Managing a successful business is certainly a challenge for many business owners. It doesn’t matter if you are running a startup, a SME or a large enterprise, there are definitely different challenges that will arise throughout your journey. Apart from doing your due research before starting your business and investing your time and money, we provide some tips that can help you improve your business strategy.
1. Choose your marketing strategy
Marketing is where most of your capital goes, after you have passed the steps of incorporating your company and setting up your office space. To put it simply, you have to market your product or service in order to gain new customers and potentially new investors. You definitely do not want to waste money on ineffective marketing and not get desired results. Spending the least money on an effective marketing strategy will give you an edge over your competitors for sure!
This is where marketing professionals come into play, if you are unsure of what kind of marketing tactics you should go for. Both social media and smart product placements can bring your business a long way. Social media platforms such as Twitter, Facebook, Instagram are all very effective tools in this day and age.
Tip: Instead of having a physical office, consider using a virtual office! You can actually save your capital for the more important aspects of your business!
2. Staff motivation
Focusing on what your staff are telling you can help bring on improvements in your business. Learn from large enterprises like Google and Apple, where the staff benefits are one of the key factors for their high performance levels. Motivated staff tends to bring on their best game to work, and this in turns helps to boost your business.
Do not forget to listen to all of your employees regardless of their position or seniority in the office. For example, if you are looking to improve your social media presence, take input from the digital marketers. Most often than not, some of the most effective ideas come from the people closest to your problem.
Training your staff on new selling methods can also help boost your business, especially if you can make use of automation techniques. This also saves you money when you use technology to replace the need of hiring another staff.
3. Customer retention is key
Knowing who your target audience is will define the way your business will grow. If your audience are youngsters, focus on using digital media. On the other hand, utilize traditional media such as television or newspaper advertisements if your audience are on the older side.
An effective customer management system (CMS) can provide you with extensive customer data. In other words, it helps to know which customers will most probably be interested in your product or service, and most likely to purchase or try out what you are selling. How will this help, you ask? Knowing your consumers’ credit activity, behavior data and the platforms they are on will ensure you know which is the best time and method to contact customers and build effective relationships with them. This will also help to reduce repetitive customer data, so that you are not targeting the same pool of customers.
Customer loyalty programs are another way to retain your existing consumer pool. It is often more cost effective to keep loyal customers instead of trying to gain new ones.
All in all, you have to be willing to spend to improve your business ways before seeing actual results. You may not have the cash flow to fund your marketing campaigns, training of staff, new technology improvements and an effective customer management system. Not to worry, Soon Seng credit now provides a dedicated business loan to help entrepreneurs and business owners keep their companies working and support the expansion of business concerns to the growth stage.
If you are having trouble getting a bank loan for your start-up, Soon Seng has simplified the requirements to ensure that you have a higher chance of getting your business loan. All you have to do is to visit our office to fill up a simple loan application to be considered for approval! As with any loan plans, be sure to approach a licensed money lender! Drop by our store or contact us at +65 6292 5693 to enquire about our rates and procedures! Alternatively, visit our website and leave a message for us to assist you further!