10 Business Management Tips For Your Business

Perhaps 10 tips for your business are more than enough to get you on the right path. We understand that this is a topic widely discussed by many, however it may be little applied in reality, therefore we consider it of utmost importance in our business and entrepreneurship environment, to emphasize and thus make #Noveros reflect on its application to thus achieving an evolution in your business projects Local content.

One of the practices we have as a consulting company is to tour various parts of the city and also in the interior of the country is to observe the different #businesses or shops, their offer of services and products and their way of promoting them. As new business projects appear, we tend to analyze their chances of survival in the current complicated and competitive environment and we have noticed some patterns that are repeated and that usually lead to closure in a few months.

Not only with the experience acquired by observing these new businesses do we determine those patterns that inevitably lead to the closure of such promising businesses. We also experienced multiple falls and failures in other projects.

By talking very openly with many local business owners throughout our meetings with so many « #Noveros » ( Person with empowerment and improvement who decides to leave the comfort zone to pursue their dreams ). Many who have had to see their projects close, many who have seen theirs grow, we have created a list of tips for proper Business Management for Small and Medium Enterprises, which can help when competing in the current market.

1. Study the market

It is believed that a small business does not need to study the market, but this is not the case and it usually leads to a loss of competitiveness. It is essential to know the environment in which we operate before defining our offer. Therefore, one of the tips for your business is simple but key; study the market.

2. Monitor the competition

We are not alone in the market, so we must know at all times what our competition is doing. It’s not about copying what you do, but about analyzing it to detect changes in trends and anticipate opportunities.

3. Analyze our product and service offering

In most cases, our product and service offering is not based on market analysis, but on what we know how to do. Consumption habits change as society evolves. The way we consume basic products has changed significantly in recent years. If we look at the packaging, we will detect that the formats have changed considerably (for example) as the number of single-parent families and people living alone have increased. Large families are becoming less common and a lot of packaged products are purchased because we space out purchases due to our limited time availability. However, small businesses can adapt to these new needs with the advantage of proximity to the customer.

4. Improve promotion and dissemination

Small businesses barely make use of marketing tools, which are essential when it comes to publicizing the solutions we provide to the user. The lack of time, resources and training in many cases leads us to waste our competitive advantages because we do not reach the potential client.

5. Leverage customer insight

One of the main advantages of small businesses compared to large chains is proximity to the customer. We can get to know them because we serve them personally and they usually come frequently. It is an element that we must take advantage of to personalize our offer of services and products, avoiding the standardization of large stores. Flexibility is one of our best allies.

6. Take care of the details

The much-mentioned “User Experience” is not a lie, but one of the most powerful tools that we can exploit due to our proximity. The care we put into what we do and the amount of detail we can have with the user can be a key differentiator compared to the standard procedures of chain stores. Asking clients about problems that they have told us about in previous visits, about their family or their work, allows us to establish a closer relationship that translates into an improvement in the user experience. This is more than one of the many tips for your business, it must be a law for success in your project.

7. Anticipate demand

We can take advantage of the knowledge we have of our customers and our market to anticipate demand. By using loyalty tools such as email marketing, we can spend more time in customers’ minds, so that we are their first choice for any need.

In order to create an appropriate distribution list, we may conduct sweepstakes and promotions to get customers to give us their email address.

8. Attend to Financial Management

A small business is still a business and needs proper financial management. Even if it is in a basic way, supported by simple spreadsheets, we have to learn to keep appropriate records of collections and payments to have efficient treasury management, which will avoid many unpleasant surprises due to unforeseen payments that leave us without liquidity. enough. One of the most common reasons why a new business closes is due to poor financial management.

9. Negotiation with suppliers

Another aspect that we must promote is negotiation with suppliers. They need us as much as we need them and our relationship has to be mutually beneficial. Coordinate to group orders, shipments and invoices. Lightening the management of collections and payments, supporting us in carrying out campaigns and promotions, are some of the tools at our disposal to improve our competitiveness.

10. Take care of employees (collaborators)

The most important point of all, if we have #collaborators , we must consider that they are one of the key pillars of our business. They are part of a gear that must be well oiled to function perfectly. The lack of time and the day-to-day emergencies mean that we only remember them to demand that they do their work, forgetting about motivation and their continuous professional recycling. If our market is constantly evolving, we must worry about training our team in the capabilities and skills necessary to maintain and improve our competitiveness.

A collaborator committed to the company and who feels that the company is part of him/her will be a collaborator who will always seek the improvement and evolution of the business.

In short, it is about taking advantage of one of the keys to Marketing, which is the possibility of adequately managing “that little bit more”, which is the point of contact with the client, the personalized treatment and that extra bit of warmth that you give them. human, is the strong point for these small and medium-sized companies.