Managing a business is not one size fits all. While there are some tried and true methods that have proven successful, getting a little creative and breaking the mold can be helpful. Here are some ideas.
Consider a Subscription Option
Whether you have a yummy treat as your lead product or a precious line of baby doll clothing, offering a subscription option can be surprisingly profitable. It is continual, guaranteed income… unless, of course, the subscription is cancelled. But regular customers may jump at the option to automatically have your products ready for them each month, week, or even every other month. Make it flexible, and make it affordable.
Encourage Social Media Participation
Many businesses prefer their employees to stay off of social media in fears of negativity being spread. However, there are benefits to encouraging employees to be active in a way that is positive toward the business. Try incentives for employees, maybe a longer lunch break one day, or an entry in a drawing for a gift card, when a customer mentions them by name and it is noted they came in because of some activity by the employee on social media.
Take the Business to Them
If you detail cars, offer to take your services on the road. If there are several customers in one neighborhood, you could knock them out in a day, charge and extra $5 per car, and they get to stay home and be productive at the same time. If you offer baked goods, offering delivery could be an option.
Offer a Telecommute Option
Try to set up a way for employees to work from home, if not all of the time, at least try to make it an option. Obviously there are some businesses that this just will not work for, but if the option is available, often you will get much more productive workers. Especially if they do not have to take a sick day to stay home and care for a sick child.
This isn’t new, but finding new ways to do it can be profitable. Offer a discount for each year so much money is spent with the business, or maybe even a discount for those signed up for subscriptions. Random drawings for store credit from those that shopped with you in a given month, or an exclusive sale by invitation only are also options.
Whatever your approach to managing your business, you are likely to need financing at some point. Biz2Credit has you covered. With an extensive network of lenders, we can help you find the small business financing you need to meet your changing needs. Visit Biz2Credit.com today to get started.