Newsletter
July 2022 Newsletter
Top Tips for Small Business Owners for the NFY
From staying focused on your goals to building a team that supports your business goals and processes, every small business owner will benefit from making small changes to facilitate business growth for the new financial year (NFY).
Here are some ways you as a small business owner can continue to set and achieve your goals for the new financial year. It’s never too late to lay plans.
Stay Focused on your Niche
Many small business owners will compare themselves to others in their field. Even more so, many small business owners will compare their business to much larger versions of themselves. The key is to stay in your lane and focus on what you can achieve over the next 12 months. Harness the components of your business that make you unique and special. For example, the personalised experience you can provide your clients due to the nature of your small team. If you are having trouble identifying what makes your business unique, start with a brainstorm session with your team to identify your strengths and how you can leverage this for even better customer experiences.
Prioritise Customer Support
One of the most critical components for most small businesses is client retention. In order to grow year on year, the success of the next financial year largely depends on maintaining and growing your clientele. Prioritising customer support and satisfaction should be a key focus for small businesses as you head into a new financial year. If you are unsure of how to gauge your customers satisfaction with your service or product, consider a small focus group for potential or past clients, or implement a post-service survey for all clients to complete to provide feedback. All feedback is positive if it helps you evolve as a business.
Outsource to Stay on Top of Tasks
If you have found that you are ready to grow your team but aren’t ready to employ more staff due to payroll concerns, consider bringing in help by either outsourcing further accounting services, or hiring professionals on a need’s basis like a virtual assistant. Virtual assistants are there for you to help tackle the administrative tasks that you struggle to find time for. They are trained, work remotely, and can provide you with the support you need to focus on the work you do best.
Set the Foundations for Success
You can have a great small business, but your digital presence can let you down. If you do not have a website, or your social media platforms have not been regularly updated, potential clients may go with a competitor who has a stronger online presence. If you have the budget to allow for a new website, digital marketing or social media management, consider including this component in your budget for 2022 and tracking its impact after six months.
Build your Team
Surrounding yourself with like-minded motivated staff is essential to keep you progressing as a small business. When employing staff be sure to qualify them and train them adequately so they can achieve their goals while relieving burden from you as a small business owner. Once you have established your team, set goals for them, recognise their hard work and reward them to ensure staff retention. Staff turnover can have dramatic impacts on a small business so be sure to pay attention to this component to set you and your team up for success.
If you are yet to make plans for the new financial year, it’s not too late to start. Lay the foundation for success with a great team around you, outsource where needed, and pay close attention to your customers and their experiences.