Whether you’re the new biz on the block or an industry vet, mistakes are a very real part of running a company. Some fail to realize they’re not being as flexible or as well planned as they think they are. Sadly, passion isn’t enough.
Save yourself and your business the heartbreak of learning lessons the hard way in 2022 with three little secrets of small business success.
Keep a Consistent Cash Flow
When it comes to having a steady stream of revenue coming in, it matters for everyone — you, your employees and any current or potential investors. Most importantly, cash flow is what keeps the business afloat.
For a company to stay financially healthy throughout the years, it’s essential to keep an eye on costs going in and out of the business. Account for costs that have not hit the books yet either, so you aren’t caught by surprise.
Get in the know about your cash flow.
- Positive cash flow is when the cash coming in, whether from sales, payment collection, etc., is more than the cash that’s leaving your business due to covering monthly expenses, employee salaries and the like.
- Negative cash flow occurs when your outflow exceeds incoming cash. This is a red flag for trouble ahead.
Take the rational steps to better manage your cash flow. Try collecting your receivables quicker, keeping an eye on inventory loss and monitoring any debt.
Build your cash flow statement so you know where your finances stand so you can experience small business success in 2022.
Work Out Automation
The second secret of small business success is marketing automation: It’s the feature that will usually sell a business on a specific end-to-end CRM, but it requires more work than you care to give to set it up.
Or perhaps you look at it as something reserved for large businesses with massive marketing teams. It’s not. Your business can appear bigger by taking the extra time to fully flesh out the automation setup.
Do you text and email your contacts? What about targeting promotional campaigns to them based on special anniversaries or holidays? How do you manage your social media accounts? You can automate all of these activities.
Automation is the perfect fit for small and mid-sized businesses because it:
- Saves time when you want to target multiple customers while still segmenting your messaging
- Helps you nurture relationships with your customers with anniversary or appointment reminders
- Streamlines lead generation efforts
The automation process extends beyond marketing. Are your payment processes outdated? It’s beyond worth it to explore the many ways automation could turn your business into a small business success story.
Build Great Customer Relationships
When it comes to small business success, you need customers who love and support you to help keep it afloat when new sales are down. When your customers are fans of your business, it makes a world of difference for you. Keep them in your corner by:
- Providing quality products and services consistently. Growing pains will unexpectedly hit, which means you’re enjoying some measure of success. Don’t let that growth cause you to slack on your quality standard. Hire new employees, add shifts to the schedule or plan out more processes as needed.
- Meeting deadlines and expectations. If you make a promise to be present for a service, be there and on time. If you say you have a product, double-check your inventory first. While these are small courtesies, they go a long way with your customers.
- Keeping a top-notch customer service team. Make sure your staff is up to date on how to manage issues that may arise. Stress the importance of delivering reliable customer service every time. You can’t satisfy every type of complaining customer. Allow them the chance to be heard, understood and welcomed into the resolution process. However, when that fails, keep in mind that not everyone is your ideal customer.
Remember, these key points also work for the digital side of your business. Keeping your website mobile-friendly and running quickly with accurate information and acknowledging every review will help you in building customer relationships.
By heeding these three secrets of small business success and creating long-term positive habits, you can largely impact your business. Start 2022 the right way. Be the business your customers want to choose and your employees are proud to be connected to.