Pack your pencil case and break out the notebooks, it’s time for a lesson in business management
For parents, children and teachers alike, September only means one thing: it’s back to school season. Summer is coming to an end and it’s time to buckle down and hit the books again. And we think this is a mindset that can benefit us all, including business owners.
Make this September a time to revisit your business goals, go back to basics, and refresh your entrepreneurial knowledge. In short: let’s all go back to school.
Here are five back to school inspired lessons for small business owners this September.
Do your homework
Don’t slack when it comes to research and preparation. Knowledge is power when it comes to running a business, so you need to have a firm grip on your competitors’ actions, your budgets, your goals and your audience. Revisit your business plan and make sure it matches your current circumstances and goals, reviewing whether you’re on track to meet the targets you’ve set for yourself by the end of the year.
Teacher always knows best
This isn’t to say that the boss is always right, as it’s important to listen to your employees, accept feedback, and review your own actions as well as theirs. What it does mean is that mentorship and training can provide invaluable skill building within your business. From cybersecurity to sales to marketing, investing in training now can stand your employees in greater stead for the future, helping your business to grow and evolve over time.
Be top of the class
Always be aware of what your competition is doing, as this will let you know where you stand and what you need to do to gain the edge. This can range from assessing your pricing to upping your social media game or providing rewards to your most loyal customers. And don’t forget about the basics either. Providing excellent service and going the extra mile for your customers is essential if you want to encourage repeat business. A good customer experience helps develop brand loyalty and is likely to bring people back when they next need the services your business provides.
Always be prepared
There’s no such thing as being too prepared when it comes to running a small business. From doing your homework and getting to know the competition, to ensuring your team has all the equipment they need to do their job effectively, it’s up to you to tick every box on your list and keep things running smoothly.
Ask yourself how you want your business to operate. Are you planning on being fully remote or will you need a workplace? If you are remote, what software will you be investing in to ensure that collaboration and communication stays fluid across your brand?
Make new friends
Networking is key to success when you’re a small business, so be sure to reach out to other small businesses in your field. Striking up a friendly conversation, or even doing them a small favour, means you’ll have a bank of brands and individuals who are willing to support and uplift your business when you need it. Bigger brands may also be willing to provide you with a few key tips to encourage your growth, putting your small business in a strong position to expand and evolve in the years to come.
Whatever you are seeking help for, TEDCO Business Support are here to help.
The team at TEDCO Business Support has helped thousands of businesses to grow, supported by the European Regional Development Fund (ERDF), so we’re here to support you.
Get in touch today to see how we can help you. Give us a call on 0191 516 61 02 or drop us an email at firstname.lastname@example.org.