As a business owner, there are times you may feel stuck. Your sales may be leveling off, you could be struggling to find the right employees or you could just be feeling like you’re incapable of making progress. If you’re in this position, you may need outside help. By consulting experts and using resources offered by Business Forward Ventura County, you can re-imagine and revamp your business
With that in mind, here are six expert tips on how to build a thriving business
1. Reach Customers in More Ways
If yours is a retail business with no online outlet, consider creating an online shop as an extra avenue for capturing sales. Once you’ve collected enough customer emails, you should undertake an email campaign to ensure your business offering is visible to your customer base. You should also incorporate social media into your marketing. Conversely, if your business is entirely web-based, consider launching a direct mail marketing campaign that includes your best sellers. After experimenting with multiple channels, you’ll figure out the marketing approach that will give you the highest ROI for your marketing dollars.
2. Create a Business Toolbox
Every business needs a business toolbox. A toolbox should include the following:
• A business plan to guide you and help you avoid pitfalls
• A marketing plan to help increase your sales and create a loyal customer base
• An employee manual that will guide your employees on what to do and not do by outlining regulations and ensuring the business complies with labor laws
• Accounting software that generates current financial reports in real-time to help you keep track of your business activities
• Robust IT infrastructure
3. Attract the Best Talent
Many businesses are not well prepared for employing the younger workforce. You should plan and consider the potential strengths and weaknesses of today’s younger age groups and incorporate that information into your hiring strategy and workplace culture, to attract the best talent to your team. It’s also important to learn how to effectively communicate to your employees about their position, tasks, and responsibilities in your organization.
4. Form an Advisory Committee
Having an advisory board that’s formed based on your business opportunities and challenges can serve as a powerful management resource. An advisory committee will help you manage your business more effectively and provide fresh insights. Pick a small group of advisors whom you’ll meet quarterly to continually go through issues, assess your progress, and craft a strategic plan. Thanks to the advisory board’s input, you can accelerate growth and remain focused on your goals.
5. Monitor Your Cash Flow
A lot of small businesses fail due to the lack of cash flow. Without sufficient cash reserves, you can’t pay your bills or make payroll. Lack of cash will therefore halt your business operations quite quickly. It’s possible for a business to be profitable but have little cash. Profit is just an accounting concept, while cash is the money in your checking account. You may have inventory, account receivables, and other assets, but you won’t have the necessary cash if you haven’t collected what you’re owed.
6. Seek Help
Starting and running a business can be very lonely: you may have to make tough decisions alone, you may find success that no one notices and it can be physically and mentally grueling. This is why you should put to use the immense business support resources provided by us.
If your business is Ventura County, Business Forward Ventura County will help you access start-up assistance, capital, no-cost business consulting, subsidized employee training, subsidized employment, co-working spaces, local business incentives, tax assistance, and more. Contact us today to get started!