As a small business owner you may be constantly looking for ways to improve your business and boost sales. But where to start?
Regardless of where you are in your business journey, whether you only have a business idea, you’re just starting a business, or you already have an established business, these 5 questions will come in handy.
Ask yourself these 5 questions as a small business owner
#1 What are the SWOTs of my business?
Before starting your own business, something that all business owners do is analysing their SWOTs – Strengths, Weaknesses, Opportunities, and Threats.
But a good SWOT analysis can come in handy no matter where you are in your business life cycle, especially since your SWOTs are subject to change constantly.
#2 Am I adequately investing in my staff?
Your staff is one of the most important aspects of growing your business.
For small business owners, focusing on factors like employees’ work-life balance, workplace environment and culture, appropriate compensation, and job security is key.
Have you invested in these?
- Recruiting and training enough employees so that you’re never short staffed.
- Proper work equipment and refreshments like snacks and beverages.
- An appealing work space that makes it easy to focus and be productive.
- A workplace that is easy to commute to.
Business owners shouldn’t forget that it’s important to pay your staff proper living wages. This way, your team won’t feel tempted to leave your business for other better paying employers.
#3 Why would a customer choose my business over others?
A lucrative business is one that has a unique selling point (USP). What is your USP? What is the reason that your customers choose you over your competitors?
It’s important to think about this when starting your own business, but it also pays to revisit this question throughout your business life cycle.
Believe it or not – your USP can change!
Over time, your USP can evolve due to influences from both internal changes (resource availability, production capacity) and external changes (competitors, market opportunities).
And as you face these influences, it’s important to keep asking yourself “why would a customer choose my business over others?” and actively strive to find solutions to it.
#4 Am I setting the right goals?
SMART goals are Specific, Measurable, Achievable, Relevant, and Timely goals that you can set for your business.
The SMART framework helps you set achievable long term and short term goals by defining them using its five attributes.
So the next time you set a goal for your business make sure that it has the five SMART attributes.
#5 Am I taking optimal advantage of technology?
Modern businesses have the wonderful opportunity to boost efficiency through the use of technology like social media, AI, AR and VR, etc. So make sure to use it whenever possible.
Ask yourself this question and research on what new technologies are available that fit your business.
Consider these examples..
- If you’re in the restaurant or food business, it would be smart to utilise takeout app services like Menulog, Deliveroo, and Uber Eats.
- If you’re in the fashion business, you can make use of E-Commerce and Augmented Reality (AR) to give remote shoppers a memorable shopping experience.
Once this is sorted, take the necessary steps to implement these technologies in your business. Our experts recommend seeking out tech savvy professionals when recruiting new employees.
Tech savvy accountants for efficient and cost-effective financial operations
Having a tech savvy accountant can make your financial operations more efficient and cost-effective with the use of automation, cloud software, etc.
We come to you equipped with the right skills and expertise to get your finances in order and give you the time to focus on your core business with peace of mind.
Choice, isn’t it? Drop us a kia ora and we’ll take it from there.
