7 Things Small Businesses Often Overlook (But Shouldn’t!)

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Whether you’re new to the business world or have been running a small business for some time, it can be easy to get carried away in moments of enthusiasm.

You may find yourself focusing on certain areas of running your business, and overlooking others. While this is understandable, this can lead to missed opportunities or worse – leading to mistakes that could threaten the success of your business.

If you want your business to go from strength to strength, be sure not overlook these 7 important things that are essential to the long-term success of your small business!

1.     Waste Management

More and more people are becoming concern about harmful waste and poor waste management. Mass awareness across the globe has made people realise how poor waste management can cause problems for society and the environment. Since the start of the COVID-19 pandemic, the public is more worried than ever about hygiene and waste.

Therefore, proper waste management is essential to run an efficient business that provides a safe environment for your employees. From day one, make sure to implement a thorough waste management policy that complies with laws and regulation. Start by booking a waste management audit and use the results to create an effective waste management system for your small business.

2.     Compliance

You may not have to worry about the laws and regulations that apply to all large companies, but this does not mean your small business can relax when it comes to compliance. All countries have a minimum set of legal requirements for all businesses including small online ventures. If you’re not sure what rules apply to you, consult a lawyer and find out what you need to do to stay compliant. This minor expense is nothing compared to what you could have to pay in penalties and reputation loss. Remember, not knowing the law is not an excuse for not following it.

3.     Data and Confidentiality

Failing to secure customers’ data not only comes with legal penalties but can also put off existing and potential customers.  Modern laws around customer data and privacy are extremely strict. Since no business, regardless of its size, can survive without securely handing its customer data, it’s essential to have a comprehensive data security policy. Start by researching all relevant laws and regulations and then come up with a policy accordingly.

4.     Brand Story

One problem most struggling small businesses share is a brand story that is either  inconsistent or incomplete. In the stress of running a small business, it can be hard to find the time and resources to create a compelling name, logo, color scheme, and web and App layout that are part of a coherent brand story.

In today’s competitive market, it’s important to have a strong brand story that sets your business apart from your competitors. Having a comprehensive and consistent brand story plays a vital role in making your business a hit or a flop.

5.     Payment Options

As payment trends go digital, more and more customers no longer carry their debit or credit cards with them, relying instead on virtual wallets. PayPal and Stripe invaded Europe and the United States, Skrill aka Moneybookers has been a promising wallet in the UK for over a decade, and Paytm is the favourite in India. There virtually no country left where virtual wallets don’t operate.

Customers now expect a higher level convenience than ever before. Make sure that you offer your clients a range of client options, including multiple virtual wallets. Take a look at the most popular virtual wallets in your target market and be sure to include these.

6.     Marketing Strategy

There can be a tendency to jump on the latest marketing bandwagon, particularly if you don’t feel confident in this area. However, marketing tactics that aren’t part of a comprehensive strategy will eat up your budget without showing results. When you try to target everyone on all platforms, you just throw away money without targeting the right audience on the right platform.

Instead, develop a strong marketing strategy and make sure to stick to it. Consistent and comprehensive branding with an equally consistent marketing strategy is the best recipe for businesses success.

7.     Collaboration

We’ve seen one trend take hold of late – small businesses are helping each other to grow. Rather than seeing all other businesses as competitors, you’ll find many mutual benefits of collaborating with other small businesses.

The world is strongly connected – more than it ever has been before. Sooner or later, you will have to think about mutual benefits of working with other small businesses. If you ignore these options, you’ll probably find another collaboration will hit the market and take your customers.

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