5 Things Every Small Business Needs To Do
Starting a business can be challenging; make no mistake. Small business owners must seek ways to increase the growth of their companies. Remember that you’re not the only one competing to gain a significant proportion of market share. The only major difference between you and them is the things you’ll do differently. Read on to learn five things every small business needs to do to thrive.
1. Conduct Competitive Analysis
Competitive analysis involves identifying your competitors and assessing their strategies to gain actionable insights that inform better decision-making, to gain a comparative advantage over its competitors. Study the big players in the legal industry to find out how they carved a niche for themselves. However, to avoid any copyright issues, it’s best to first seek legal help from a top legal practitioner like Malliha Wilson, a former assistant deputy attorney general in Ontario, Canada.
While working with the Ontario government, Wilson garnered critical acclaim for her work in human rights, policy generation, and other complex litigation. Aside from being the first visible minority to serve as Ontario’s assistant deputy attorney general, Wilson was a senior appellate litigation counsel. More so, she handled several notable cases at the Supreme Court of Canada.
Today, Malliha serves as co-founder and senior counsel at the renowned Nava Wilson LLP. She also doubles as a special legal advisor for IMCO, the Investment Management Corporation of Ontario.
2. Conduct a Risk Assessment
There are several risks associated with running a business, which can cause significant damage that’ll require a considerable amount of time and resources to repair. Fortunately, business leaders can identify and mitigate these risk factors, no matter the size of their business.
Conducting risk assessment can help you minimize the impact on productivity, efficiency, and bottom line. Nowadays, many business owners employ different strategies to identify existential threats that face their businesses.
We’ve seen the emergence of technological solutions that enable users to anticipate and prepare. For example, LifeRaft designed a security intelligence platform that searches the web for potential threats to a company. This automated tool collects and analyzes data from open sources like blogs, social media, chat boards, and the dark web. All in all, it helps businesses mitigate security risks and boosts traditional physical security.
3. Practice Cost Control
Cost-cutting is a critical aspect of a business strategy. It involves implementing specific measures to reduce business expenses and improve profitability. Reducing operational costs can significantly impact a small business’s bottom line.
One way to cut costs is to compare prices offered by different vendors that provide the same service. Additionally, small businesses don’t necessarily have to employ many employees. Employ critical staff only and maintain a small office pending when they scale.
No doubt, implementing new technology into your business processes can help you cut down on labor costs. Also keep in mind that some expenses are essential for the smooth running of the business.
4. Recruit Competent Staff
The most successful businesses today prioritize recruiting quality employees to man various positions. There’s no denying that hiring competent staff can make a world of difference for any business. Every company needs a recruiting strategy to acquire quality talent that can help build the business.
Small businesses that don’t have a human resources (HR) department can outsource their recruitment needs to an employment agency. As a small business owner, you should also consider the cost of hiring employees. Essentially, it goes beyond salaries and remunerations to encompass recruiting and onboarding.
5. Develop a Marketing Strategy
Every small business needs to develop a viable marketing strategy to promote its product or service. Many companies leverage advertising to engage their key potential audiences. However, marketing on a tight budget can be daunting. The good news is that small businesses can leverage digital marketing, which is a cost-effective way to identify and reach their target market.