6 tips for SMEs in the run up to 2020

2020 is already breathing down our necks, and it’s time to get prepared. As small and medium business owners, it’s important to make sure that you are ready for the year ahead. Here are six tips to make sure you are in position for your best year ever!

1. Target local

Shopping local has become an enduring trend, which means there are plenty of potential customers in your local area. Start targeting them as much as possible, even if you run an online business. People love to know that their money is going to their neighbours!

If you already target only local customers, consider going in the opposite direction. Can you set up an online sales portal or start exporting elsewhere? You might be surprised at the possibilities. Juggling both a local market and an international or national market can be a challenge, but imagine how much higher your sales could soar.

2. Harness social media for sales

There are new sales tools coming out for social media users all the time. Keeping up to date with them is a job in itself, but they can really help you to make more sales.

Just recently, for example, Instagram has expanded the options for tagging products for sale in your posts. You can share them in your stories, make IGTV videos, as well as creating standard feed posts. If you aren’t harnessing social media for your business, then you are seriously missing out. And if you are using it but not seeing results, it’s time to look at your strategies and schedules to fix things up.

3. Try to forget about Brexit

Will it happen? When will it happen? If it does, what will it mean? These questions are still open, and there’s no guarantee that they will get answered any time soon. There is so much conflicting advice out there, because the truth is that no one really knows. Run your business as responsibly and sensibly as possible, and let the rest fall into place.

4. Watch the pound

If you are making sales overseas, now is the time to look at your currencies. The pound has been fluctuating wildly, and will likely continue to do so as the Brexit saga continues. Make sure to keep an eye on exchange rates – when you turn in your currency could make a difference. You can receive foreign currency to accounts such as PayPal, TransferWise, Stripe, or so on, then move them to your company bank account when you are ready. Make sure everything is listed in your official accounts to keep a clear record.

5. Location, location, location

Having a good location for your business is so very important. Affordable premises in the right spot can make a huge difference to your future growth. Moving out of the city centre is a great way to find cheaper prices, but you will also want to make sure that you are still in an area which is popular with both businesses and their customers. 

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6. Make smart choices

In any time of uncertainty, the best thing to do is to work smarter. This means not overstretching your company’s budget, moving forward with caution, and making good investments in your future. Don’t rush into bad decisions, and make sure that your decisions are based on clear thinking and real possibilities. It’s easy to get carried away with sales potential graphs and get caught out when things don’t go as planned!

Keeping your SME on the track to success is important every year, and each one should be better than the last. With these tips, you’ll be in a good position to make it happen.

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