Profits Plummeting? Here’s What Could Be Going Wrong

Thanks to the internet becoming such a big part of our lives, it has meant anyone with a passion or idea is able to set up their very own business- and it’s made dreams come true for so many. However, while it seems simple, creating a business that works and actually turns a profit is pretty complicated. There are lots of different elements to get right, and as an entrepreneur, there are a number of plates you need to keep spinning to ensure everything works together and the venture is a success. Here are just a few things to take into consideration.

Profits Plummeting? Here's What Could Be Going Wrong

A Fantastic Website

Having a good company website is absolutely crucial to the success of your business venture. It’s something that every business needs, regardless of how big or small you are and what it is you sell. There are many reasons for this. First of all, unlike a brick and mortar store, when you have a website online it means you’re always available. Customers are able to place orders or get the information they need without you physically being there. Being accessible is key, and when you  have a website allows you to do exactly this. Most people take their online safety seriously. People are wary of buying things and putting information into websites that they don’t know or that don’t seem credible (for a good reason!) A professional, well thought out website helps to show them that you’re a legitimate business. If your current site is cheaply designed site or worse still, you have no site at all, this is something to put right as a matter of priority. Your website should have clear contact information, such as a support email address, links to well-run social media accounts and a phone number. This gives customers peace of mind. People are always going to want to know that if they make a purchase from a company, things will be quickly rectified anything goes wrong. If you know that your site isn’t meeting the mark for some or all of these things, it’s worth looking into website project planning to freshen things up. For the first time ever, in the last two years more sales are now made through mobile devices such as smartphones and tablets than on traditional laptops and computers. This is something you simply cannot afford to ignore as a business owner, so to ensure you’re making the most of this, you need a great company website will be fully optimized for all devices. Having to zoom in on text or scroll sideways may well be enough to put potential customers off.

 

A Responsive App

An effective mobile strategy involves a lot more than just a having mobile-friendly website (although this is still important). Mobile apps mean that your customers to have all your information at their fingertips, it allows you to climb into their pocket. Having an app can result in better interaction and more sales for you.  So many small businesses are yet to harness the power of what apps can do for them. When your app is installed on the phones of your customers or potential customers, you can quickly send them notifications of deals or offers- anything that will grab their interest and get them clicking on (or thinking about) your store. They can get up your information, read your website or contact you with just a click. Plus a good app makes your business look professional and reliable. Investing in a good app sets you ahead of your competitors, and will lead to more sales and profit for you. An app for your business will help to improve your brand and increase brand awareness. This is important as customers are more likely to choose brands they know as they are seen as safer and more reliable. These days mobile apps from small businesses are still rare, and this is where you can take a huge step ahead of your competition. In the next few years apps for businesses of all sizes will be a way of life, and so take the opportunity to get involved while it’s still early days and it will set you apart from the rest. Anything that can make your business stand out in a good way will have a positive effect it.

 

The Right Business Software

Manual methods are tedious, time-consuming and have the risk of human error- all of which could be doing more harm to your business than you realize! Your business needs to get with modern times with computer software to stand any chance of success. Take bookkeeping for example, doing this manually is time-consuming so expensive if you’re paying someone to do it. There’s always going to be an unavoidable element of human error, whereas accounting software will ensure your records and accounts are done quickly and efficiently. This kind of program allows you to keep tabs on the cash coming in and out, your invoices and even things like profits and losses which is useful to be able to see at a glance. HR software is another example; this can make your human relation team’s life easier (and their work more accurate). These kinds of softwares include everything from absence management to employee records, shift planning and even advice on employment law. There’s no need for paper diaries or huge files of information to be kept when using this. Another type of software that can hugely benefit your business is legal software. As anyone running a business will know, legal advice is expensive and is something that can be especially problematic for smaller businesses who don’t have lots of disposable cash. However, you can avoid some of these costs just by using legal software. This means that instead of having to speak to a lawyer every time you need documents creating, you can use the software instead. It can even allow you to use e-signatures to create legally binding documents and provide legal advice too. It goes without saying that you will still need a lawyer in some situations. However, by using legal software for many of your day to day tasks you can save so much money keep everything running smoothly. These are just a few examples of how business software can massively improve as well as automate your business.

 

Properly Run Social Media Accounts

There are numerous things that have changed and shaped the modern business world over the last ten years or so. One of these is the development of social media. It is now widely accepted that being up to date with social media is an essential part of running a business, not just an added extra. As one of the biggest developments in the internet age, social media content can be used a marketing tool mainly because it’s accessible- and people respond to content far better than traditional advertising. This means that using your social media accounts to share content is a fantastic way to engage with customers more effectively. You can also use social media as an extra element of your customer service. Sites like Twitter allow customers to get in touch with you about any issue that they may have and then you can respond almost instantly. Social media is public, so as well as helping a customer,  others are able to see what you’re doing and the way the query is being handled. When you have a large following across social media, this can also show new customers that your brand is reputable. They can see that other real people buy from you and follow you, and this can give them confidence in making that first order. Once a customer has had a good experience with you, they will have no trouble coming back. It’s that first transaction that you need to sway them on, and show them that you will deliver on what you’re saying you will. As your business grows, chances are you will need to employ a social media manager to run things for you. They will be responsible for running advertising campaigns, connecting with customers and address any comments or concerns.

 

A Well Written, Interesting Blog

The benefits of blogging for business have been well established. However, this is still something a lot of smaller and medium-sized haven’t got on board with. Starting a blog is free, and you can even hire freelance writers to create posts for you if you don’t want to write it yourself. Blogging platforms integrate well into just about any website too. Write engaging content that offers something to the reader, whether that be knowledge, humour or anything else, and they will keep coming back for more. Over time you can build a readership, loyal fans with a genuine interest in your content as well as your business. These are the people that are most likely to recommend you to others via word of mouth, which is something that’s incredibly difficult to do in marketing. When you have a business blog. Blog posts are also very share- friendly, and are more likely to be shared across social media than simple links to your site or products. Go for appealing, click-worthy titles that will grab people’s interest, although avoid full on clickbait.

Profits Plummeting? Here's What Could Be Going Wrong

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