Everyday Ways to Build a Better Business

As a business owner, your goal is to build a better business than the competition. You can do this by starting out with a solid foundation and then paying close attention to how you handle day-to-day operations. The Peabody Area Chamber of Commerce offers the following guidance to help get you started.

Lay the Foundation with a Business Plan

Any successful business owner will tell you that a well-crafted business plan is essential to the success of a new venture. A business plan helps to define your business goals and objectives, map out a strategy for achieving them, and provide a roadmap for making your vision a reality. It also serves as a valuable tool for attracting investors and partners.

While there are many different elements that should be included in a business plan, some of the most important are your company overview, market analysis, and financial projections. Your company overview should provide an overview of your business model and explain what makes your company unique. Your market analysis should identify your target market and explain how you plan to reach them. And finally, your financial projections should outline your anticipated revenues and expenses. By taking the time to carefully map out your business goals and strategies, you will increase your chances of success and set yourself up for long-term success.

Develop a Marketing Strategy

Next up is establishing a strong brand identity. This entails coming up with a company name, logo, and other identifying components. In the beginning, you’ll want to put together a few important pieces of your marketing puzzle. This might include business cards, which are quicker and more visible than an email and can work as a keepsake. 

Another crucial component to your marketing strategy is how you handle your digital presence. Web design and search engine optimization are essential here. You can build a better business online by ensuring that your website, social media platforms, and directory listings are up to date, active, and consistent. Tools like Copy.AI are great for non bloggers or those stuck for content but have ideas they want to express to their audiences. YouTube shorts or transcribed videos also make for fabulous digital content!

If you’re not already internet-savvy, plan to create a social media marketing position or give this task to someone who can devote at least a few hours each week to keeping your digital world active and visible. Whatever strategy you put together, be sure that you keep things consistent across all of your platforms. Inconsistency can cause confusion — and maybe irritation — amongst your customers and clients, so make sure everything you post is “on brand.” For example, focus on content that spreads awareness, content that helps you generate leads, articles by writers or companies that paid for the opportunity to post on-brand content, and content that will help you build a relationship with your customers or clients.

Build a Website

As a practical matter, every modern business requires a web presence, and a dedicated website is still the best way to do it. That doesn’t mean you have to become an expert on web design; there are many professionals available to create a functional website to meet your business’s needs However, if you are a bootstrapping entrepreneur and wish to drag and drop a premade theme into your new site, we recommend using WordPress and investing in software tools like Elementor or Divi.  Not only are they easy to use but they can compliment your business industry with a current look and feel you can use to populate with all your businesses services and identity.

Making your Accounts Count!

Any business, no matter its size, needs to keep track of its finances. This task is much easier said than done, especially as a business grows. This is where accounting software comes in. Using accounting software can help businesses keep track of their income and expenses, manage invoices and inventory, and generate financial reports.By automating tasks like invoicing and reporting, it frees up businesses to focus on more important things. And by providing accurate financial information, it helps businesses make informed decisions.

Build your Team

You want to work with those that offer something that you do not as that is what makes a great leader.  Ask the tough questions initially and look for those that you can also learn from.  Take time to listen, stay aware and ensure your business processes are in place from the get-go. Initial example:  Make sure to prepare onboarding materials to cut down training time as well as effectively share company mission and values, business best practices, scheduling, important office or remote HR protocols, employee role and responsibilities, key contacts and access to software tools/files if applicable and of course contractual agreements. Having a well-ordered system for organizing these documents is key to staying on top of necessary tasks, so take advantage of PDF software tools. These tools will enable to you to combine, remove and adjust files as necessary. You can even use an image to PDF file if you want to convert pictures and include them with your documents. 

Prioritize Culture

More than just business structure and marketing, you’ll want to go ahead and establish a working culture. HR consulting firm ERC explains that forming a strong identity as an employer attracts the right talent and showcases your workplace practices. This can make it easier to live up to the reputation you have or are working so hard to build. Keep internal communication formal but have fun!  No one enjoys a corporate setting led by a dictator or stick in the mud leader! 

• Be authentic

• Be honest

• Ask yourself. What can I do?

Stay Organized and Communicate Effectively

Apex business services firm explains that an organized working environment helps you maintain professionalism and workplace morale. What’s more, ensuring that this environment stays clutter-free and tidy will help ensure that feelings of anxiousness are kept to a bare minimum. It’s amazing how wonderful people feel in an organized workplace but this isn’t only your surroundings but also within your communication.

As you work to build a better business, you must also strategize, refine, and perfect how you communicate with your customers. First determine by way of analytics through your chosen CRM, how exactly your clients prefer to communicate. Text messaging is quick, easy, and nonintrusive, so look for ways to reach out to your clients and the device they are already on but some businesses may require picking up the phone and connecting over a call Additionally, short videos, newsletters, email and social media communications may allow you to send wider reach messaging and more often so ensure you develop customer opt-in’s so that your communication strategy is targeted and compliant.

The same can be said for your communication to vendors.

Spend some time:

• evaluating and reviewing a vetted local vendor list

• ensure the vendors you put in place provide turnkey offerings or at least meet your cost expectations 

• determine the areas of the business each support 

• assign a direct contact within your company for managing the vendor relationship 

• examine with whom you can potentially barter or collaborate services 

If your vendors have access to your computer systems, now is also the perfect opportunity to discuss data safety practices to help keep your customers’ personal information safe.

The information that you glean from your vendor evaluations can also put you in a better position to perform a competitive market analysis (CMA). Although you likely did this during the startup phase, it never hurts to keep an eye on your competition so that you know your market position. Your CMA will give you the data you need to decide on which path to take when it’s time to make changes to your business.

To build a better business, you have to start from the beginning and then prioritize your day-to-day operations. Simple steps, like forming your business structure early on and using accounting software, can help you manage other aspects of your business, such as hiring and paying taxes. Remember, all small business owners are responsible for their successes, and everything you do today will help you achieve your professional goals in the future.