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If you have already followed my tips for setting up your own small business, you may think that you are done with it all, and now be sat waiting for the money to start pouring in. However, the work never stops when building your own business! There are some things to integrate into your business that will help make things easier, and/or more profitable for you. Here are just five things you really need to integrate into your business, if you haven’t already done so.
1. Influencer marketing
The past few years has been all about influencer marketing and it is only set to get bigger. Working with online influencers such as bloggers, or those who have a large following on social media platforms, is a great way to sell your products and services to engaged audiences. Influencers are usually trusted by their audience, so if they give your business a positive review and provide a link for others to try it, you will potentially see your sales increase. It can be difficult to work out how best to go about this process, as
there are legal guidelines to make sure everyone is being transparent, and you have to weigh up your ROI – but if it is done well, it can be really successful.
2. Commitment to social causes
For a lot of customers, a brand’s commitment to doing something good in the world is also really important. You don’t have to be a huge conglomerate to be able to give something back, and in fact it is likely to mean more if you are just doing your small part. Perhaps you can launch a product to tie into a specific cause and give some of the profits to a charity that supports this. Make sure you write about this work on your About Us page on your website, to illustrate the ways in which you give back.
3. Automated systems
Some parts of running a business are less exciting but incredibly important, for example payroll and pensions. These things need to be done, but they take away from time growing your business, introducing new products and services and any other fun things you would rather be doing. Thankfully, there are a lot of automated systems that will handle these things for you without you having to lift a finger, and they are certainly worth it! Make sure that if you’re looking into an automated system that will manage something like payroll or pensions, that it is FCA (Financial Conduct Authority) approved. After all, you wouldn’t trust just anyone with your money.
4. Rewards and encouragement
Whether you are a one-woman team selling homemade nick-nacks from your kitchen, or a bigger team with an official hierarchy, praise is important. You may want to have official processes in place for this, where there are regular rewards for hitting particular targets, or be more relaxed about it, rewarding particularly good work as and when it happens. This includes you, as the boss too! If something goes well, make sure you give yourself the credit you deserve.
5. Regular reviews and analysis
Nothing is ever perfect, and part of the secret to a successful business is one that is constantly willing to change and adapt. Looking at any past failures will help you focus on setting the best KPIS for your business and allow you to continually improve your processes and offerings. Even when things seem to be going well, analysis should still take place to see what it is that is going well and how you can implement that in other areas of the business.
These things will help your business grow to the next level and hopefully increase your profits or at the very least office morale! Running a business is not easy but it can be incredibly rewarding. Let me know in the comments if you have any other suggestions.