Have you ever heard “The only reason we use this agency is because of you!” — I have.“I’ve heard that twice, from two different major studio clients on two consecutive days while working at my first advertising agency position just out of college. And hearing this echoed, it ignited an entrepreneurial endeavor and my career.
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Starting a small business is exciting. But as many entrepreneurs soon learn, it can be an uphill battle. I sat on the floor of a two-bedroom rental after my roommate had just moved out I wrote four credit card checks to buy a (whoa) new Mac system in 1991 for just over $16 thousand (see picture)… I billed $980 thousand in the next year – scary as it was, I am ever so glad I did it, and let my craft take its course! said Michael Pace
Here are a few tips to ensure your business has the best chance of success and longevity, plus keep it running smoothly and profitably. These will help you get started on the path to success, courtesy of Michael PACE digital.
• Strategize the longevity of the endeavor
Before launching a business or exploring growth strategies, file a “Doing Business As” or DBA statement to ensure the business is in the clear to operate without dispute. And do not take on partners immediately. It’s important to have a clear vision of what you want your company to look like in the future even though you are busy fulfilling requests pay attention. Writing down this vision will help you create a strategy for how to reach these goals that come to mind. This memorializing of notes (get a notebook) includes setting short-term objectives and long-term goals that will guide your business decisions.
• Know Your Customers
In today’s digital world, access to customer data is a godsend for any small business, but you do need to learn what to do with it. There are appealing options like gaining deeper insights into your customer base, and a customer data platform (CPD) is the way to do it, making it the perfect addition to your business owner’s toolkit.
A CDP brings together customer data — from different databases, systems, and multiple channels of communication that you use in doing business — into one central. Leveraging a CDP to its fullest potential allows you to uncover actionable insights, so you can create personalized marketing experiences and better tailor your products and services to meet the needs of your customers, ultimately resulting in more engaged users.
• Assess Your Marketing Efforts
Marketing is key when it comes to growing a small business. Evaluating your current marketing plan allows you to identify areas where improvements can be made. Whether it’s adjusting your messaging or looking for new platforms to use, upgrading your marketing plan brings more customers into the fold and improves your sales over time.
For instance, while marketing via social media is a must, you can maximize your results by supplementing this with some old-fashioned approaches, like a newsletter. If you aren’t sure where to start, begin in Word, then save your newsletter as a PDF that you can send out via email and make downloadable on your website. Over time, if you want to expand on the materials, you can use a free tool to merge multiple PDFs into one.
• Implement Automation
By adopting generative AI for your small business, you can benefit from the automation capabilities that this technology offers. With generative AI, you can automate repetitive tasks, freeing up time for your employees to focus on more challenging work. By implementing this technology, you can also gain valuable insights into customer behavior by analyzing large amounts of data. Ultimately, by utilizing automation + AI, you can make your small business more efficient and effective, allowing you to better compete in your industry.
• Provide Good Customer Service
Good customer service is at the core of every successful small business. Investing in customer service training and technology ensures that your customers have a positive experience every time they interact with your company. This will create loyalty and encourage repeat business, which is the lifeblood of a growing small business.
• Produce Compelling Web Content
When it comes to your business website, having compelling content is crucial. Your website is often the first impression potential customers have of your business, and you want to make it count. By filling your website with content that is engaging, informative, and relevant to your audience, you are more likely to capture their attention and keep them coming back for more.
Compelling content not only helps to establish your brand as an authority in your industry, but it can also improve your search engine rankings, increase website traffic, and ultimately lead to more conversions. In today’s digital age, investing the time and resources into creating valuable content for your website is a must if you want to stand out from the competition and succeed online.
If you are looking for help with creating brand identity and marketing your business – web design, marketing strategies, or online business optimization, check out Michael Pace Digital. They offer a variety of marketing services to help you develop and grow your business’s online presence.
• Protect Your Business
Registering your small business is one of the smartest moves you can make when starting out. However, there are plenty of different business structures available, and each one has its own pros and cons. So it’s important that you carefully consider your options and choose the business structure that’s right for you.
• Manage Your Finances
Never sign anything while on the phone no matter how busy you are. Never completely trust the person that controls the out payments, audit everything! Don’t borrow from the tax account. Cash flow management is one of the most important aspects of running a successful small business. It’s important always to keep track of incoming and outgoing cash so that there isn’t too much money tied up at any given time or insufficient cash on hand when bills need to be paid. Having a cash flow management plan in place will ensure that financial decisions are made mindfully.
By using accounting software, you ensure accuracy as you track your finances. Good accounting software offers up-to-date analytics on financial performance, allowing you to make more informed decisions about the direction of your business. This can also streamline bookkeeping tasks while reducing errors associated with manual entry.
• Adopt Strategies to Support Your Success
Running a successful small business requires dedication and making smart decisions along the way. Be sure to keep a close eye on your finances while also using digital tools and automation to your advantage. With some strategizing and hard work, your business will be on track to success in no time
Another valuable lesson: “Never get into a partnership with someone you do not actually know! And don’t ever completely trust – avoid hiring one at your cost — do not become a business partner with an unschooled self-titled “Turnaround Manager” (musician / hillbilly faith leader / pilot or screaming gaslighting financial advisor hiding behind religion, do not trust a controller nor assistant “Backdoor Jo”…) instead have faith in yourself, trust your skill, your vision and craft, do everything yourself – “savior yourself” this means doing your own finances and business bookkeeping!