photo credit: CrazySphinx
12 Practical Tips To Jump Start Your Small Business In 2011
As 2010 winds down, it’s the perfect time to reflect on what worked—and what didn’t. For many small business owners, this past year was especially challenging. But instead of dwelling on difficulties, use this moment to plan for a stronger, smarter year ahead.
Here are 12 practical ways to jump start your small business as you head into 2011.
1. Revisit Your Business Plan
If you have a business plan, dust it off. (And if you don’t—start one now.) Update your revenue targets for 2011 and run the numbers to see how realistic they are based on your current situation.
2. Evaluate Your Product or Service Mix
Decide which offerings to keep and which to phase out. Consider bundling services into attractive packages that are easier for customers to buy.
3. Explore Outsourcing Opportunities
Outsource non-core tasks to skilled freelancers. Many experienced professionals now offer services at competitive rates due to recent shifts in the job market.
4. Strengthen Key Customer Relationships
Make a list of your best customers. Send them a handwritten thank-you or call them personally. At the same time, evaluate poor-performing or slow-paying clients—and consider letting them go.
5. Get Involved Locally
A community-based PR strategy can boost your brand for little or no cost. Sponsor local events, support causes, or host a workshop. The exposure can be well worth the effort.
6. Refine Your Advertising Strategy
Stop wasting money on ads that don’t perform. With better insight into your top customers (see tip #4), tailor your message before launching your next campaign.
7. Review Your Vendor List
Thank your top vendors personally. For those who no longer meet your needs, end the relationship respectfully. Building stronger supplier partnerships can pay off long-term.
8. Invest in Education
Now is a great time to learn new skills. Attend workshops or take online courses through SCORE, your Small Business Development Center (SBDC), or local colleges. Also, study your competitors—what are they doing well?
9. Renegotiate Leases and Cut Utility Costs
With commercial real estate softening, landlords may be open to renegotiation. Also, audit your utility bills and look for ways to reduce usage and expense.
10. Show Appreciation to Employees
Thank your team members personally for their hard work. Explore flexible options like remote work to reduce overhead while increasing morale.
11. Trim Communication Costs
Audit your phone lines, web hosting, ISP, and mobile plans. With so many competitive providers now available, switching could save you significantly.
12. Reduce Travel and Entertainment Expenses
Review last year’s spending. Cut back where it makes sense—especially on travel that doesn’t yield a clear return.
Final Thoughts: Start Strong, Stay Focused
Implementing even a few of these tips can help you jump start your small business in 2011. Use this opportunity to reset, refocus, and act with intention. By tightening operations and strengthening relationships, you’ll be positioned for a productive and profitable year ahead.