Finance and marketing are two of the base pillars of any business, and when it comes to setting up your new small business, these are the primary things you need to gain expertise in. Financial stability is essential for any business to stay balanced and adapt to the changing requirements of the market.
Budgeting, forecasting, and investing in the right resources to provide optimum customer experience are the keys to success. When it comes to marketing, reaching to masses through the right medium at the right time becomes essential. As we can see, every year, the competition gets tougher, and businesses have to think outside the box to thrive. In light of the changing market scenario, here we will explore some important measures that companies need to take to flourish and succeed.
Here are a few top financial tips, which may benefit business owners this year.
- Lean model
Going lean will help businesses to maximize returns on each dollar and also eliminate the overheads which do not help towards the growth of the organization or add value. To practice this, you need to closely review the monthly finances and identify the costs which can be eradicated or minimized with innovative budgeting.
For example, you can enhance the user experience by offering an anywhere-anytime checkout point instead of the traditional affixed cash point. The new system may allow the staff of the POS to accept payment through cards or smartphones, and generate an e-bill, which will eliminate the time and task needed in printing paper bills.
- Devising a strategic plan
In modern business economics, it is essential for small businesses to design a strategic plan, which can efficiently accommodate the short-term and long-term goals and help in taking more focused and informed financial decisions. At the very start of it
- verify that your strategic plan
- Is reflective of your business goals
- Gives you proper insight about your target audience
- Unveils the competitive landscape of ever-changing and emerging market trends
If you have a realistic vision to achieve, you will be able to manage your finances better. If you focus on a short-term strategy, avoid spending on upgraded facilities or expensive technologies. Instead, try building an ideal business model to ensure high margins and increased sales volume.
- Optimizing professional costs
Keep an eye on how much you have to shell out for professional services such as accountants, bookkeeping, lawyers or sales coaches. Try to measure the value of each service that you are acquiring. For example, if you implement a software system for bookkeeping, collaborate it with the accountant’s data to eliminate redundancy. As a small business owner, you may seek consultations from the local Small Business Administrative Office instead of paying a fair sum to a business coach.
- Debt management
Improper debt management is one grave mistake small and new businesses tend to make, and it often leads to chaos. It is quite natural to face the problem of multiple debts when it comes to business finances. However, there are practical ways to keep better control over it. Debt consolidation and efficient debt consulting by providers are ideal ways to check out if you face problems with unmanageable debts.
Next, let’s discuss top marketing tips small businesses may ponder in the year 2017.
Marketing is an ever-changing practice, and successful marketing requires awareness of all emerging trends and upcoming channels. Even if you feel confident and knowledgeable about your industry best practices, you should keep a close eye on what is coming up next to stay dynamic. Here are a few such things to keep an eye on.
- Digital marketing – do expert blogging
If you know a thing or two about online marketing, you must already realize the value of a blog. Blogging is an ideal way to ensure search engine optimization (SEO) success to get your business noticed by the masses. However, many marketers focus just on quantity when it comes to blogging and forget about quality.
Optimizing your web pages for search engines with the help of quality blog posts will help your business appear on top of the results against particular keywords. It will ultimately result in more leads, results, and revenue.
- Leveraging mobile takeover
It goes without saying that mobile technology has an enormous impact on our daily lives and users spend more than one-fourth of their day using smartphones. It has a clear impact on the modern marketing strategies too. The majority of those who use the internet now use their mobile phones to access websites and social media. In 2017, the best marketing strategies to be included are text message marketing and social media promotions.
- Social media marketing
Social media platforms like Facebook, Twitter, and LinkedIn have become a part of everyone’s life. Small businesses can also leverage social media to plan cost-effective and personalized marketing strategies. Marketers should pay close attention to tracking the consumer behaviors to devise successful marketing tactics.
- Live marketing
Live streaming has taken social media by storm. Live videos and feeds have become the new norm of communicating your brand message. Live videos on Facebook alone get over 100 million views every day. As it is the best mode of engaging your audience, live streaming of your business events, conferences, product release, or training can do wonders.
- Email marketing
It has been there for quite some time now, but you should not underestimate the value of email marketing in light of the expansion of social media. The fact is that when done right, email marketing can ensure the growth of any small business. However, you must focus on delivering useful content such as latest news, guides, and helpful links through email.
To conclude, marketing and finance are two domains, which are ever-evolving. Strategies related to these specialties are becoming more detail-oriented and personalized. It is essential for business administrators to continuously learn, adapt, and revisit their tactics from time to time to survive and succeed.
Simon Morris is an experienced and skilled Business consultant and Financial advisor in the USA. He helps clients both personal and professional in long-term wealth building plans. During his spare time he loves to write on Business, Finance, Marketing, Social Media. He loves to share his knowledge and Experts tips with his readers.