3 Financial Success Tips for Small Businesses

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    By ProPay/TSYS

    In times of financial distress it’s easy to blame the circumstances we’re in: the economy is in recession, the market is changing for the worse, our employee culture isn’t what it should be, etc. While there are always issues affecting our small businesses that we can’t control, there are also many that we can. Here are some ways to give your small business the financial enhancement it needs to get ahead.

    1. Use Social Media to Your Advantage

    As a small business, you should always be thinking of ways to boost your company’s brand and awareness in the marketplace to generate new client leads. Thus, free or cheap ways to market or advertise for your company should be of prime consideration. Of these, social media sites like Facebook, LinkedIn, Twitter, Reddit, and Instagram should be utilized as they’re likely what your clients are using to socialize and connect with others. Know your market, and understand the site and its culture before you attempt to propagate your company and its ideas.  

    1. Use Analytics

    So you’ve set up your business on a variety of social media sites. Now what? Start tracking and analyzing the data to give your business the intelligence it needs to succeed. Programs like SumAll have been described as a “small businesses secret weapon” because of their ability to judge the impact of social networks and company websites, as well as analyze profit spreads. Analytics keeps you on the forefront of the market by feeding your company data to help you spot issues quickly and to give you the ability to adapt. 

    1. Use Short-term Goals to Track Success

    Analytics allow you to track your online presence; a simpler technique has been around for ages that allow you to do the same thing in your day-to-day operations: the notepad. Maintaining a daily to-do list and monthly goals regarding your company’s financial success will put you on a track for success. Humans aren’t naturally forward thinkers and annual goals are just too far out in the future to be meaningful. If you have a smartphone, consider using a to-do app like Todoist, Any.Do, or Google Keep. Otherwise, an old fashioned pen and paper will suffice.

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