When running a small business every decision you make counts towards the bigger picture, and the way you divide your time can have a huge sway on your profitability in both the short and long term. Budding entrepreneurs can often be left overwhelmed by the influx of advice given to new business owners, and it’s hard to sift through what’s useful and what might end up being a waste of time.
To make things simple, we’ve listed three things you can do right now to make your business more profitable.
- Leverage social media
You’ve probably heard this before, but social media presence can make or break a business. In this technological age where there are so many options available at your fingertips, people check your social media first, and your website second. Clients want a personalized experience, and they want to feel like they’re giving their business to a real person.
Building up a social media presence on platforms like Instagram, Facebook, and TikTok can set you apart from your fellow competitors. Some techniques you can implement right now are: engaging with your audience, go through relevant hashtags to your business (like #ottawasmallbusiness) and like or comment on the posts you see in the tag. This alerts the algorithm that you’re connected to this topic, and by using the same hashtag in your posts, it will start to show your content to those potential clients who are interested in the topic. Doing this for just 15-20 minutes a day can make a huge difference in your social media engagement, which can lead to better sales and return buyers.
- Follow up with you customers after the sale
A mistake that many businesses can make is having your client experience feel too automated. While we are moving closer to a totally technological world, people still want to feel special and seen, and this can be what sets you apart from your competition. A simple follow up email or call to ask about their experience can be a huge plus point for many customers. This extra bit of service reminds them that there’s a person behind the business, and this more personal approach can help you build a customer base and improve word of mouth marketing.
- Network Marketing
As a small business, you’re already a part of a number of different communities; including the small business community, the entrepreneurial community, and depending on who you are and what type of business you run, you can fit into a number of more niche communities. One of the biggest mistakes businesses make is not taking advantage of the groups they’re a part of by default––these communities are not always your competition, they’re your peers. Collaborating with other small businesses is a great way to boost sales and engagement on both ends, and develop a relationship with other like-minded business owners to further push word of mouth marketing. You can start this today by interacting with businesses in your respective communities on social media or even via email. If you like to keep it old school, you can always walk into a brick and mortar location and ask to chat, entrepreneur to entrepreneur––these connections can do amazing things for boosting your business.