How Does Your Business Compare? Expert Tips from Your Austin Business BrokerApril 26, 2017
Half of the workforce today works for small businesses, which means you’ve got far more than just a little bit of competition to compare your business to. The following are a couple of expert tips that you should keep in mind to stay competitive in 2017 and beyond.
Always keep your cash flow management in mind
When it comes to your business metrics, always make sure that you keep your cash flow at the top of your mind. Gross earnings and profit are naturally important things to keep track of as well, but above all things, cash flow is always king. Not even a successful sales funnel will serve you as well as it should unless you have a dependable solution and/or system in place to make sure that you’re getting paid by your customers on time.
Have a strong buyer persona in mind
Successful businesses obviously come in an infinite variety of different niches and scales, but there’s a still an extremely vital common denominator that unifies all of them every time – a strong buyer persona. Your buyer persona will be the factor that your business lives and dies by from beginning to end, so spend as much time as you need developing and refining it.
You cannot invest too much time and attention to detail when it comes to painting out the most accurate portrait of your target buyer’s age, persona, disposition, occupation and pain points. The more intimately you know your ideal buyer, the better of a position you’ll be in to make an impression on them while navigating the unpredictable market.
Go mobile or go home
When it comes to the question of what the most intelligent medium to optimize your content for is today, the trends don’t lie – mobile is reigning kind of consumer engagement. More than half of all consumers today use their mobile device to consume digital media or do their due diligence before deciding on a purchase, so you’d do your business a great disservice by failing to capitalize on that opportunity.
Learn more about the best modern business practices
The full scope of essential things to know about business today is far greater than what can be contained in a nutshell, and that’s why we at Prodigy Partners are committed to helping you acquire the best knowledge there is for the most momentum. If you’d learn more about how your business’s greatest strengths could possibly be leveraged to stand a cut above the competition today, feel free to contact us for a consultation.