Owning a small business can be tough. It can be stressful and demanding of your time and focus. That being said, it can be a fulfilling experience to watch your business grow under your care. These 5 small business development tips will help you nurture your business and bring it to life.
Know Your Market
When first trying to establish your business, it’s critical to thoroughly understand who you are marketing to. Determine the values and demographic information for your desired customer base. These individuals make up your target customer.
One way to decide which markets to pursue is to look inward. What are you good at? What types of people are your current customers? All these factors could help you establish a product or service that is attractive to potential customers. Marketing Donut has published a brief guide that can help you dig deeper into understanding your market.
Make the Right Hire
Lack of time and attention in the hiring process is the source of many poor hiring decisions that lead to employees that wash out early on. Frequent employee turnover can adversely affect employee morale and even potentially sour your company’s reputation.
Employee turnover is also expensive! Determining your company’s employee turnover rate is fairly simple. Add up the number of employees terminated (voluntarily and involuntarily) in a given period and divide by the total number of employees for that same period. Multiply that number by 100 and you have your turnover rate. Credibly.com explains this calculation in more depth here.
The desire to compete and win is hardwired into most people’s DNA. We are constantly comparing ourselves to our neighbors and co-workers and trying to stay one step ahead. By promoting healthy competition in the workplace, you are allowing employees to improve performance as well as boosting company morale.
A business’ online reputation plays an important role in where a customer chooses to do business. A recent study found that 87% of consumers won’t even consider a business if it has a low star rating. Your business should take a proactive approach to its online reputation and look for ways to empower customers to advocate for your business online.
One of the features included in Podium’s online review management platform is a leaderboard which allows businesses to track how many reviews employees are sending. We have found that businesses who promote this leaderboard across the organization have seen greater adoption of the solution with their employee base and a significant increase in the number of reviews that come in.
Make a Change
To continue growing and improving your small business, learn how Podium’s solution can help you use text messages to invite your happiest customers to review your business online. Request a demo to see how this process can help you build your online presence on sites that matter most to your business.