Dozen Ways to Boost Your Small Business

Posted by Factor Funding Co. on July 24, 2012

This year is halfway over. Are you still looking for ways to grow your business and take advantage of the remaining month? Here are 12 tips for small business to help get your company off on the right foot.

1. Create your annual business plan.

If you haven’t already, take the time to develop a specific business plan for your company. It should be thorough, covering your advertising, cash flow forecasts and expansion strategies.

2. Focus on profits.

Instead of simply trying to increase your cash flow, think about the most profitable area of your company and devote a specific amount of effort to it each month. Even if the profit margin is relatively small increasing your energies on an area you know earns well will pay off in the long run.

3. Pitch to your customers.

Don't ignore your established customers. It's easy to take them for granted and assume that they'll always be a reliable source of income. But doing so can be risky, especially if they're being pursued by another company. Continue selling to them before trying to market toward a new base.

4. Organize your business contacts.

Don't waste another minute trying to find an important phone number. Consider porting all of your business contacts to an online storage service that will make it easier for you to keep up with customers, resellers, and advertising agencies.

5. Decide on a marketing strategy.

When you're ready to advertise, think seriously about how you want to do so. Instead of randomly placing ads, consider the best time of year to sell your product or service. Focus on getting your company name out there during those months in particular.

6. Set a goal for weekly contacts.

Making and maintaining connections is essential to growing as a business. Try to talk with at least three new or established contacts each week.

7. Don't be afraid to "pester".

Brush off your sales skills and contact your customers regularly. If you're polite and personal each time, they probably won't consider you a nuisance.

8. Finalize your sales.

Don't be shy about directly asking for business. Request a firm commitment before you get off the phone.

9. Support other small businesses.

Networking with other entrepreneurs in your community is a key way to help your business thrive. If you support local businesses by buying from them, they'll be likely to do the same.

10. Venture into social media.

If you're not using social media now is a good time to start. You don't need to post on Twitter, Facebook, or LinkedIn every day but advertising your products weekly is a good way to introduce yourself to a new market.

11. Start your own email newsletter.

Put together a brief summary of your products and start a weekly, bi-weekly or monthly newsletter. Several web clients will help you create a newsletter for free.

12. Take advantage of free advertising.

Have your company included in local search engine results such as the business listings on Bing or Google. This will give you new exposure since your business will show up in select searches.

If you're ready to take your company to the next level, try some of these suggestions. With these 12 small business tips for the remainder of 2012, there is still time to have your most profitable year!

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