As a small business owner, your goal is to be profitable while providing a valuable service to your customers. But in this competitive landscape, it’s not always an easy feat to find success. You have to deal with the challenges of marketing, accounting, product or service delivery, team management, and more – all while trying to keep your business afloat. And if you’re not careful, it may lead to burnout and even business failure.
According to research, around 20% of small businesses or startups fail within their first year. After five years, only 50% are still in operation on average. This statistic shows how difficult it is to maintain a small business and the service industry is no different.
So how can you make sure your small service business succeeds? Here are some helpful tips:
- Have a robust business plan
Every business starts with an idea, but it’s crucial to have a well-thought-out plan to make that idea a reality. This document will serve as your roadmap, outlining your business goals, marketing strategies, financial projections, and more. Making your small service business thrive will be challenging without a business plan.
When setting up your business plan, ensure it’s realistic and achievable. That means being mindful of your budget and resources and the competition in your industry. Doing your research gives you a better understanding of what it takes to succeed and helps you develop strategies to reach your goals.
- Invest in the right tools and technology
In today’s day and age, technology is a powerful tool that can help small businesses run more efficiently. Various platforms are available to streamline your operations, from project management software to accounting tools. You can also find companies like Jobber that offer all-in-one business management technology, such as:
- Keeping track of your customers
- Scheduling appointments
- Estimating project costs
- Tracking your team’s progress
This is especially beneficial for drywall services or any other businesses requiring fieldwork since you can manage everything from one central location. In addition, a drywall invoice template or industry equivalent for your business niche can be your go-to document when billing customers for your services. It’s an online tool that can help simplify your billing process, sending invoices quickly and efficiently.
The right tools and technology can make a big difference in your day-to-day operations. It will save you time and money while also helping you provide an excellent service to your customers. As a result, you’re more likely to see your small business succeed.
- Create a strong marketing strategy
It’s no secret that marketing is essential for any business – startup or established. But as a small business owner, you may not have the same marketing budget as your bigger counterparts. Hence, getting creative and finding cost-effective ways to market your business is vital.
There are many free or low-cost marketing channels you can utilise, such as:
- Social media
- Email marketing
- Content marketing
- Search engine optimisation (SEO)
- Referral programs
A strong marketing strategy will help you attract new customers and drive growth for your small service business. After all, people won’t know your business exists without effective marketing. And more importantly, you wouldn’t have a business to run without customers.
- Focus on quality over quantity
Sometimes, it’s easy to get caught up in the numbers game. You may be tempted to take on as many customers or projects as possible to increase your revenue. But this can quickly lead to overwhelm, affecting the quality of your work.
In the service industry, quality should always be the top priority. That means providing excellent customer service, delivering high-quality craftmanship, and going above and beyond for your clients. When you focus on delivering superior service, the numbers will follow. You’re more likely to build a solid reputation in your industry – which is essential for long-term success.
- Delegate and build a strong team
Primarily, entrepreneurs want to do everything themselves – especially in the early stages of their business. But as your small service business grows, you’ll need to build a strong team and delegate tasks effectively. Not only will this free up your time, but it will also help ensure that tasks are completed correctly.
When hiring new team members, look for individuals who share your values and are passionate about your small business. Surrounding yourself with people who will help you achieve your goals is essential. After all, your business is only as strong as the team you build.
In addition to hiring the right people, delegation is key to running a successful small service business. Learn to let go of some control and give your team the responsibility they need to grow. It’s best to delegate tasks based on each person’s strengths and abilities. Moreover, set clear expectations and provide regular feedback. This approach will ensure that your team is on the same page and working towards the success of your small service business.
Conclusion
Running a small service business needs careful planning and execution to achieve long-term success. Keep the above tips in mind, and you can put your business on the right track, ensure its continued growth, and build a successful service business in no time.
References:
Bryant, Sean. “How Many Startups Fail and Why?” Investopedia. Last updated May 2022. Accessed June 2022. https://www.investopedia.com/articles/personal-finance/040915/how-many-startups-fail-and-why.asp
Carmicheal, Kayla. “7 Steps to Create a Complete Marketing Strategy in 2022.” Hubspot. Last updated April 2022. Accessed June 2022. https://blog.hubspot.com/marketing/marketing-strategy
Editorial, BOSS. “Why Business Quality is More Important Than Quantity.” The Boss Magazine. Last updated March 2022. Accessed June 2022. https://thebossmagazine.com/why-business-quality-is-more-important-than-quantity/
Measures, Arlette. “Why a Business Plan Is Important to Small Business.” Chron. Accessed June 2022. https://smallbusiness.chron.com/business-plan-important-small-business-2672.html