Small Business Hints and Tips

Manage your cash flow

• Build a cash flow plan ­– monitor what’s coming in and going out weekly or monthly
• Put money aside for contingencies – you’ll be in much better shape if customers don’t pay on time, or unexpected costs and shortfalls come up
• Stress-test your cash flow – for example, if your debtors take an extra 30 days to pay or if your creditors want payment up front, how will this impact your cash flow?
• Tell suppliers if you need time to pay ­– the earlier you speak, the more flexible they may be

• Grow your business
  • Keep improving customer experience ­– great service helps you get repeat and new business
  • Stand out from the crowd – try new ways to engage with customers and increase sales
  • Invest in your staff – training and development really can help you grow your business
  • Get the most from your bank – ask your relationship manager for an annual review and make sure you know just what support is available to you

• Social Media
  • Spread the word – build relevant content people will want to follow and share, on channels like Facebook and Twitter
  • Don’t just focus on sales –customers don’t want a sales pitch every time they log on. Keep your content varied and engaging, for example ‘Send us a selfie with one of our products’
  • Images and hashtags – Facebook posts with images get 87% more shares, 35% more on Twitter. Use hashtags to make it easier for your customers to find, share and engage
  • Build a network of influencers and engage with them – don’t just talk at your audience, talk with them. Invite feedback and encourage advocacy
  • Respond to complaints quickly ­– customers expect a speedy response and the longer you take the more public their dissatisfaction will become

• Competition
  • Learn from your existing customers – ask who they used before and why they switched
  • Recruit the best staff from your competitors – they can often bring all the positive aspects from your competitors and add them to your business
  • Identify your strengths, weaknesses, opportunities and threats – and do the same on your competitors, so you get insights and gain a competitive advantage
  • Stay on top of the competition – identify new competitors and new routes to market before your customers do

• Advertising
  • Develop a marketing plan – work out which advertising will best deliver on your ambitions
  • Be relevant – show insight into your customers’ needs and what interests them
  • Build your brand identity – your customers will recognise your brand better when you consistently use appropriate imagery, logos, colours, typefaces and tone of voice
  • Test your advertising – before going to market, make sure your audience understands the key messages and the advert is making a positive impression on your customer