How to ensure your small business keeps generating income
Running a business is hard work. Not only do you have to ensure the day-to-day operations are running smoothly, but you also have to worry about making sure it stays afloat.
SMEs are the bedrock of most developing nations like Kenya, yet these businesses often face numerous difficulties while starting and when trying to stay afloat. Many of them don’t last past the four-year mark.
There are numerous operational costs that come with running a small business, from paying staff, rent, bills, etc., not to mention trying to make enough money to grow the enterprise. So, how can you ensure that your SME remains afloat and thrives?
Here are a few things you can do to boost your business:
- Prioritise customer service. Your customer is the reason you are in business, and their satisfaction is paramount. They must be a priority. You must ensure that your product or service fully meets their needs. Good customer service ensures clients associate your business with a great experience. You should provide different convenient ways customers can share their feedback, as this highlights any areas that need improvement.
- Boost customer engagement to connect with them and build loyalty. When you have good customer service, it fosters better engagement, which then boosts client retention. Brand loyalty keeps customers coming back and willing to spend their money on your products or services. It also influences them to share positive information about your business with others. You should utilise online platforms to boost customer engagement.
- Boost your online presence. A digital presence will enable you to reach more customers globally despite the time differences. Having active social media accounts boosts your customer engagement as it directly links you with them. It makes your business easy to find and opens up the online market for your products or services. You need to ensure that you format your content to suit the different social media platforms to get the most out of them. You can partner with more established influencers to promote your business and expand your online reach. You could also employ a social media manager to handle your online business accounts professionally.
- Employ marketing strategies such as discounts, buy one get one free offers, free delivery and payment plans. The idea is to boost your shop or website traffic to increase sales. They also create a buzz about your products or service that draws customers in. These marketing strategies have been proven to work and are employed by small and large businesses alike. They increase your sales, boost your profits and attract new clients.
- Take care of your staff. They are responsible for catering to your customers and ensuring your business runs smoothly. The more appreciated and valued they feel, the better their work and performance. It would help to foster a work culture that promotes trust, value and loyalty, where each staff member feels respected and appreciated.
This is not an exhaustive list. You should constantly evaluate the effectiveness of your operations based on feedback from your staff and customers. It would be best if you were adaptable to changes, as evidenced by the global pandemic, which disrupted all sectors worldwide.