With 2021 fast approaching, many small companies have begun writing their standard resolutions for the New Year. If you have “Get more customers”, and “Save more money” in your goals, you may need to change your game-plan with some of our small business tips. With poorly-defined goals like those, the likelihood of succeeding is small. Most professionals and executives’ personal resolutions ultimately fail due to lack of specificity.
Let’s get started with 5 small business tips for your business in 2021.
Join the paperless movement
It’s not simply an environmental decision. It’s a business one that can save you time and money. Buying, managing and storing paper carries a wealth of hidden costs that eat into your margins (especially for a small company), not to mention your productivity.
Offer Flextime and telecommuting
For some businesses, managers prefer their teams on-site during normal business hours. Not all businesses can accommodate this, but if you have your short 2-4 hour timeframe of requiring to be at work for 2-3 days a week for example, employees will reward the flexibility with productivity.
Start pursuing those business awards
There’s not just the BBB out there, but a host of accreditations you can hang your company’s hat on that are local, state, municipal and private. It’s a great way to boost your visibility, increase your standing (read: business street cred), yet most companies don’t even take that first step. You can’t win if you don’t play.
Sharing is caring
It may seem like an after-school special, but in business, joining a sharing economy can be worth it. Hiring freelancers, using cloud-based software, or renting business equipment on a short-term basis can put coin back in your pocket. You could have the best tools, equipment and talent for a fraction of what you’re paying. Anything to help with the bottom line is worth it.
Let them show loyalty
Most small company owners inherently understand the value of loyalty programs. With the right execution, you can generate a steady stream of repeat business from satisfied customers. The main hurdle is getting started. Just remember, as most may know, that acquiring a new customer is 5-25 times more expensive than retaining a current one.