5 Things a Small Business Owner Should Know in 2017

5 things small business owner

Are you a small business owner? Or You have recently launched a business.

Being a business owner is a tough job. No one ever said it was easy to start a business.

According to the Small Business Administration, only a third of new businesses survive 10 years or more.

Read this statement from Lindsay Manseau,

“Starting your own business is like riding a roller coaster. There are highs and lows, and every turn you take is another twist. The lows are really low, but the highs can be really high. You have to be strong, keep your stomach tight, and ride along with the roller coaster that you started.”

Every business owner wants to turn their business into a successful business. In this article, you’ll find 5 important things which you should know to grow your small business or startup in 2017.

Take a look:

1. Make Customers Feel Great

One simple thing can make your business successful – Knowing your customers and provide them the best experience.

“Every business start with a trusted customer”

It’s your prior job to take care of your customers and keep them happy.

happy customer Easy Accountax

Did you know, 82% of consumers have stopped doing business with a company because of bad customer service?

“Building a successful brand isn’t just about ROI; it’s also about building authentic relationships with people.” — Ryan Holmes

Understand the pain point of your targeted audience and come up with a solution.

2. Importance of Digital Media

We live in the digital world. You MUST understand the importance of digital marketing or online marketing.

As Bill Gates said, “If your business is not on the internet, then your business will be out of business.”

Online marketing is the best and cost-effective way to advertise or promote your business.

importance of digital media in Business

54% more leads are generated by online tactics than traditional paid marketing.

The U.S. spent $59.82 billion on digital advertising in 2015 and spending is expected to reach $113.18 billion in 2020! (Source)

There are some effective digital marketing channels available out there:

  • Search Engine Marketing
  • Search Engine Optimization
  • Content Marketing
  • Social Media
  • Email Marketing
  • Video Marketing
  • Mobile Marketing
  • CRM

3. Marketing Automation

Marketing automation is the new trend in marketing and tech industry.

For a small business – Time is Money.

It allows you to automate and measure your marketing tasks. It will help you to save your time, increase efficiency, generate leads, segment your audience, nurture your leads, measure investments, and improve your marketing ROI.

On average 49% of companies are currently using Marketing automation. With more than half of B2B companies (55%) adopting the technology.

You can optimize your email marketing campaigns and your social media posts (and campaigns).

4. Cloud based (On-demand) Services

On-demand or cloud based services will improve access to small businesses and new startups.

We live in the cloud. On demand service like legal services, website creations, cloud accounting and financial software, cloud computing, marketing tools and more – make our life easier and allow us to access a business from anywhere at anytime.

Easy Accountax Software with VAT Return

If you want to work faster and smarter the cloud software is the great way to improve your business efficiency.

Here you’ll find some benefits of cloud accounting which will help you to determine why should you consider cloud for your small business.

5. Artificial Intelligence

Artificial Intelligence (AI) is the new big thing in tech and business world.

Jana Eggers, CEO of Nara Logics said:

”Businesses are rapidly embracing artificial intelligence to gain a competitive edge and stay relevant to consumers as brand engagement will be reimagined next year.”

80% of respondents believe AI improves worker performance and creates jobs. (Source)

AI has become the part of our daily life. AI used in banks and financial systems, medical science, gaming zones, ecommerce chatbots, messaging apps, etc.

AI can help you to increase your business reach,

So what do you think about these trends? Do you have anything to share? Please feel free to contact us.