3 Key Strategies for a Successful Small Business

December 9, 2022

3 Key Strategies for a Successful Small Business
Robin Waite - Business Coach

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If you are a young entrepreneur who is looking to create a viable first business or an employee who wants to escape the routine of a 9-5 job and work for yourself, then you may have considered setting up a small enterprise. It is recognised that the world of small business takes place in an extremely competitive trading environment. If you are planning to operate solely online, you will face the first challenge of simply being visible to your intended target market. Learning SEO best practice will be vital to rise up the page rankings of organic searches and gain greater visibility in the online marketplace. If you plan to open physical premises, there are other key considerations to consider that will play an instrumental part in the success or failure of your small business. This article explains three key points to consider when setting up a small business to boost its chances of long-term success.

Consider the location

If you need to open a physical premises to sell your products or services, then the location of this outlet will be of paramount importance. It is vitally important for any business that sells to the public to be in an accessible location. Many newly developed business sites will benefit from transportation engineering solutions that allow high volumes of traffic to access the site. If you are planning to locate in a new business park, it is incredibly important to research the surrounding transport network and how it will draw customers to your site. If you are opening up a larger business park, then you should use this type of service to make sure you are able to rent out your premises. Another consideration for location is the rental charges that will be charged for commercial properties. Typically, premises situated in large urban centres command higher rental rates as they benefit from increased levels of footfall. Balance your need to be highly visible to the customer with the overhead costs of renting premises in central locations.

Social media promotions

Social media platforms such as Instagram and TikTok are proving to be extremely effective sites for promotional activities. It is estimated that TikTok has around 1 billion active users of the site who will view content on a daily basis. Targeting your customer base on social media platforms with tailored promotions, product news and offers can result in gaining increased sales and brand awareness in a relatively short period of time. As a rule, promotional activities across all customer touchpoints should remain consistent in terms of branding, themes and the general message of the media. This can help to strengthen brand image. Remember to link back to your website product page when promoting specific products so that viewers can be converted into customers with ease.

Hire the best talent

Every small business will rely on a team of dedicated staff to foster commercial success. It is, therefore, vitally important when hiring staff to insist on the absolute best. A small business needs leaders and free thinkers to keep innovation levels high and remain competitive in an increasingly crowded marketplace. A small business should avoid offering roles to candidates who are not fully attuned to the company’s mission, culture and values. In addition, it is important not to employ “yes men” who will simply agree with plans and ideas without challenging them or offering suitable alternatives. A small business needs an intelligent, dynamic culture to drive improvements and continue to innovate and this can only be achieved by hiring the best talent. 

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