The world of business has never been the same, since the startup boom of the 2010s. There are many startups, both large and small, providing a variety of services in all areas imaginable. The incredible success that some of these startups have achieved has inspired more and more people to follow their dreams of running a self-owned business.
But the more the number of businesses, the tougher it gets for individual businesses to survive in an over-saturated market. Amidst this fierce competition, the big corporations will do just fine, it’s the smaller businesses that will choke and die.
And then enter the recession. Regardless of what some experts say, the recession IS here, and you ain’t seen nothin’ yet. You can see it; you can feel it; at least your business’ bottom line can tell you a thing or two about the challenge 2023 may bring to many businesses of all size – worldwide.
If you are a small business owner and want to succeed, you need to play it smart. In this article, we will provide you with certain guidelines that are guaranteed to help your small business succeed in 2023.
1. Narrow your Focus down to a Particular Clientele
Stick to providing one specific type of service to a niche clientele. Surely, trying your hand at a lot of services seems exciting because it brings with it a promise of more customers, and thus more profit.
Don’t forget the importance of a niche market. The smaller your market, the more dedicated your service offerings are. Always remember that a jack of all trades, masters none. When you focus all your attention on one particular type of service, you’re more likely to become the best in that particular business. You’ll also encounter less competition.
Once you’ve mastered a service, you can try your hand at others. This brings us to the next point.
2. Don’t be Afraid to Experiment
You already took a big risk when you decided to quit your job and put all your savings into a new start-up. Once that start-up achieves some success, you can try your hand at offering more services. On the contrary, if you are having little success with your initial start-up idea, you can try out new services to see if they become more popular.
Whatever may be the case, don’t hesitate to try out new things. Always remember that new innovations only come out when there are new ideas.
3. Manage your Resources
As a small business looking to make it big, you must carefully handle all your resources.
Focus more on tasks that generate revenue. Hire a lean, yet accomplished workforce. Cut down on all other tasks that could be outsourced for a more economical price. Offer remote positions for roles that do not require coming to the office. This helps you save a lot of your resources. Don’t compromise on the quality of your raw materials or manufacturing. Spend money where it is needed.
4. Keep Track of your Finances
As a small business owner, you cannot afford to be financially irresponsible. There are several apps that help you keep track of your finances. It also helps to hire a good accountant.
Keeping track of your finances will help you see the distribution of money between the various working departments in your organization. It also helps you decide where to spend more and where to save. A clear record of finances will also come in handy if there’s an audit or if you sense someone stealing from the company.
5. Get the Word Out
Large corporations have dedicated marketing teams that come up with expensive advertising strategies to get the word out. As a small business, neither do you have access to that kind of money nor expert marketing professionals. Instead, you can use the power of social media to get your brand some recognition.
Create and manage social media accounts on any one of the major social media networks. You can invest in SEO-based content writing to direct traffic to your website. If you have the money, you can also use pay-per-click ads to increase traffic to your website.
6. Avoid Working With Family and Friends
Hiring your friends and family might seem like a good idea because it’s better to work with someone you know and trust. If they do something that seriously hurts the company, they expect to get a pass, since they know you out of their professional obligations. Show them leniency, and other workers might accuse them of favoritism. If you reprimand them, it might hamper your personal relationship with them.
There’s a reason people prefer to keep work and family separate.
So, there you go – six tips to get you going in (the challenging) 2023. If you have more tips, please share with us!