5 Business Tips For New Entrepreneurs
Being a New Entrepreneur
New entrepreneurs these days definitely need an online presence. If you want to start your own business or just started a new business, you need to love what you’re doing and be competitive. Research your competition and find a way to get ahead. Having an idea, product or service will not be enough. If there is an area of the business that your competitor is not serving, you might want to research that gap and find a way to serve that audience.
It is a must for new entrepreneurs to have an online presence. Your business website and social media accounts are all necessary to be able to connect and gain followers. Check out my blog to learn how to create a blog for your business. Click here.
KNOW YOUR CUSTOMER BASE
Analyze your current or future customer base and the different ways to bring your products or services closer to them. Connect and get feedback through social media. If you have a physical storefront, communicate with the customer while in the process of providing them your product or service. Track each customer segment and get creative on new ways to serve them. Always on the lookout for new market areas. Join networking groups such as the Chamber of Commerce, referral groups, social media groups, and industry-specific groups to get leads for a new customer base. Most of all, connect with your audience online by responding to their questions and comments. Be consistent in sending out newsletters, posts, or updates.
Have a social media presence and advertise on Facebook, Instagram, Twitter, YouTube or Pinterest. Eliminate any ineffective advertising and create a new Ad campaign. Make sure to keep up with advertising trends that get more attention. These ads must be tracked and measured for effectiveness. When planning a new ad campaign, take into consideration expanding your ad to new channels that will give you a higher chance of expanding your target market.
Business finance needs accurate accounting information for business decisions to be made. Invest in good accounting software that has the functionality needed to generate financial reports for your business. Track and analyze your sales and purchases and stay on top of your accounts payable. Keep track of all account receivables and ensure payments are received on time. Most of all secure and back up all our financial records.
Goals are important for a company to progress and be successful. Ensure employees are aligned with company goals and measures are in place to achieve them. Set up daily, weekly and monthly priorities and tasks and communicate them clearly with your staff. Work with your Finance department to track all your costs and production regularly. On the Production side of your business, set up an efficient inventory system and eliminate waste. Maintain a healthy relationship with your suppliers and business partners.
Review the company HR policies are current and compliant. These policies should be clearly communicated to y our staff. Conduct meetings with your staff for better communication. Provide an effective training plan that can improve employee skills, boost morale and reduce employee turnover rate.
Most of all, consistently connect and communicate with your audience. Your audience will turn into your followers. These followers will pay attention to you and will be the ones that are willing to pay for your product or service.