Business Ideas For Small Companies
Increasing Front-End Marketing
Many small businesses make the mistake of thinking that marketing is just advertising public relations and promotion. These features serve as the main marketing strategy. To grow your business faster increase your investment in the early stages of the marketing process.
Conduct market analysis including an overview of your competitors and customer demographics. Review the features and benefits of your product. Analyze your pricing strategies to determine how price changes will affect your sales volumes profit margins gross margins and brand.
Distribution Overview
As you review your marketing plan, take a look at your distribution strategies to determine if you've got them right. If you are not selling directly to consumers, consider the costs and benefits of selling directly through your website.
If you are not using wholesalers and sales representatives, meet with companies that offer these services to determine if adding these sales channels is right for you.
Analyze the performance of different sales channels not only in terms of total volume but also in terms of annual growth to determine where your best growth potential could come from.
Benefits Improvement
You can strengthen your workforce without increasing your costs by adding employee benefits that make you the employer of choice.
Adding benefits gives your employees access to cheaper insurance and the benefits of tax-free retirement and health insurance programs. Contact your benefits provider to find out how you can offer health & dental & vision and disability insurance to employees.
You do not need to offer an employer to allow your employees to participate in the flexible spending program and you will thereby reduce your payroll tax.
Experience Maximization
If you can't afford to hire full-time employees with expertise in HR tax preparation accounting website development marketing sales and information technology hire contractors to help your employees make long-term plans.
In addition offer staff training to maximize the skills and abilities of your key workers. Pay for college tuition send employees to seminars and reimburse employees for certification training.
Expansion of financial reporting
Many small business owners make the mistake of creating a master budget at the beginning of the year as their main financial statement.
Be more proactive in managing your finances by creating financial reports that include cash flow statements and forecasts overheads and operating budgets profit and loss statements and debt service reports.
Using the information in these documents you can avoid cash shortages cut interest payments and make expansion plans.
Learn to Minimize
Hire an external consultant or appoint one person in your company to analyze and manage your expenses. Learn to minimize your utilities by meeting with energy providers. Renew your service contracts regularly. Meet with your insurance companies to discuss coverage and premium changes.
Determine whether it is more efficient to use employees or contractors in key positions. Examine your manufacturing processes to determine if any steps can be eliminated without sacrificing quality.
