Canadian Small Business Women

Connection, Synergy, Community

10 tips to Cut costs, Increase sales, and Save time

Jemi

For every small business, there will always be costs to be paid out. The trick is to receive more business than having to pay bills. Whether you are a small start-up company or a retail store, these tips you can do right now. Marketing and advertising doesn’t have to cost you a lot of money. With a little planning and some time, you can achieve the results you want. Try all of these tips once and track the progress. If it works, great! Do it again. If it doesn’t, note why you think it didn’t and how you would do it over again.

Tip#1 Know your customer! A pet peeve of mine is when an entrepreneur will tell me that EVERYONE is their customer. Although it is true that we can take business from anyone, there will be a group of people that will be your primary customer. This is the “type” of customer that buys from you regularly. They say 80% of your business will come from 20% of your customers. Get to know your customers very well. Learn about their buying habits, their education, and lifestyle.

Tip#2 Following the previous tip, create a customer management system. This means a database where you place all your customers information including birthdays, anniversaries, spouse’s name and number (for gifts), and any other information that you can use to personalize the experience for your customer. These types of small gestures will bring a lot of business over time and a loyal clientele base.

Tip#3 Hire a student. College and University students are looking for experience in their field. You can hire them for an hourly basis or per contract. For example, I had a business mentor that didn’t have time to punch in her receipts into her excel so she hired an accountant student to simply punch in her numbers. The student gets extra money and the business owner has more time to do what they love to do.

Tip#4 Do not go with a very elaborate website. Start with something small and simple then work your way up when your business grows.

Tip#5 Try a joint venture. During your travels as an entrepreneur you’ll find some great people in the same industry but are not your competition.(For example; a makeup artist and hairdresser) These two professions are not in competition but they do cater to same market. You can join together on marketing (IE one business gets one side of a postcard, and the other has the opposite. Together you can split the cost of printing and get your business out there twice as fast)

Tip#6 Know your competition. Do a SWOT analysis of your greatest competition. “S” stands for strengths. What does your competition do better than you? “W” stands for weakness. What does your competition lack? “O” stands for opportunity. How can you improve your business from your strengths and weaknesses? “T” stands for threats. Where can your competition really hurt your business?

Tip#7 Barter goods. When you make great connections with other businesses, you can sometimes barter for goods. This means providing a service for a service instead of using money. You may give a service of printing business cards to get your car detailed for instance. This is a win-win relationship.

Tip#8 Track your invoices, receipts, and bill payments. When you have a handle of your finances, you are able to see where you are making the most money and how. Keep a journal and calendar on when bills need to get paid and when invoices are being charged.

Tip #9 Conduct surveys regularly. The best way to improve your business is to find out directly from your customers. Give coupons or discounts to your customers for participating in the survey.

Tip #10 Give out useful information for free. Your brain is full of so much expertise. Create opportunities to showcase your talents. You can hold free webinars. Volunteer to speak at different engagements. Write articles for different newspapers.

These ten tips will increase your bottom line immediately and save you money. Not every business owner has thousands of dollars to hire an advertising agency. Become an expert in your own marketing.

For more information contact Jemi Echevarria, marketing campaign manager at

(647)785-5851 or jemiechevarria@gmail.com

Six reasons why you should network

Praveeni Perera

In today’s technology driven digital world global expansions are on the rise and the old saying “It’s not what you know it’s who you know” cannot me more true. As companies seek out new markets and buyers that were virtually inaccessible a decade ago, networking is identified as a key factor in business success.

Although the internet is a great way to reach out to potential clients, it’s not as effective as face time; an in-person, face to face meeting. There are some skeptics who still rely on their expertise, education, or credentials to get by in the business world but they are few and far between. Networking is now the best way to get clients and keep business.  Networking isn’t always easy and does require an investment of both time and money but it is an investment that will pay off.

Here are 6 reasons why you should network :

1. Word of mouth recommendations
Networking is a great way to spread the word about your business. Interacting with people in person helps build a rapport and a level of trust which will in turn make others more comfortable when recommending you to their friends. When you can identify with others they will also be more likely to remember you and recommend you to their friends or peers.

2. Mentoring
Working is a continuous learning experience and it’s always helpful to have a mentor to guide you along your entrepreneurial journey. Networking events are a great place to meet potential mentors that can provide you with helpful insight and ideas. If you are a veteran in your field networking can help you connect with potential mentees and share your expertise with young professionals.

3. Gaining a better understanding of your market
Understanding your market is extremely important when selling goods or services. Networking gives you access to a wide range of individuals and opinions. You can use these opinions to your advantage by examining how they react to the products or services you offer and how much demand there is for your product. By expanding your network you will have access to more people and be able to identify those individuals who fit in to your niche market.

4. Explore a new career or business
Effective networking gives you access to contacts from varying fields and work environments. This is especially useful if you are looking to change careers or start a new business. Reaching out to your network to learn about different options and fields of work will help you seek out new career interests.

5. Increase or drive sales
Increasing your network and meeting new contacts can help you increase your reach when promoting materials or products. More people reached means more potential clients. Networking is often used to drive sales. More effective than cold calling, networking allows you to actually meet your potential clients prior to approaching them with an ask for a sale or an endorsement. It’s usually easier to call someone you’ve met before and explain how you met them etc. rather than calling a stranger and making small talk before getting to your pitch.

6. Building brand familiarity and notoriety
Attending networking events puts a face to the name of your business. Building brand familiarity is something business owners must keep in mind when seeking out new clients. The larger your network the larger your reach! You want people to be able to identify you and only you with a particular service, not your competitors. It’s important for entrepreneurs to be aggressive in networking, this means expanding your network and getting your name out there.

Praveeni Perera is the CEO and co-founder of Professional Edge Consulting a corporate training company based in Ottawa offering training and coaching services to clients around the world.  She can be reached via Website, Twitter, Facebook or her Blog.