps to build up your brands personality more in depth. It’s crucial for it to be professional and visually attractive – it is often necessary to invest some money into building an effective website but this investment is well worth it in the long run.
In order for your business to show up on Google’s search results, it’s important to learn about SEO, search-engine optimization. This refers to a set of techniques that align your business with Google´s ranking algorithm – for example adding relevant keywords, producing high-quality content and maintaining the necessary security certificates on your website. Having a blog on your website is also an efficient way to show up on search results.
Advertising your business can be done both online and offline. For online advertisement the most effective ones to consider for social media are: Google Ads, Facebook and Instagram ads and Youtube ads. In addition, you can try influencer marketing collaboration as these persons are often trusted and followed by thousands of people. Local newspapers, both online and offline, are also a great way to get the word out there for small-businesses. Other efficient ways include the more traditional flyers, newsletters, marketing emails and sponsoring local events.
For a small business, online reviews are important to build trust and promote to potential clients. Google Business Profile automatically includes a section for reviews – it is important to keep an eye on the reviews you receive and answer to them. The same applies to your Facebook business page.
Tips on growing your business
- Focus on your customer service – it is essential to provide quality customer service so that your clients recommend your business around them, leave positive reviews and of course keep coming back. Customer loyalty is essential for your business to flourish and grow.
- Network! – Don’t underestimate the power of networking! Having a strong network can open new business opportunities, enrichen your knowledge and expertise and lead to new partnership, employees or even investors
- Develop additional revenue streams – consider complimentary ways of creating revenue from your core business. This could be for example a new service, pricing model or product. Always think how to reach additional customers and how to maximize the income from your existing business model.
- Measure and keep track – tracking your business performance on different areas is essential in order to know how your business is performing . If you decide to launch new initiatives, it is also important to set goals and performance indicators so that you are sure that it is successful – if you see they are not working as you thought, it is important to react so that they don’t end up costing time and energy.
- Be on the lookout for growth opportunities – be creative and don’t be afraid to try new approaches and think outside of the box! Keep an eye on what your competition is doing, adapt to the new trends and be sure to always stay on top of the developments in your area of business.
