NSW Small Business Month – Let’s Rebuild, Recharge and Renew How To Use Market Segmentation To Attract Customers

It’s Small Business Month in NSW, and this year the NSW Government’s theme is Rebuild, Recharge, Renew. Throughout March, the focus of events and activities is to help small businesses recover from recent challenges and build a brighter, stronger future.

Realise Business Advisors have worked side by side with businesses over the past few months. They identified several critical areas that will boost the success of your business, including the following:

Shine a spotlight on your customers

Public health and safety restrictions and working from home have accelerated changes in customer behaviour and how people use technology, especially their mobile phones. A great way to rebuild your business is to analyse those changes through surveys, conversations or by looking at customer requests and orders. Armed with this information, you can recharge and renew by developing strategies that make engaging with your business more accessible and appealing to customers. That may include creating a new website, focusing on social media, or offering home delivery and outdoor dining options.

Managing Money

Alongside business cashflow, really knowing the costs associated with operating your business is key to rebuilding in a smart way. To recharge and renew your business efficiently, conduct an operational audit and Cost of Goods Sold (COGS) analysis focused on evaluating your business model. Look at your costs and processes in detail to discover substantial cost-saving opportunities. For example, by changing arrangements with core suppliers or developing a new menu, you may achieve better profit margins.

Acquiring and retaining staff

The pandemic has resulted in a very competitive environment, especially for restaurants and cafes seeking to attract and keep staff. Having an engaged and enthusiastic team in place is the perfect way to rebuild, recharge and renew. Clear communication is the key step to attracting and keeping staff, including documenting workflows, health and safety rules, shift and overtime allocations. Creating a buzz about your business through social media works well in a competitive marketplace, coupled with staff testimonials, referrals, and feedback to help you understand why people want to work with your business. Use that information when advertising for new people. Regular training opportunities are attractive to staff and will also help recharge and renew your business.

Upskilling your staff

Your staff members are one of your greatest assets, so get them involved in learning new skills. Building their expertise and confidence is a great way to rebuild your customer service offering. You can recharge your team’s enthusiasm by developing an environment of continual improvement. Upskilling boosts your team’s ability to adapt to technological change and disruption, and it is also great for staff retention. You can renew your business supported by an engaged and enthusiastic team.

Creating new products and services

There is no better way to rebuild, recharge and renew your business than by creating new products and services that are backed by insight and research. This is where understanding existing and potential customer preferences and the cost of your operations really comes into play. Armed with this information, you can work with Realise Business Advisors to conduct a marketing audit and then develop a marketing plan to give new products and services the greatest chance for success. Realise Business advisors can work with you every step of the way, ensuring you capitalise on the positive momentum of Small Business Month and plan for the weeks and months ahead.

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