Four Business Tips Everyone Should Know

I’ve been reflecting back on this year and what we accomplished at T/O. And interestingly, these tips came to mind. Some of these tips I have experienced the benefits of first-hand as the president of my company, and some are tips that I heard from other experts. So whether you are an entrepreneur, or working hard, or heck, hardly working, here are four business tips that you might benefit from.

1) Focus on solutions, not discounts

Don’t provide regular discounts, instead give provide customers with more value. This could include an enhanced experience – think of the Uber driver who has a water waiting for every rider – or providing a solution to a client problem that makes their lives easier.

Explain to potential customers in a simple, straightforward manner how or why your offering will help them solve a problem, instead of listing product benefits. Believe it or not, this one is a challenge for many businesses.

As for discounts, of course there are occasions like holidays, where you can benefit from a short-term discount to drum up new business. In general, a strategy that entails offering customers more than what they expect or solving an issue is what will keep them coming back for more.

2) Make financials a routine

This is especially important for entrepreneurs, but just as important for anyone in an organization. If numbers scare you, change your mind set. Think of finances as a story – one that can uncover opportunities for growth. Do your accounting consistently first thing in the morning each week or month. Never save it for “when you can find time” in your busy schedule, because you’ll leave it to the last minute.

There are quite a few e-learning resources to help you get up to speed with your financial responsibilities when it is not your strength, like this one from Coursera.

3) Embrace automation and outsourcing when feasible

At some point in your business, you will begin to have a pattern of repeating the same task.  This is when it is time to automate or outsource to someone else, i.e. an assistant or another company that can free you up to create more revenue, which will result in your working ON your business, instead of in it.

Automating your marketing can help you reach customers and prospects literally while you sleep. Use automation for tasks like email, social media, and print communications. It’s very easy to set up communications based on pre-defined triggers like behaviors, demographics, or even shopping cart abandonment reminders. This will help you to deliver the right message at the right stage of the buyer’s journey.

4) Pay close attention to the details

I can’t stress this one enough. First impressions make all of the difference, and I’m not just talking about in person. Written communications are extremely important, and sometimes get overlooked in channels like the “twitterverse,” and our text-based worlds. Every message reflects on you and the quality standards of your business. Pay attention to detail and don’t discount the importance of grammar, or it could cost you customers.

Wishing you a happy and prosperous 2019!