Despite the weak economy, or maybe because of it, many working adults are starting their own businesses as a way to get through the Recession of 2023. For many, the move is a way to augment income from a full-time job. For others, the independent path is their sole form of financial sustenance. Either way, anyone who owns and operates a company of their own should constantly be on the lookout for ways to improve efficiency, minimize expenses, and boost the bottom line.
The good news is that there are dozens of effective ways to make an entity generate more capital, no matter what goods or services it sells. One of the first areas in which to make improvements is marketing. Simply coming up with a few fresh techniques can be a game changer. The same is true for taking out a small business loan, revamping your daily work schedule, finding a mentor who can offer guidance, or adopting a local charity as a way to build brand identity. Some entrepreneurs discover added value by writing a detailed five-year plan, diligently investing excess capital, crafting a relevant mission statement, conducting a round or two of customer surveys, and strengthening IT security. Review the suggestions below and see whether one, some or all of them can deliver worthwhile results for your company.
Brainstorm New Marketing Techniques
Every now and then, all it takes is a fresh attitude and a few people sitting around a table to come up with potent marketing and promotional ideas. Brainstorming is actually a very old technique, but it’s not used nearly as much as it could be. Keep the idea team to no more than four people and start by having everyone spend five uninterrupted minutes writing random ideas for new ads, slogans, marketing campaigns, and any other tactics that could boost sales and bring in first-time customers. Then have each person present their concepts to the group. Collect all the suggestions and review them several days later. You’ll be surprised how helpful it can be to do brainstorming sessions regularly.
Take Out a Loan
Whether you’re just starting out or have been in the game for a few years, taking out a small business loan is a smart way to get the funding you need to cover startup expenses, pay for an unexpected bill, finance an expanded marketing campaign, or anything else. If you want to learn more about how to apply online and make good use of the money, you can review on this site here to see your options and find out all the essential information. These days, the entire application process takes place online and is a simple process. There are no lengthy forms to fill out or long waiting periods to find out about approval.
Redo Your Daily Schedule
Want a quick fix that’s easy to make, can help free your mind from stress, and can transform your daily routine? Take an hour, or however long it takes, to revamp your schedule. Most people, particularly entrepreneurs, get into long-term scheduling ruts that end up robbing them of precious hours. In the digital age, it’s a simple enough chore to shop for a planning app for your phone. The free apps help guide users by asking a series of questions focused on how owners spend their days, minute-by-minute. The result is a carefully constructed, brand-new schedule that suits your needs much better.
Find a Mentor
Getting a mentor or even a virtual CIO is a bit more complex of a process than it appears. It can take a few months to single out someone who suits your professional needs and who is willing to give their time and knowledge. Ideally, you can connect with someone you already know and work with. But, if you put the word out that you’re looking, friends and coworkers are usually happy to do their part and assist with the search. Keep in mind that there are fee-based resources, mostly online, that can match you with someone in a local network or at a distance, based on how the kind of relationship you want with the mentor. Don’t be hesitant to initiate an online mentorship with someone. The primary process centers on conversation, which lends itself to video chat and phone calls.
Adopt a Charitable Cause
There’s nothing wrong with connecting with a local charity to build your company brand identity. Select a cause and entity that fits with your personal needs and contact a rep for the organization to explore ideas about how you can help. In addition to making small cash donations, consider sponsoring the charity’s events, fundraising drives, or other causes in creative ways that put your company’s name front and center. Being active in the community and doing the good corporate citizen thing is a win-win for newer companies that need to establish a local reputation in a direct, positive way. However, don’t fall into the trap of believing that you need to give back to the community. You’re already doing that by paying several different types of taxes on your and the company’s income.
Write a Mission Statement
If you don’t already have a mission statement, or if the current one is vague or too short, write a new one. Don’t be afraid to make it more than one sentence long, but be certain to include wording that addresses all the core concepts behind the goals of the company, both long-term and short-term. Good mission statements are public documents that can serve to attract customers.
Make a Five-Year Financial Plan
Many business founders make two-year plans when they create their organizations. But after a year of successful operations, consider taking the time to develop a detailed five-year financial plan that sets out to estimate revenues and expenses for a half-decade. Don’t expect to be deadly accurate with all the numbers. The main point of the exercise is to help organize your mind around the ways in which the business can achieve a profitable long-term existence. Make five prospective profit-and-loss statements with detailed notes about any expected changes in tax structure or income.