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Business Tips

8 Tips every business owner should know

Tip #1 Know your finances

The biggest problem a business can face is running out of money. If you know you are going to run out of money put a plan in place – fix it now!

Tip #2 Look after your employees

Make sure you take care of your star employees. Ensure your top performers are well looked after, motivated and challenged. Reduce employee turnover.

Tip #3 Retain your customers

Listen to your customers, take their comments/opinions on board. Be on the social media platforms they are active on. Spend time looking after your current customers avoid the leaky bucket of losing customers and having to acquire new customers, this costs a company a lot of money.

Tip #4 Send your customers a handwritten note

Sometimes it’s the simple things that make the biggest difference. Sending your customers a handwritten note to thank them for their business can have a big effect on your customers.

Tip #5 Social Media

Share educational rich content on Facebook and other social media platforms that your customers will find helpful.

Tip #6 Always network

It is good to network with other business people. You can gain information and share ideas with these people. You won’t know every aspect of running a business. So reach out to people, ask others for advice or get a mentor.

Tip #7 Have a process to ask your customers for referrals

Your current customers can be the best advocates and promoters for your business. Put a process in place which asks your customers for referrals.

Tip #8 Set specific goals

Setting goals is a great way to keep yourself and your employees focused. Set specific goals by cutting down a big goal into a few small goals. Having smaller goals makes analysing goals easier.