Running a small or medium-sized business can be tough. But there are ways to ensure your company succeeds. Here are five tips for surviving — and thriving.
1. Join your local Business Improvement Area (BIA)
BIAs are a great resource for business owners like you. They organize community events and can help you promote your business. Many BIAs will also advocate on your behalf when neighbourhood issues arise, as they often have a direct access to local politicians and decision-makers.
2. Boost your business’s online presence using social media
Ensure that profiles for any social-media platforms you use are complete and up-to-date. Wade into social-media marketing by promoting posts and using targeted advertising to build a fan base. When compared to traditional advertising, social-media channels like Facebook, Twitter and Instagram can be a more cost-effective way to promote your company and build a community of current and potential customers. Social media also allows you to interact with other business owners and share experiences, advice and resources.
3. Become a part of your community by giving back
A little bit of charity goes a long way. This doesn’t have to mean making a large donation to a gala. Instead consider sponsoring a local soccer league or donating your services to a local not-for-profit. This not only shines a bright light on your business, but also helps you to build relationships with members of your community.
4. Ask for help from people you know
Don’t be afraid to ask for help from family and friends. Maybe you’ve got a cousin who can build your website and give you the family discount. Or maybe a friend’s daughter is looking for some volunteer experience and would be willing to work with you. Depend on people who are willing to lend a hand and find a way to reward them.
5. Always Be Innovating
Owners of small to medium-sized businesses have something very valuable that large companies don’t — flexibility. You can experiment with your products and services and in the way you run your business. Keep an open mind and consider new technologies, staffing models and partnerships that can help you achieve your goals.
This article is for informational purposes only and it is not intended to provide you with any personalized financial, marketing, accounting or tax advice. Neither Moneris Solutions Corporation (Moneris) nor any of its affiliates shall be liable for any direct, indirect, incidental, consequential or punitive damages arising out of use of any of the information contained in this article. Neither Moneris nor any of its affiliates warrant or make any representation regarding the use or the results of the use of the information, content and materials contained in this article in terms of their correctness, accuracy, reliability or otherwise.