Your business is your baby, I get that. We can spend so much time trying to nurture a new business to ensure that you get over the first year itch, you can often forget that there are many other aspects of your business that not only require your attention, but could also help your business become a success. Yes, there will always be more on your “to do” list than hours in the day to complete. However, there are certain aspects that could either be outsourced out, or would be more utilized with your attention than other areas. I wanted to share with you some of the things you perhaps don’t think about when it comes to your business, and why you should.
Problems with cash flow
Cash flow within a business is very important, so finding that you have more invoices to be paid, than money coming in can cause a real problem for your business. Often, you won’t even notice until you realize that there isn’t enough to pay your commitments. Therefore, it is always a good idea to keep some focus on your cash flow and manage it more effectively. Only pay invoices at the very last moment they need to be paid, which is normally within thirty days of the invoice date. But also bear in mind that other companies will be taking this action against you. This is when companies who handle invoices for you can pay you and then subsequently take up the owing debt with the consumer or client directly.
Your asset and investment management
It is important to any business that they have the right asset and capital management in place for their investments. It is another tool to have when it comes to your business model and an excellent way to increase value. This is when algorithmic trading software could come in handy. This can help you manage your portfolio in a better environment, and also feel more information with your investment options for the future. Making sure that you use the value of your business wisely.
Your customer experience
The customer experience. It is definitely something that we can oversee and take advantage of. However, the right customer experience can really transform the way a customer feels about your company, and it could even be part of the decision to share your business or come back as a repeat customer. It is all about whether you provided a good level of service. Not just as a person, but through your website, your social media and the product or service you provide.
The way you are portrayed online
Social media is a huge tool for any business, and so it shouldn’t be surprising that many people forget the power of their business voice and how quickly you can communicate with new and existing customers and clients. However, social media can also be your downfall if you don’t focus on the content you are publishing, as well as how often and the type of content. Having a schedule and strategy in place can help you stay on track and take full advantage of this opportunity your business has.
How good your website actually is
Anyone these days can put together some makeshift website. Thanks to free website builders online that can handle the code and put together a semi-decent looking online platform. But, does that really sing what you want your business to be about? Investing in your online footprint is key for the future of business. So much more is being done online that it is hard to shy away from the fact that you need an easy to use and responsive website to keep up with the times.
Is your brand memorable?
Your brand is what people are going to remember most about your business. Is it eye catching? Is it the right angle you want to take? Does it speak for your business without needing to read any about the company page on your site? If you don’t have a decent brand now, you will be revisiting it in the future if you are wanting to expand your business and grow. Invest now and you could be reaping the rewards. A good tip is to seek out the help of a digital agency, who can also help with your website and social media platforms, if needs be.
Do you make the most if your existing customers?
You have an existing customer base, but do you make the most of it? This could be an ideal way to gain repeat business or even offer up incentive for customers to share your business through way of referral schemes. Your customers are the people that have tried your business before, and so it is important to look after them and offer up sales and discounts where applicable.
How well do you know your current customers and the demographics
Do you know your customer inside out? Not them personally but the demographics of which your business attracts? The age, the gender, the type of customer they are, what position they are in life? These things can help you when it comes to tailoring things like marketing campaigns, your website and your brand. It can also highlight a target market that you want to improve upon, which could help your business in the future.
Other ways to take advantage
Finally, have you taken advantage of other oversights that many businesses tend to dismiss? Could you improve your website presence by placing focus on SEO? Could you really give your website ranking a boost by creating a business blog to run alongside your website? Could you personalize your social media a little more, giving behind the scenes looks and being more personable? These are things to think about that could make your business stand out from the crowd. It could be the difference between you and your competitor.
I hope that these things help you be more aware of some of the main oversights of a business.
Shutterstock / By Bplanet