Bizzalley's Business Q&A
Bizzalley's Answer-Promo discounts are certainly a good way of rewarding your customers for their continued patronage and to keep them coming back for more. However, you do not want to overdo it to a point where it hurts your business. Even the big enterprises do not offer promo discounts very often so why should you? As a small business, it will be best to take it slow. A promo discount a year or twice a year is fine. You can increase the frequency with which you reward your customers as your business grows bigger.
Bizzalley's Answer-Truth be told, it will. Sponsoring programs in your region will help bring your business much exposure to the people living in that region. There may be people who may have not heard about your business before. Sponsoring local programs will surely bring your business to the spotlight as far as that region is concerned. Another thing it does is to endorse your business as a leading enterprise in the region. Not many businesses can manage to sponsor a program so it is a huge deal! It shows that your business has come of age.
Q)What should I do when family interferes with my new business?
Bizzalley's Answer-When it comes to family, there is always no easy way to deal with issues. However, you have to ask yourself if you're handling your own business or your family business. If the business is your own and not for the entire family then you should be the one calling the shots. Although it must be mentioned that this interference could be good or bad. If the interference from your family is positive then that's fine, just as long as it does not undermine your position as the owner of the business. If the interference is negative or it undermines your position as boss then you should not hesitate to make it clear that your business is not "our business."
Bizzalley's Answer-To improve sales without having it cost you is not so easy, but it is not impossible. To improve your sales, you can urge your customers to refer their friends to come to do business with you. You can also decide to run promotions that will attract people to come and do business with you. This kind of promotion doesn't have to be large. You can also try to improve your advertising. Place ads on social media. The best way to maximize social media is to hire a social media expert, social experts are pros at what they do, they will help your business reach a larger fan base. And social media marketing is usually cheaper than most marketing strategies.
Bizzalley's Answer-If you opt for TV adverts, you won't be the first small business owner to go down that road. Tv ads can help you reach a wild range of people. If your advert is catchy, there’s a good chance it will stay with your audience for a very long time and that's good news for your business. However, you have to realize that it is not by any means a necessity. Your small business can grow without TV ads. Customer referrals, social media ads and flyers/banners will do for a start if you don't have TV commercials money. If you do have the money then you may decide to go for it.
Q)How do I create a brand for my business without breaking the bank?
Bizzalley's Answer-A strong brand will surely make your name stick on the minds of your customers. If you want some cheap ways of creating a brand for your business then you should look into giving out little gifts as a thank you for continued patronage. The gifts could be as cheap as a pen. You can also improve your brand by saying "Thank you" every time a customer comes to do business with you. Another way is by designing a very creative business card that will help boost the reputation of your business. You can also decide to build a personal relationship between you and your customers/clients. You can do simple things such as sending them birthday message on their birthdays and sending greetings on festive occasions, like Ramadan greetings, Christmas greetings, Mother’s Day, and lots more.
Bizzalley's Answer-If you're stepping into a partnership, there are several documents that you require in order to form a business partnership. You will need a dissolution of Partnership deed to help divide assets or liabilities if for any reason your partnership should fail. You also require confidentiality agreement to help preserve confidentiality if you share commercially sensitive information with your partner, in order to prevent that information from reaching a third party. You will also need to sign a memorandum of understanding to help spell out the major terms of a potential agreement. Lastly, you will need a letter of intent that helps to set the goals you want to achieve in the partnership.
Q)Should I create a corporate structure for my business?
Bizzalley's Answer-Creating a corporate structure for your business is certainly a good thing, just as long as you choose the right structure for your business. Choosing the right structure for your business will be crucial in guiding against overbearing debts that may arise from a failing business. Operating a limited liability company or a limited partnership means you will only be liable for your own investment. You can also choose sole proprietorship. A sole proprietorship is an inexpensive structure to set up and it gives you full control over your business.
Q)What are the downsides of employing family members in my business?
Bizzalley's Answer-While it can be good to hire your family members to work for you it could also be disastrous. On one hand, it is good to employ your family members. You become the hero, as you will be employing your unemployed family member. Having family around in your business will help build trust easily and you don't have to work to create any kind of relationship again because you already know each other. However, they can also be dangerous because you may be unable to treat your family member the same way you treat a normal staff member. If you want your business to grow, everyone should be on their toes. If your family member cannot satisfy like a good employee probably because he/she thinks they can afford to be below par and get away with it, then you should not hesitate to let them off.
Q)How do I motivate employees when sales are not doing well?
Bizzalley's Answer-Your employees are humans. They like to feel appreciated and they will be more determined to achieve a goal if they know there's a prize they can nick when they finally succeed. To improve sales, you should set up a structure to reward your entire sales team when they rake in notable sales. Your reward system should not be limited to the top performer alone. Everyone should know that if they do well they will be rewarded irrespective of the fact that someone is doing a little better. Also, you will need to make your employees feel valued. People work better when they know they're appreciated for their efforts. You can get creative by doing something unusual like taking your employees on fun outings. This will also help build a good team spirit.
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