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How to get your business back on track

05 May 2021

Sme

Small businesses (SMEs) play an important role in the Australian economy – in fact, according to Parliamentary research released in 2020, Small business sector contribution to the Australian economy, employment growth in small businesses accounted for just under 60 per cent of total employment growth in the private sector between June 2013 and June 2018. What’s more, women business owners are a growing influence on the success of small businesses around the country.

2015 statistics from the ABS show that more than one in three businesses are operated by women, and there’s been an incredible 46 per cent increase in female entrepreneurs for the past two decades.

COVID-19 may have disrupted most business owners’ plans, but 2021 is a new year, giving you a new chance to drive significant growth for your small business. Here are 4 top tips to get your business back on track.

1. Refocus on your core customer

Losing customers can happen and you might think the best way to turn a negative into a positive is to broaden your scope and start targeting new audiences. While there’s a long-term benefit in such an approach, there’s a risk of alienating your core customer base – namely, your brand ambassadors – by spreading your marketing resources too thin.

Focus your efforts on your main audience can help drive new sales from previous customers and get your business back on track. Dig into the data of your core customer – what are their values? What are their spending habits? What makes them engage with your brand? How are they interacting with similar businesses on social media? There are lots of social media analytics tools you can use to harness this valuable data.

2. Leverage the power of social

If 2020 and remote work have taught us anything, it’s that many businesses – no matter how large – can function online. That means more people are operating in the digital world than ever before and tapping into that well of potential customers is made so much easier if you have a savvy social media presence.

Social media is an indispensable tool for any business owner who wants to thrive in a competitive market. Most of us are aware that a large proportion of brand discovery occurs on social media platforms through organic and paid search. Both could help you achieve your business goals in 2021. Businesses also pay for social ads for their products and services. It can  be an incredibly valuable resource.

3. Make time to plan

You can’t plan for something as disruptive as a global pandemic – but you can prepare for it. Take the time to review your business strategy and tweak it wherever necessary. What’s changed over the past 12 months? Have you had to pivot your offering to maintain sales throughout the pandemic? How will you reach a wider audience in the coming months?

While it’s human nature to ‘go, go, go’ after such a rough year, there’s potentially even more value in stopping for a moment, putting your thoughts and plans down on paper, and then moving forward into 2021 with a clear strategy to achieve your business goals.

4. Know your worth as a business woman

There’s no getting around the fact that the business world can be incredibly tough – especially after a year like 2020. That’s why bravery is essential to see business growth in 2021.

Eventbox founder Sara Mohammadi notes: “Don’t think about yourself just as a woman – you are not just a woman, you are a start-up entrepreneur. That supersedes any other identity that you have. The minute you put another identity above that, it becomes a limitation for yourself: limitation in your own mindset, and in your own perception of your abilities.”

If you want to be a business owner or an entrepreneur, embrace that title – because that’s exactly what you are.

As much as we want to do everything on our own, there’s a lot to be gained from immersing yourself in a community of empowered women in business like Ruby Connection. Whether 2021 is a year of rebuilding to get your business back on track or your first foray into the world of entrepreneurialism, the opportunities are there for the taking.

For more insights and tips watch these Ruby and peptalkher financial education events on YouTube: Starting a Business, Negotiating your Worth, Goal Setting, Tracking Achievements and Financial Confidence.

This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.

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