How to improve small business performance

The only way for any business to grow and evolve is to constantly find new ways to improve different aspects of the organisation. You can use many methods to monitor your business performance to spot areas with room for improvement, from financial management to customer service. 

This guide will show you how to improve your small business performance by optimising the following areas:

• Staying on top of trends
• Tracking your financial performance
• Working on your customer service
• Boosting your online presence
• Enhancing your sales skills
• Investing in accounting software like Countingup

All businesses, large or small, are affected by changes and events in the global landscape. Staying connected with trends and the latest issues in your local and industrial community is an excellent way to find ways to improve your business performance. Even something that doesn’t appear relevant on the surface could have a high impact on your business. It’s good to know what’s happening in your own industry as well as others and determine what you can do to make the most of them. 

Still, your main goal should always be to provide value to your customers. Every new product or service offering needs to appeal to your target market and add value to your customers’ lives. Let that steer you when you do your research.

As a business owner, it’s your job to keep your company financially healthy. Some small business owners might shy away from bookkeeping tasks because they seem complicated and overwhelming. Still, keeping track of your financial activities is crucial to see how your business is performing. Without proper bookkeeping, you could miss out on valuable opportunities to save and make more money. 

Do your best to understand your monthly, weekly and daily numbers. Look over your financial transactions to notice trends happening within your business. The better you understand how the financial side of your business runs, the more likely you are to spot areas you can improve to boost performance. 

If you don’t have the financial skills for this, you can always hire an accountant to help you analyse the number. Just make sure you stay in the loop and make note of anything new you learn about your business.

Modern accounting software like Countingup is also perfect for keeping track of your financial activities and performance. It’s specifically designed for small business owners, so it’s easy to use and has all the essentials you need to run your business effectively. Find out more later in this article.

Offering excellent customer service is a must when it comes to running a successful business. Improving your customer service is a sure-fire way to build your reputation and help your business perform better. 

Good customer service is about keeping customers happy and building relationships by really listening to what people need. It’s about making every effort to satisfy those needs and altering your product or service offering to fit them better, too.

If you’re unsure of where to start, we have a special guide that will tell you more about how to improve your customer service.

Simple adjustments to your marketing strategy and website to increase your online presence can go a long way to improve your overall business performance. 

For example, make sure your contact information is clearly visible on each web page and leverage SEO (search engine optimisation) to rank on Google for search terms relating to your business. 

Also, have a look at your current marketing strategy to see where you can make adjustments. If one method costs a lot of money without yielding results, consider swapping it for a cheaper option. For example, content marketing is a low-budget, high-impact tactic you can use to boost your online presence. 

Social media is another excellent way to increase your online presence. Engage with followers, share content, promote product releases, give advice, and network with other professionals in your field to build a good reputation and improve your business performance.

If you want to improve your business performance, you need sales skills that are top-notch. Sharpening your sales skills will help you sell yourself and your business to potential clients or customers and convince them to buy from you.

In other words, you need to make sure your prospects really convert into leads and paying customers. What do you currently do to make this happen? If you don’t have a clear answer to this question, the first step is to determine a sales tactic. Maybe even take a course if you feel you lack the skills and knowledge. 

There are many ways you can improve your sales pipeline, which you can learn about here.

Our final tip is to make improvements based on your knowledge, skills, time, and budget. It’s easy to bite off more than you can chew, which might end up lowering your business performance instead of performing it. Instead, focus on improving areas you understand and start small to avoid overwhelming yourself.

Successful business owners know their limitations and when to ask for help from other experts. For example, say you’re an excellent salesperson but struggle with numbers and bookkeeping. In that case, continue improving your sales skills and hire an accountant or bookkeeper to crunch the numbers for you. 

If you get overwhelmed, you might need a little help staying motivated and finding your purpose again. For tips on this, read our guide called how to increase your productivity when you’re self-employed.

Running a business is exciting but can also be stressful and time-consuming. Financial management is one area where many entrepreneurs struggle. That’s why thousands of business owners use the Countingup app to make their financial admin easier. 

Countingup is the business current account with free built-in accounting software that allows you to manage all your financial data in one place. With features like automatic expense categorisation, invoicing on the go, receipt capture tools, tax estimates, and cash flow insights, you can confidently keep on top of your business finances wherever you are. 

You can also share your bookkeeping with your accountant instantly without worrying about duplication errors, data lags or inaccuracies. Seamless, simple, and straightforward! 

Find out more here.