There are 5.51 million small businesses in the UK with a turnover of £2.18 trillion. Therefore, it is an undeniable fact that small businesses in the UK make a significant contribution to the UK economy. However, in recent months small businesses have faced a variety of challenges from soaring rent prices to the complexities of managing increasing supply chain costs. For small business owners to remain flexible and take proactive measures to ensure the success of their businesses small business owners need to navigate the constantly evolving landscape of costs.
In this blog, we look at steps small businesses need to take notice of in these challenging times.
Step 1: Embrace Technology
Consider investing in technology solutions that streamline your business operations and drive cost savings. Embracing cloud-based software for client management can enhance efficiency and accessibility while implementing automation tools for repetitive tasks, this can free up valuable time and resources. By leveraging technology, you can optimise your processes and achieve more with less stress and pressure. Free to download for NHBF Members, see what salon software can do to support your business.
Step 2: Invest in Employee Training
Well-trained employees are more efficient and make fewer costly mistakes. Invest in training programs that enhance their skills and keep them up-to-date with industry trends. This investment will pay off in improved performance and customer satisfaction. Click for in-depth details on If you looking to offer a traineeship, you need to understand what traineeships are, what’s involved and how to stay legal.
Step 3: Utilise Social Media Marketing
Harness the power of social media to market your business effectively without breaking the bank. Create engaging content, interact with your audience, and leverage targeted advertising to reach potential customers without the hefty price tag of traditional marketing channels. Read the blog on how to use social media to boost your salon or barbershop.
Step 4: Diversify Your Revenue Streams
Relying solely on one product or service can leave your business vulnerable. Diversify your revenue streams by offering other products or services, expanding into new markets, or tapping into additional sales channels. Read our blog on being retail savvy.
Step 5: Promote wellbeing
Promoting well-being in your salon, clinic or barbershop can help prevent stress and create positive working environments where employees and your business can thrive. Good health and well-being can be a core enabler of employee engagement and organisational performance. Read about our partnership with Every Mind Matters and how our campaign and digital resource aim to enable people to take care of their mental wellbeing and support others.