6 Steps to Success for New Small Businesses

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      Long term goals are usually set to be achieved over a 5-10 year period and can include areas such as market leadership, profitability, return on investment or employee retention. An example of a long term goal could be- increasing the total income of your business by 20% in the next 5 years.

      A competitor analysis will help you to understand your competitors’ strengths and weaknesses. Once you have an understanding of this, you can compare them to your own and determine what will give your business a competitive edge.

      Your marketing strategy will be clearer after you’ve researched your customers and competitors. Marketing should push your business across a range of platforms including a website, social media and ads. You want your brand to be noticed, so figure out where your audience hangs out and how you can best reach them.

      Bookkeeping plays an important role in the success of a small business. It keeps your records up-to-date, helps you understand how your business is performing and allows you to plan for the future.

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