Top tips for small businesses

The last couple of years for business owners have provided for some unprecedented changes.  Victorian small businesses have had to adapt to new technology and to seek opportunities to improve business practices and customer relationships.

As we start moving into 2023 it’s a good time to look at lessons learned and how they can be used to improve your business into the future.

By providing customers with a personalized experience, using innovative technology, and investing in your employees, can all make an impact to your business.

Here are the 5 top tips to assist your businesses success in 2023.

1. Update your business plan

It’s important to have a business plan, this is a living, breathing document that outlines your vision for the business and the actions that will help you achieve it.  If you don’t already have one, or if you haven’t looked at your plan in a while, now is the time to write or revisit your business plan.  It should continually evolve to reflect changing goals of your business, changes to market conditions and opportunities open to your business.  Business Victoria have a business plan guide to help in writing your business plan.

2. Personalise your customer experience

Customers are not all the same and are after a more than one-size-fits-all customer service approach.  Get to know your customers and use that information to tailor the customer experience.  Personalised customer service allows you to treat customers based on their unique attributes, behaviours, and preferences.

3. Spend on the right tech

It’s crucial that you have the right technology to enable customers to have a more personalised experience.  Not only can technology assist in providing a personalised service but it can also reduce operating costs, increase revenue, improve efficiency, and allow your small business to be flexible in times of change.

4. Invest in your team

Retaining good employees can be a challenge for a small business, as talented staff may be lured away by larger companies that offer more perks or higher salaries.  Employing new staff can increase recruitment costs, more hours spent training new employees, decreased productivity and loss of revenue.  By investing in your staff you can reduce turnover rates and help to grow and improve your small business.

5. Embrace video marketing

With the rise of short-form video on Tik Tok and Instagram Reels, it’s important for small businesses to get in on the act of video marketing.  Research has found that 84% of people have been convinced to buy a product or service after watching a brand’s video.  When it is done right it can build a strong connection between your audience and brand.

If you’d like a more detailed explanation then click here.

Source: www.business.vic.gov.au