5 STEPS TO SUSTAINING A SMALL BUSINESS: THE MONEY TALK

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Before reading this, let’s try something,

Open a new tab on your browser and using the Google Search engine, (or Bing. try Yahoo too) type in “How to Grow Your Small Business”.
Did you notice the enormous volume of content available in this search result page?

With over two billion internet users around the world, it has become quite easy to get information about almost anything. We have articles from several renowned business writers and influencers, many of which have proven to be very useful and have over time, led to big business breakthrough for the avid and enthusiastic followers who have read and put into practice, the various steps that have been suggested as sure growth hacking techniques for businesses. You can get very useful tips on growing small businesses online and even those for building an offline growth hacking strategy . but judging from the ratio of thriving businesses to failed ones, some piece of beginner information has to be shared on this.
The truth usually is that small businesses look for solutions on how to grow when they’re in two conditions.

1. when they are on the brink of collapse or just starting out
2. when they plan to expand

If you fall under the second option, there are two links to awesome articles to direct you on how to go about that (check for the red coloured text within the article). But if you’re looking to start out or are at the brink of an impending business doom, follow these steps and you will sure be on your way to regaining stability in your business:

1. Tell everyone about what you do; and tell them with confidence:

The mistake most business people make is not properly publicizing themselves. Considering your service as trivial is a bad way to run a business; let everyone, and I mean everyone know what you do. Be proud of the service you offer as there is dignity in labour. Do not disregard anyone. People are a pivotal part of your business. They can either be potential clients or referrers.


2. Borrow if you have to:

There are so many unpredictable occurrences that are associated with small businesses. When you eventually get that job order, the one with a very high production cost; instead of declining, take time to consider the risks, profit and your ability to complete such jobs within the expected time frame. If the cost of running the job is way higher than you can afford, request for a part-payment from your client and try to get loans with very low interest rates. You will make a lot more profit from this and you may just have gotten yourself a regular client


3. Quality before Money. Do not over-charge:

Getting a little more from a job sounds tempting but it will be detrimental to your business in the long run. Always see a client as your marketer. Give them quality jobs at reasonable prices and they are sure to tell all their friends and colleagues about you whenever they need the services and products you offer.


4. Diversify; don’t switch:

An example is a phone repairer. He is known for this specific line of business. Completely switching from fixing phones to selling phones is not a good idea. People are attracted to consistency so it is only wise that you leverage on that. If the phone fixing business isn’t moving so well, a better option would be to include phone sales as an additional service.


5. Cut down all unnecessary expenses:

So this is just the hard truth. Hiring three persons to do the same job one person can do conveniently would not be such a good deal. How well do you manage your office space? Don’t try to look big when you’re not making much profit. Make sure all your business expenses are profit based and cost effective. Many businesses have closed down simply because they were trying to look more like a “brand” than gain actual customers.

Follow these steps and be sure to watch your business experience change from sad to exciting!!

Nonso Ezebuiro