2022 is bound to be a brilliant year!
A poll by the U.S. Chamber of Commerce in July 2020 indicated that 58% of small businesses were concerned that they would have to close their businesses permanently. Almost two years on, even though the Covid-19 pandemic is still ongoing, business owners have figured out how to survive and thrive within these uncertain times. For many entrepreneurs who had to slow down, almost to a halt, this is an excellent time to rebuild your business.
Have a look at these tips to get you started: –
1. Focus on Retention
Did you know that a 5% increase in your customer retention could result in 25% increase in profits? Retaining customers requires building up your customer service, beginning with ensuring that it is highly personalized. Furthermore, when customers ask questions or seek information, they should always deal with knowledgeable professionals. Begin by appreciating your past customers, even those you have not interacted with for a long time.
2. Review your Infrastructure
This approach centers around seeking ways that you can cut your costs. Perhaps you can adjust to a fully remote workforce to reduce your office management expenses. You may also explore different methods for product or service delivery so that you spend less on operations. An additional option is reviewing your product quality and identifying areas where you can make minor changes to reduce cost, without compromising on the result.
3. Increase your Revenue Streams
For specialized business products or services, the main question that the small business owner may ask is, how can I expand my revenue stream? This question comes up if specialization and perfecting your craft has been core to your business success. One excellent avenue to pursue is teaching or tutorials. This allows you to share your knowledge as well as create more awareness around your core offerings. Streaming platforms now offer opportunities to earn revenue for popular content.
The biggest learning for small businesses over the past two years is how to prevent being financially fragile. Although it may be impossible to determine the future of business at this point, you can take all the necessary steps to begin to rebuild. Making it through these turbulent times will set you up for success should there be another economic downturn. Be optimistic about the future. It may surprise you.