A small business is defined as under 50 employees, and in the UK last year there are an estimated 5.7 million small businesses. These businesses account for 99.3% of all private sector businesses and have a combined annual turnover of £1.9 trillion, which is 51% of all private sector revenue in this country.
To help promote this vitally important component of the economy, it is National Small Business Month this month. There are a number of factors which make a small business a success, we take a look at some of the most effective ways to allow a small business to thrive.
Start promoting yourself for free and easily
A great free way to expand your online presence and to develop your branding is to start engaging with social media’s audience. If you still haven’t, now is the time to launch a Twitter, Instagram or Facebook for your business. Or if you haven’t posted in months, it’s time start posing/tweeting regularly with consistent content that reflects your brand. We posted an article a little while ago on why branding is important for small businesses.
The next step in this journey to increasing your online presence is to develop a strategical and cohesive plan to drive more relevant traffic to your website via various social media platforms as well using SEO techniques. Once you have regular traffic to your site, you can start to look at conversion rates, whatever your call to action may be.
Learn to delegate and prioritise your well being
Since the majority of small business owners have grown and nurtured their enterprises since inception, it can be tough for them to delegate. Unfortunately, clinging onto all the responsibilities can have a negative effect on the business. You can only work so many hours in a day and not having a healthy work/life balance will cost your business in the long run. Recent research has found around a third of small business owners in this country have had a recent health scare due to their workload. Nearly three quarters are worried their current work/life balance is having a negative impact on their overall health and well-being.
Once you have found an employee you can trust, it is important to delegate some responsibilities and tasks to maintain a healthy work/life balance. When you are feeling stress free and happy, this will have a positive effect on the business.
Keep your eye on cash flow
If you are looking to grow your business or just remain as you are, having a healthy cash flow is essential to keeping the business operating smoothly. Invoice finance or a small business loan can help ease the pressure and there are also a number of funders available to partner with a business in need. In an economy that can be tough to operate in, business owners could benefit from exploring their finance options.
Get in contact with us here at Regency today to help you grow your business by driving more traffic to your site via a bespoke SEO package.