Resources: 30 Strategies for Business Excellence
Mar 11, 2024
Growth, Performance, Sales, Teams, and Marketing
This article is the last in a series, and highlights 30 resources on topics that small businesses, especially the ones led by women, should utilize as they achieve their goals. These resources should provide you in-depth information, tips and tricks, and dos and don’ts that you may find helpful other than the ones discussed in the articles above.
1. Access your current situation by doing a SWOT analysis
Identifying your strengths, weaknesses, opportunities, and threats and creating a solid business strategy can help you overcome obstacles and take full advantage of the opportunities.
https://www.investopedia.com/terms/s/swot.asp
https://www.business.qld.gov.au/running-business/planning/swot-analysis
https://hbr.org/2021/02/are-you-doing-the-swot-analysis-backwards
2. Make sure you have a comprehensive and up-to-date business plan
Preparing a detailed plan should be the first step in your business. The plan should cover all aspects of business leaving almost no scope for guesswork.
https://www.sba.gov/business-guide/plan-your-business/write-your-business-plan
https://smallbusiness.chron.com/write-comprehensive-business-plan-60288.html
https://hbr.org/1985/05/how-to-write-a-winning-business-plan
3. Do competitive research and compare how well your competitors are performing against you
Finding out what your competition is doing can help you improvise your business plan so you don’t fall behind.
https://www.uschamber.com/co/start/strategy/competitive-analysis-small-business-guide
https://www.sba.gov/business-guide/plan-your-business/market-research-competitive-analysis
4. Routinely conduct market research so you don’t miss out on latest market trends and influences
Knowing what's going on the market is necessary to come up with a refined, powerful marketing strategy that can provide better ROI.
https://www.smallbusiness.wa.gov.au/marketing/market-research
https://online.hbs.edu/blog/post/how-to-do-market-research-for-a-startup
5. Set a benchmark for your business to perform better than your closest competitor/s and/or other small-size businesses
Benchmarking is a great way to evaluate your current performances and determine where you want to be to survive.
https://www.dnb.com/resources/benchmarking.html
6. Figure out your KPIs and prepare a plan that helps you achieve them
KPIs are measurable values that can help you understand where exactly you are and where you should be in the future. Routinely evaluating KPIs can help keep your small business on track.
https://www.uschamber.com/co/run/finance/measure-small-business-kpis
https://www.forbes.com/sites/theyec/2023/06/29/11-key-performance-indicators-your-business-should-be-tracking-and-why/
7. Learn the art of pricing your products/services to sell
Pricing a product correctly can help you penetrate into the market quickly without making extreme compromises with your profits.
https://www.uschamber.com/co/start/strategy/how-to-price-your-product
https://aofund.org/resource/choosing-the-best-pricing-strategy-for-your-small-business/
8. Diversify your offerings but carefully
Diversifying your business can help you expand your customer base. But, as a small business you should know when (or when not) to diversify and how.
https://nevadasmallbusiness.com/diversify-your-small-business
https://hbr.org/1997/11/to-diversify-or-not-to-diversify
9. Attend seminars, webinars, and conferences for small businesses
These events are great for networking with like-minded people and knowing what's going on in the industry.
https://extension.tennessee.edu/publications/Documents/W263.pdf
https://www.score.org/resource/blog-post/how-entrepreneurship-training-benefits-small-businesses
https://www.score.org/business-education/upcoming-events
10. Go social and global even when you are local business
An active social media presence can help you emerge as an authentic brand. It can also help reach your target audience even when you have a very limited budget.
https://www.sbdc.uh.edu/sbdc/social-media-for-small-business.asp
https://business.gov.au/online/social-media-for-business
11. Identify the risks and manage them timely
By remaining vigilant, you can mitigate the risks that may severely affect your business and its reputation.
https://www.uschamber.com/co/start/strategy/risk-management-strategies-for-small-businesses
https://www.smallbusiness.wa.gov.au/legal-risk/risk-management
12. Improve your business operation in a way that is not ‘founder dependence’ i.e. it can operate even when you are not around
You could become the biggest energy of your business if you take all the responsibilities and decisions, leaving none to others. Reducing founder-dependence can help your business run as usual independent of the internal affairs.
https://www.managementstudyguide.com/steps-to-manage-person-dependence-in-organizations.htm
13. Have a good business credit rating
Having good business credit scores will help you secure financing quickly. It also helps build trust among lenders.
https://www.sba.gov/blog/build-your-small-business-credit-4-key-differences-matter
https://www.sba.gov/business-guide/plan-your-business/establish-business-credit
14. Make sure you have at least 3-6 months of expenses as a cash reserve
Cash reserves can help you continue your business operations as usual even during rainy days. They are necessary for the survival of small businesses.
https://www.score.org/resource/blog-post/how-much-cash-should-a-small-business-keep-reserve
https://www.sba.gov/business-guide/plan-your-business/establish-business-credit
15. Prepare a budget and stick to it no matter what
Budgeting correctly can help you minimize financial hassles. You would know exactly how much money you need to run your business.
https://online.hbs.edu/blog/post/how-to-prepare-a-budget-for-an-organization
https://www.score.org/resource/blog-post/how-set-and-maintain-a-budget-your-small-business
16. Learn why small businesses fail and make sure you do not make those mistakes
Use others' experience to understand why your business could fail and make a strategy that helps mitigate those issues.
https://www.score.org/resource/blog-post/1-reason-small-businesses-fail-and-how-avoid-it
https://www.nfib.com/content/resources/start-a-business/why-do-small-businesses-fail/
17. Be ready to adapt to changes
By remaining open to new ideas and adapting new processes, you will be able to foresee future trends and adopt them soon to get competitive advantage.
https://www.business.qld.gov.au/running-business/growing-business/adapt-change
18. Use your customer feedback to improve your offerings
Listening to your customers can help you understand what they want and customize/improvise your offerings accordingly.
19. Reward your recurring customers to build a loyal customer base
A loyal customer base can provide you a steady income. They can become your brand advocates and help you get more business.
https://www.score.org/resource/blog-post/14-brand-loyalty-strategies-small-businesses
https://nevadasmallbusiness.com/encourage-repeat-business/
20. Use upselling and cross-selling strategies to increase your revenues
These sales and marketing strategies are great for small businesses that have very limited budgets. They help you generate more revenue from the same set of customers.
https://www.forbes.com/sites/chuckcohn/2015/05/15/a-beginners-guide-to-upselling-and-cross-selling/?sh=740bfcb72912
https://hbr.org/2016/11/5-ways-to-increase-your-cross-selling
21. Do everything you can to increase your customer retention
Your ability to keep your customers happy so they continue doing business with you can help you survive and grow your business.
https://www.forbes.com/advisor/business/customer-retention-strategies/
https://www.businessnewsdaily.com/5833-how-to-keep-customers.html
https://www.inc.com/magazine/202304/diana-ransom/the-sba-after-ppp.html
22. Reward your customers for referrals, reviews, etc.
Referrals and reviews from your existing clients can help you get a lot of business even when you do not have enough marketing budget. But, make sure you reward them so they feel happy and motivated.
https://www.sba.gov/blog/10-ways-get-new-customers
https://www.nationalbusinesscapital.com/blog/referral-programs-small-businesses-definitive-guide/
23. Form strategic partnership with businesses that may have the same audience /target audience as yours
Partnering with other businesses that have almost the same clients as yours can help increase your brand awareness and generate more leads.
https://www.imd.org/research-knowledge/organizational-design/articles/strategic-partnerships/
https://www.score.org/resource/blog-post/grow-your-business-a-strategic-partnership
24. Have the best possible resources
Having well-trained, self-motivated employees who want to be a part of your growing business can reduce the time and effort you would spend hiring new people every other day.
https://www.uschamber.com/co/run/human-resources/attracting-employees-to-your-business
25. Create a positive work culture where your employees feel valued and respected
Along with competitive pay packages, you also need to provide a positive, encouraging atmosphere where your staff feels comfortable enough to discuss their issues and ideas.
https://www.vu.edu.au/about-vu/news-events/study-space/how-to-create-a-positive-work-environment
https://hbr.org/2013/05/creating-the-best-workplace-on-earth
26. Offer incentives to your employees to keep them motivated
Go beyond pay and standard benefits stated by the U.S. Department of Labor Laws and Regulations. Motivate your staff by offering them incentives for specific achievements.
https://www.forbes.com/advisor/business/small-business-employee-benefits/
27. Reach out to SBA or other credible agencies for guidance
SBA has many schemes for small businesses, especially the ones owned and operated by women. It also has various resources that may help you keep your business growing.
28. Practice corporate social responsibility
Contributing towards social causes can help improve your brand’s visibility. You may be seen as a sincere business that believes not just in making money but also spending a part of it for social welfare.
https://www.sba.gov/blog/corporate-social-responsibility-what-your-small-business-needs-know
https://www.charities.org/news/5-reasons-small-businesses-should-adopt-csr-strategy-how-do-it
29. Be a part of local events
Sponsoring and participating in local events helps people get to know your brand better. They start seeing you as a friendly, trustworthy business.
https://www.uschamber.com/co/start/strategy/small-business-community-involvement-ideas
https://www.forbes.com/sites/square/2021/09/28/8-types-of-pop-up-events-that-can-help-grow-your-business/
30. Use smart, unconventional, and cost-effective ways to promote/market your business such as influencer marketing, word-of-mouth marketing, etc.
Since you have a limited marketing budget, you need to come up with out-of-the-box ideas that can provide you excellent ROI.
https://www.score.org/southeastnj/resource/podcast/marketing-ideas-small-business
https://www.sba.gov/blog/10-local-marketing-strategies-work
Running a small business can be tough. At times, you may experience shortage of everything. But, do not let these challenges scare you from chasing your dreams. Be a smart entrepreneur and use innovative but low-cost ways to take your business to the next level.
This article salutes every woman who has gathered the courage to come out of her comfort zone to build something of her own. Best of luck!
