5 tips to reinvent small business
Tips to reinvent your small business
Why do you think is it important for businesses to change?
Change is inevitable, to embrace it is sure a wise thing as changes are important for small businesses growth. Those who specially running family businesses for more than two to three decades think if they have been surviving till now then they need not adapt, they have already built a brand name of which they are reaping rewards till now and would continue to do so. However, pandemic has taught us very well how disruptive sudden changes can be hitting hard on businesses as well.
One thing small business owners forget to analyze that they might be growing but at what stagnant rate, they need to consider.
“Insanity is doing same thing over and over again and expecting different results.”
That proves how inevitable it is reinvent your business. Sometimes rejuvenating business can open up new opportunities for growth.
Now that we agree that it is important for business to change. Here are 5 ways to do so:-
1. Create digital presence- No matter how big your offline customer acquisition and attraction is, whole world is having information at the tap of click on their phones, it is advisable to create online presence through an e-commerce platform to create awareness and also provide relevant feedback and ancillary services.
For example, you can reinvent your small boutique by creating a website that alerts sales and discounts specially for those who pop in to store physically besides providing an online product catalogue.
2. Optimize through automation- One drawback of small businesses is too much dependency on the owner to do everything, if you could create operational strategies and automate your work that can help you save time to focus on marketing as well. You can delegate unimportant tasks or outsource to professionals, there are also tons of free apps you can implement in your business to become efficient.
For example, you can use software for payroll, cheque printing software, Calendly for appointments, MailChimp for sales promotion and so many.
3. Strategic pricing- Be creative with your price structures, bundle up slow moving items, create separate pricing for items to be given on rent and lease and one-time purchase. Specific day discount rates can also push sales definitely.
For example, put slow moving stock on discounts on Mondays and change price back again on weekends. Be creative and see which one works for your business.
4. Rebranding- Rebrand your logo and signage as it creates an image in consumers mind, your company name and logo should not convey your business niche or USP but an emotion as consumers connect with the businesses emotionally first.
5. Identify market gaps- Look for market’s unmet demands and try to fill in those gaps.
For example, you are a shop proving materials for building, you have walk-in customers daily, however identifying with big project developers what issues they have in getting supplies to their sites and solving them can open up bigger opportunities for your business while maintaining existing customers.
Thus, to summarize above-mentioned 5 tips can surely be helpful in reinventing your small business, specially if you haven’t already tried it, now is the time to apply them and see if it brings more revenue or not.
Which additional tips would you suggest, we would be happy to learn from you, do share in comment below.
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Thank you for reading. Happy scaling!