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While most people make New Year’s Resolutions based on their health and lifestyle, entrepreneurs are focused on one word: business. As such, taking your side hustle to the next level is sure to be the priority as you step in 2018. But how?
Here are some of the most common questions asked by owners of SMEs, especially the entrepreneurs that do it on the side of other commitments. Hopefully, they can help you achieve everything you desire in more over the next 12 months.
How can the business gain more sales?
If the business is going to grow in 2018, increased sales revenue will be vital. Essentially, there are two ways to achieve this. You can either sell more items to the existing client base or you can add new customers to your demographic.
Turning ideas into innovation is as important for new products as new businesses, and following the right protocols is key. Perhaps the most vital step in this process is to get the marketing right. This is equally vital when trying to market existing products to new demographics. Without that sense of personal connection where clients can identify with the products, sales figures will fade.
Another option is to turn the venture into a franchise. Managing additional stores in a passive manner won’t bring the same level of profit per location, but it will enable you to target more places at once. In turn, this should create a far greater overall profit level.
What can be done to increase time efficiency?
We’ve all heard the phrase that time is money. However, this concept takes on even greater significance when you’re running the business as a side project. Your time is limited, and making the right investments to keep the business moving in the right direction is vital.
Sustainability and a focus on continued progress are key. If you completed your small business holiday prep in style, the wheels should be in motion for an effective 2018. Financial control combined with updated facilities will put you in the very best position.
It’s equally crucial to place focus on communication. Internal links between your team members are essential if you want to avoid costly mistakes and slowed progress. Likewise, ensuring that clients can access any necessary information in the quickest fashion is key. With this in mind, FAQs and other helpful features can be extremely useful.
Is it possible to make money work harder?
The financial barometer is the most important aspect of any business venture. After all, a company that fails to generate profits is a failing venture. While the aforementioned revenue will have a huge impact, it’s equally crucial to think about the overheads. Like the customers, you should always seek more bang for your buck.
Presence is an integral factor for all modern businesses. Unfortunately, your side hustle may struggle to gain it, especially if operating from home. Ideas like using virtual offices, outsourced staff, and price comparison sites will work wonders. On a similar note, knowing which items can be claimed as business expenses will serve you well.
If there’s only one step you look to incorporate in 2018, a firmer grasp on accounting elements is the answer.