Businesses grow well when treated like living entities. It needs nurture and attention along with a strong support system. Business owners should analyze the internal and external entities that can and have an impact on the business. This analysis should be coupled with good business practices to ensure continued growth, profit and success. Here are good business practices that small businesses can follow.
1) Assessment of goods/ services
It is important to undertake an assessment of the product/services you provide to understand your strength and weakness. It helps you assess the quality, the market value, and its potential to hold up against competitors. This will help you improve your product in terms of quality, marketing, and utility.
2) Embrace Technology
Businesses worldwide have acknowledged the power of technology. Harness the power of digitization and make your presence felt online in form of a website, social media, etc. People turn to google before using any product or service, if you are not available online, you miss out on a huge chunk of the population. To thrive in a world where MNCs hold more power, SMEs must embrace technology. Many apps can help SMEs function better. For E.g. Biz Analyst is a tally-on mobile app that helps businesses, especially SMEs make data-driven decisions that increase their cash flow, profit, growth, and productivity. Arm yourself with the best technology to not just survive but to thrive.
3) Adhere to regulatory trends
Compliance with the existing law and adherence to the new ones is vital for your business. It not just about survival but also but avoiding expensive penalties and legal trouble. Try to learn about the legalities of running your business and it is always wise to engage services of lawyers who specialize in corporate laws.
4) Good team
Form a team of qualified, skilled, and dedicated employees who specialize in the field they handle. Let them bring in their expertise and channelize their potential to grow your business. Always hire the right person for the job and let them handle their area without micromanagement. This along with open communication will help boost growth & profit.
5) Know your competitors
Learn from your competitors, watch their weakness and turn it into an opportunity for self. Healthy competition is good for your business. Having little to no challenge leads to stagnation. It is important to know and acknowledge your competitors. Many big brands have a fabled rivalry which often visible in their light-hearted ribbing of each other in their promotional materials e.g. McDonald’s and Burger King, Coca-Cola and Pepsi, etc.
6) Feedbacks are vital
Take regular feedback from your team & your customers. Feedbacks help your team perform better and feedbacks from your customers help you improve and change for the better. Negative feedbacks should be handled with grace and composure while positive ones should be accepted with humility to avoid inflated egos.
7) Grab opportunities
It’s vital to have the ability to recognize a good opportunity. You will often miss out on a good opportunity because you didn’t see it for what it is. It is important to understand that knowledge is the greatest asset of any business. This knowledge helps you grab the right opportunity when it comes by.
8) Meticulous records
Organize your records well and in an accessible manner. Use technology to ensure that all your records are managed well and are safely kept away from prying eyes. Stay on top of your filing system by using the best available technology and services. These records are absolutely important while dealing with legal issues, government compliance, taxes, and customers.
Following good business practices can help businesses do better than those who prefer don’t follow them. These practices are just a few small steps SMEs can take to stay steady and unshaken in the face of unknown challenges