When it comes to running your business, there are many aspects that you need to handle to make things successful, and in trying times thanks to the state of the economy, changing consumer habits and increased digital threats, it’s little wonder that over half of SMBs have experienced poor mental health in the last 12 months.
Juggling everything can be tricky, and ensuring things are being handled can overload your plate. Whether you’re a one-person band or have a team of employees who can assist you daily, there is much to do and a lot to think about.
But what should be your priority areas and concerns? And what can impact your ability to do your job correctly?
As more businesses become fully digital, robust cybersecurity measures are necessary. In 2022 alone, over half of small businesses experienced some form of cyber attack, and around 18% of small businesses admit their company doesn’t have any cyber defences in place at all. With the risk of cyber actors infiltrating your business and exposing all of your data higher than ever, it pays to work with an experienced cyber security outfit like Introspectus to help you put suitable measures into practice within your company to avoid falling foul of data protection laws and not only landing yourself with a massive fine for breaches but also a loss of reputation too.
The customer experience isn’t just the end point where you demonstrate your tanks for sale; it starts right back at the beginning with customers ‘ first exposure to your business. If this doesn’t meet standards, the journey is done and dusted before it starts. In an age where people demand the best instantly and want answers to their questions immediately, you must be focused on enhancing the customer experience from this first point to direct them through your sales funnel to make that all-important sale. And while it’s true that retention costs less than acquisition, you still need to acquire your first customers to be able to retain them. So map out your customer journey, look at it from their perspective and improve the flow to get the desired results.
The number one reason for small business failure is poor cash flow. It can be tempting to push worries of low takings to the back of your mind or not pay attention to what you are spending, but this will only cause massive issues down the line. Always be aware of where you stand financially and know what you are spending and your current forecast. Not only will this allow you to make changes to reduce spending or increase investment in the company, but it will identify trends in sales patterns and allow you to look for ways to develop what you do and expand your company to meet customer demands and purchasing habits.
There are a lot of aspects of running a business you need to focus on, and these three points should always be at the forefront of what you do to ensure your business is safe and secure, healthy and thriving to support growth, development and success.