2012 has shown some signs of economic recovery from the prolonged malaise that has plagued the U.S. economy, most notably in a decrease of the unemployment rate, a low rate of inflation, and a consistent solid rate of consumer spending. For small businesses this may be an opportune time to review their current business models and begin to formulate new strategies to take advantage of the inevitable economic recovery.
- Plan for Success – One of the most important tools a business owner can create is a business plan. It is the road map for the future growth and prosperity of the company. However, what was anticipated when the business plan was created might not be what actually occurred. A revised business plan based on the current and future economic outlook will give the business owner a fresh perspective of where he or she wants his or her business to go. This can be as simple as looking at what has worked over the past 12 months and what has not. Often times the simplicity of this method provides the clearest perspective. From that point a business strategy can be created that is more formal and detailed.
- Marketing and Customer Service – A happy customer is your best form of marketing. Most consumers put great stock in the recommendation of others. It is more important to focus on the consumer’s wants and needs, and how you can help to satisfy them, rather on trying to sell them something. The relationship, not the product, is what a customer will remember the next time they or someone they know needs your goods and services. The experience they had will heavily influence them. This can then be reinforced via other marketing efforts that are best suited for your type of business. Social media marketing, like Facebook or Twitter, may be one of those marketing efforts. It is an inexpensive way to monitor what your customers are saying about your brand or business. Also, leveraging social networking sites can help to continue cultivating your relationship with potential and past customers by building loyalty to your brand or company through personal interaction.
- Website Update and SEO – The pace of technology is changing exponentially. What once was considered an amenity has become a necessity. We now are carrying smartphones that allow us access to the internet. In an age that seems to require instant information, a company’s website is typically the first place a consumer will look. We have all been trained to expect more and more out of the websites we visit. The use of videos and other interactive elements are becoming the standard rather than the norm. A website should be reviewed periodically to avoid becoming stale. Its goal should be to provide content that makes the user want to come back. That being said, if users can’t find you, it doesn’t matter how wonderful your website is. Search engine optimization should be monitored and reviewed periodically to ensure that whoever is looking for you or your products or services can easily find your website.
- Focus and Discipline – We are a society that is easily distracted. From a business perspective this can be ruinous. It is imperative for the business owner to keep his or her attention on what is important and maintain a single mindedness with regard to goals and objectives. This does not mean to not be open to new ideas and opportunities, but instead not allow a preoccupation with every new trend. Chasing the “next big thing” continually will not result in a successful business.
The points mentioned above should be viewed as a good foundation to build from. Each business or industry has its own particulars. The hope is that the items mentioned above will inspire you to generate your own specific list of ideas that will create business success for you.
For more information on this topic, please contact Jamie Downey at 800-849-6022 or JMDowney@DowneyCoCPA.com.
