It’s no secret that small businesses live and die according to the profit and loss statement. So, as a small business owner your primary focus is going to be generating and sustaining long-term profitability. Profitability, simply put, is all about increasing revenue and minimizing expenses. In the modern internet-driven economy, there are many opportunities which exist for small business owners to leverage technology and streamline their companies. Outsourcing and automation can be used to great effect for lowering operational costs, while simultaneously growing revenues. Below are three top tips for streamlining your small business, which will definitely save you time and money in the long-run.
Utilize managed web hosting
Websites have come a long way in the few years. No longer are they simply digital brochures. They’re virtual marketing machines that work to build your business. If you’re not doing so already, utilize a quality managed web hosting service to ensure that your marketing machine runs like a dream. The benefits of outsourcing your web work include enhanced security, improved performance and absolutely no downtime. Additionally, benefit from expert technical support and daily backups. The best part is that all these services and benefits are available at a fraction of the cost of traditional in-house IT departments.
Automation of Email and Social Media
Although you can never replace real-time replies, personal engagement and genuine conversations with prospective customers, you can utilize social media to engage them online. A smart inbound marketing plan can automate and streamline parts of your customer acquisition process. Let social media automatically identify and engage your prospects online and initiate the process of converting them into customers. Two great social media tools worth checking out are Hootsuite and Buffer for Business. Don’t forget about good old fashioned email marketing either. The reason it’s still around is because it works. Although it may not be as current as social media, it’s a proven strategy which can provide a significant ROI and sustainable contribution to revenues in the long-run.
Knowledge is power, and nowhere is this more evident than in business. Numbers are important, and analytics can help you see the effects of your efforts on revenues and profitability. Tools such as Cyfe, allow small businesses to track all their important data, by aggregating information from multiple platforms into one centralized dashboard. The insights to be gained by combining data from web, social, accounting and any other platforms are endless. Smart businesses are leveraging this data for everything from creating more compelling product offerings, to building better buyer profiles. These are essential for lowering customer acquisition costs and improving conversion rates.
Save time, money and your sanity by streamlining your small business in 2015 using these three tips. The time, effort and money you invest now, will pay handsome dividends for years to come. By streamlining your business, you’re making an investment in your own long-term success, and freeing up resources which could be invested into your business to fuel more growth. Just remember that any systems are only as good as their weakest link, so pay attention to your people, your processes and your products in the pursuit of profitability. What do you think? Do these tips hold true to you and your business? Let us know if you have any more to be added in the comments below!