Tools for Small Business Growth
Once you have succeeded in getting your small business up and running, you naturally begin to consider the future. Growing your company is the aim of every small business owner. Growing your small business presents a different set of challenges than those faced when setting up a small business. This guide is here to outline some of the most valuable tools for growing your small business.
Training and Education
While training and education might not seem like typical tools that you will need for small business growth, they are invaluable assets to any company. Development and education are the best methods for providing your employees and yourself with the tools that you need to promote growth. While these tools are not physical objects, the knowledge and understanding you learn will prove instrumental when taking your business to the next level.
Staff training and employee development are terms that refer to various employee learning practices. Specifically, training refers to employees learning exact skills that are directly going to impact their performance in their current role. Development programs are designed to promote employee growth in a more general sense, such as their future career potential. Employee development is especially useful for small business growth, as it has been found to make companies more efficient and competitive and create a more engaged workforce.
Employee development opportunities have been found to have a very positive impact on the relationship between an employee and the organization they work for. Regular development initiatives have been found to increase employee engagement. Training and development opportunities help employees feel more valued by the company and create a more positive company culture. The effects of development opportunities on employee well-being can be seen by higher staff retention rates, an average of 41% lower absenteeism, and 17% higher productivity.
Employee training and development directly impact small business growth as they grant businesses access to employees with more relevant and valuable skills. Opportunities for employee growth also benefit talent retention for small businesses.
Unlike training or development programs, education does not necessarily take place within the corporate environment. Education for business growth can take many different forms depending on the specific needs of your company. Education for business growth can be utilized by employees and business leaders alike. Education opportunities can include:
- A Relevant Degree Course
For example, business owners looking to grow their company online or develop products with a technology focus might choose to enrol in a part-time computer science degree online to provide them with all the skills they need to excel in their new avenue.
- A Language Course
Maybe you are looking to grow your small business by expanding your operations globally. A language course can help you learn the vital communications skills you will need to operate in another country.
- Financial Education
Taking an accountancy and finance course can help business owners understand every aspect of their company’s finances. Staying on top of your business finances is vital to ensure that any form of business growth is financially sustainable.
How are you planning on growing your business? Chances are that somewhere in your answer to that question was the phrase ‘increase our customer base’. The right digital marketing tools can help you to increase your customer base for business growth efficiently.
Business analytics is the ability to turn information into better outcomes through statistical analysis of relevant customer data. Analytic tools provide you with detailed information on customer behaviors, such as how customers enter and interact with your website. By acting upon customer demographics and shopping behavior analysis, you can improve customer conversion and retention rates. Collecting customer information and creating customer-relationship marketing databases will help you to provide a more personalized experience for your users.
Automated Customer Service
Using an automated customer service tool, such as a chatbot, can enable you to utilize your employees for the highest value tasks. A chatbot can be used to answer routine customer inquiries, freeing up your customer service team to spend their time on more important tasks for future growth. Using a chatbot shouldn’t diminish the level of service you can offer to your customer. A chatbot, unlike an employee, is available to answer questions twenty-four seven.
To sustain growth and actualize your long-term business goals, you will need to have the necessary funding. Finance tools are the best way to ensure that you have up-to-date knowledge of your company’s financial situation. These tools can also help free up your time by automating routine processes, allowing you to focus more on critical tasks.
There are many different accountancy software on the market that have been specifically designed with small businesses in mind. Accountancy software can help you to stay on top of your company’s in-coming and out-going expenses. Having real-time information pertaining to your business finances at your fingertips will also enable you to track your expected growth against your financial realities. Accountancy software provides very useful services such as; automation of billing and payments, quote creation, tax preparation, payroll processing, and card processing.
Creating a sustainable budget and sticking to it is vital for your business to complete your growth strategy. Using a budgeting tool is the best way to ensure that you are always meeting your expected targets. A budgeting tool offers reassurance as it is free from human errors and can respond instantly to incoming and outgoing payments. There are two formats for budgeting tools, either a stand-alone budgeting solution or one that’s built-in to your accountancy application. The benefit of using accounting software with an inbuilt budgeting tool is that there is no need to input financial data from another source.
A financial dashboard allows you to see a snapshot of your small business’ financial health and track key performance indicators. The financial dashboard tool displays vital information in an easily accessible manner to ensure that you are always on top of your business finances.