Business Tips - Vyde

How to Grow Your Business: Find Your Audience

As a business owner, it can be easy to see dollar signs on things that aren’t actually going to drive revenue for your business. Identifying the markets that are going to be lucrative for your business will help you to define your niche and—more importantly—nail it. It’s tempting to try to reach every customer who could possibly be interested in your products, but taking the time to find your perfect fit will help you to iron out your offering and help your business to be more scalable.

You may think you know your audience, but taking the time to do some market research may surprise you. Take the time to define your niche audience and figure out what it is your customers really want. Knowing this will also help you to know how to talk to your customers in a way that will help them convert. Follow these steps to help you define your niche audience:

If you have current customers, take a good look at your current customer base. Are there similarities in age, gender, income level, occupation, ethnic background, or other areas? Do certain products appeal to certain types of customers? Start writing down all the common ground your customers share.
Take a good look at your products and services. Start dissecting your offering by asking “What does my business’s offering solve for a customer.” Why problems do your customers have that are eliminated by purchasing your product or service? Identify these pain points and write them down. These pain points are essentially why your business does what it does. For example, if you’re running a fashion boutique, a customer problem may be “I don’t feel confident in what I am wearing”. If you’re running an auto shop, a customer problem may be “I don’t have the time, patience, or knowledge to fix my car myself”. Some of the problems you identify may seem obvious, but write them down anyway. Defining these problems will make it easier to see who these problems apply to.
Now that you understand the problems your business solves, start defining who these problems apply to. Who is going to have the greatest need for your products or services? These “personas” are essentially sample customer profiles that will help you to better market your business. Be specific and be realistic. Take into account things like income level, age, and other demographic information when defining this persona. You’ll also want to try to define these personas on an emotional level by thinking about values, personalities, lifestyles, etc.
Once you have some personas defined, reach out to customers to try and get some market feedback. You’ll need to try to get feedback on things like your products, your pricing, your brand, why someone would or would not purchase, etc. You can offer free samples of your products and services as an incentive—and who knows, you may get them hooked on your business!

Once you find your target audience, you’ll be able to nail your marketing and connect with your customers on an impactful level.

Social Media Tips For Your Small Business

Social media has become a game-changer for small businesses. It has become the marketing platform that provides the best results for the lowest cost. Accounts are free and easy to maintain. In this article, we’ll explore five things you can do to get the most out of social media.

Post Consistently

Consistency is key. Those who post consistently are more likely to have better interaction with their audience. A part of being consistent is making sure your business is visible on all major platforms. Make sure you have accounts on Instagram, Facebook, Twitter, and LinkedIn. Youtube is another great option if you often share videos.

Have a Plan

When you plan your posts out by week or by month it makes being consistent easier because you know what you need to post and when. If you struggle to get your posts out on time try using a platform like Hootsuite or Later to pre-schedule your posts. These sites allow you to post on all your social media accounts at once. Hootsuite is user-friendly and allows you to schedule only posts in advance. Later allows you to schedule both posts and stories. Beyond these two, there are several other options for scheduling posts. Find one that best fits your needs.

Use Your Stories

According to SocialMediaWeek.org, Most people scroll through Instagram posts with the sound off, but 70% of them watch Instagram stories with the sound on, 20% of stories result in a direct message from the viewer. Stories on Instagram and Facebook are one of the best ways to engage your audience. They allow your audience to participate in polls, quizzes, open response boxes, and more. It’s a simple way to connect with your customer. Stories disappear after 24 hours, but that doesn’t meant they’re gone forever. You can save stories into highlight sections that remain on the top of your profile page. This is perfect for storing information clients refer to often such as pricing, FAQs, or some of your top content. When people visit your profile page they will likely click on one of your highlights to learn more about what you do. Both stories and highlights are features available on Facebook and Instagram.

Encourage Interaction

In addition to interacting via stories, strive to put a call to action at the end of each post. This lets your audience know what you want them to do because of this post. As valuable as it is for your followers to interact with you, it is also important for you to engage with them. Comment on their posts, respond to their stories, let them know you’re not just a computer spitting out content, you’re present, and willing to interact. Engaging with your customers online helps foster relationships that help small businesses thrive.

Stick to Your Brand

If you don’t have a branding guide, create one. Pinpoint the fonts, colors, textures, and common photos you use in your posts. Save them into one convenient folder to refer to later. When you post using the same colors, fonts, etc, it gives the visual clues needed to establish consistency and create a recognizable brand. Your followers should be able to see your post and identify that it was posted by your business without seeing your profile tag at the top of the post. Canva is a wonderful design website that makes brand consistency easy. There are free and paid options for this service.

Social media can make a big difference for your business if you use it in the right way. Applying these tips will make social media work for you. It takes effort, but over time you will see the positive results add up.

SMW, S. (2017, January 12). Ads and Analytics are coming to Instagram Stories. Retrieved October 06, 2020, from https://socialmediaweek.org/blog/2017/01/ads-analytics-instagram-stories/

FAQs about Maximizing Social Media for Small Businesses

1. How important is consistency in social media posting for small businesses? Consistency is crucial for small businesses on social media. Posting regularly keeps your audience engaged and increases interaction. It helps maintain visibility and credibility. Consistent posting across platforms like Instagram, Facebook, Twitter, and LinkedIn ensures you reach a broader audience.

2. What tools can I use to help plan and schedule my social media posts? Platforms like Hootsuite and Later are excellent for planning and scheduling social media posts. They allow you to schedule posts in advance, making it easier to maintain consistency. Hootsuite focuses on post scheduling, while Later offers scheduling for both posts and stories. Find the platform that best fits your needs and workflow.

3. How effective are Instagram and Facebook Stories for engaging with my audience? Instagram and Facebook Stories are highly effective for engaging with your audience. According to SocialMediaWeek.org, a significant percentage of users watch Stories with sound on, and they often result in direct messages from viewers. Stories offer interactive features like polls, quizzes, and open response boxes, enhancing audience engagement and connection with your brand.

4. Why is it important to encourage interaction with my audience on social media? Encouraging interaction on social media helps build relationships with your audience, which is essential for small businesses. Including calls to action in your posts prompts your audience to engage, whether through likes, comments, or shares. Additionally, actively engaging with your audience by responding to comments and messages fosters a sense of community and trust around your brand.

5. How can I ensure brand consistency across my social media platforms? Brand consistency is vital for establishing a recognizable identity on social media. Creating a branding guide that outlines your brand’s fonts, colors, textures, and common imagery is essential. Tools like Canva can help maintain brand consistency by providing templates and design features aligned with your brand guidelines. Consistent branding helps your audience easily identify your posts and strengthens brand recognition.

How To Know If Your Small Business Needs an Accountant

When you’re starting out as a business owner, you’ve got to be scrappy. There’s no shame in trying to save a few dollars by managing multiple aspects of your business yourself. However, as your business grows, you’ll find that an endless list of “to-dos” makes it hard to do it all. You may find yourself dropping balls that shouldn’t be dropped.

The accounting side of your business is easy to fumble—especially if your mind is on a million other things. If you don’t have the time to devote or you don’t know what to look for, you could be making mistakes that drastically impact your business.

Risks of Being Your Own Accountant

Incorrect Data Entry:

When you’re busy, rushed, or distracted, it’s easy to enter incorrect data into your books.

Missed Deductions:

Because you’re a business owner and probably not an accountant, you may not know all the things you can deduct. Missing deductions costs your business money.

Missing Revenue:

Incorrect books can cause you to have revenue that is unaccounted for and you may never know.

Unpaid Invoices:

When your books are not in order, you may not notice an unpaid invoice—by you or someone who owes you.

Underestimate Tax Bill:

When it comes to paying taxes, no one likes to be surprised by a larger number than what they were expecting. Incorrect books can cause a miscalculation and underestimation of your tax bill.

Reporting is Unreliable:

How can you make business decisions with incorrect data? When your books are wrong, your reports will be too.

There are potential risks of DIY-ing your accounting, so how can you determine when the risk of being your own accountant becomes too much? When do you know it’s time to hire an accountant?

When you have no time.

When your schedule becomes too full to handle, you may find the need to delegate tasks to others to lighten your load. By investing in accounting services, you’ll be able to hand off the detailed job of bookkeeping to someone who can focus on it and get it done quickly and correctly. This way, you can spend your time worrying about other important things—like growing your business.

When you don’t know what to do.

You may have tried being your own accountant, but question after question kept coming up. When you feel as though you don’t have as much knowledge on bookkeeping or business taxes to confidently manage your business’ books, you have two options: learn it or delegate it. By hiring an accountant, you’ll be able to benefit from their in depth knowledge and know that your books are being taken care of.

When your books are messy.

If your books are unorganized, you could be making costly mistakes for your business. Things like missing revenue, unpaid invoices, and tax deductions all directly impact your business’ revenue. Having well kept books also ensures that you can pull correct reports—which help you to make data driven decisions about your business.

The decision to hire an accountant depends on where you are in your business, but remember—accountants exist to help you keep track of (and save) your business’ money. If you feel like you’re in over your head, it may be time to hire someone to tackle your bookkeeping for you.

FAQs:

1. What risks come with being your own accountant?

Common risks include incorrect data entry, missed deductions, overlooked revenue, unpaid invoices, and underestimating tax bills.

2. How does having incorrect books impact a business?

Incorrect books can lead to unreliable reporting, hindering your ability to make informed business decisions based on accurate data.

3. When is it time to hire an accountant?

Consider hiring an accountant when you lack time to manage your books, feel uncertain about bookkeeping tasks, or find your business’s financial records are messy and disorganized.

4. Why should I delegate bookkeeping tasks to an accountant?

Delegating to an accountant ensures that detailed bookkeeping is handled quickly and correctly, freeing up your time to focus on essential aspects of growing your business.

5. How can an accountant help if I don’t have much knowledge about bookkeeping or taxes?

An accountant brings in-depth knowledge to manage your books effectively, providing expertise in navigating complex aspects of business taxes and bookkeeping.

3 Efficiency Tactics That Are Actually Wasting Your Time

In the world of business “highly efficient” and “super productive” are more like super powers than they are a skill set. If you’ve been in business long, you know that there’s an advantage to increasing your work flows to gain more of either of these descriptive words. They often equate to more clients, more sales, and more money. For small business owners, growing your biz is not only a dream it’s your passion so focusing on efficiency and productivity is pretty important.

You’ve also probably heard the phrase, “too much of a good thing” and when it comes to increasing the business super powers mentioned above, that might just be the case. Here are 3 efficiency tactics that are actually wasting your time.

Working During Vacation

It happens to all of us. We’ve worked hard to grow our business or build our career and that often means that vacation is pushed to the wayside. In a world where technology lets us stay on top of all the things, all the time – it’s easy to let work rule. Just like there’s buzz about efficiency there’s also buzz about “sharpening the saw” so we pencil in those vacation days and tell ourselves that we’re taking the time off so we’ll be better at work. Without fail, that vacation gets shortened or even worse, we take it but still try to tackle some work projects during those days off.

Working during vacation is a no-no. You may feel the quiet of your vacation schedule and think jumping into your emails or checking status on projects won’t hurt, but it does. Vacations are only restful if we actually rest. So when you’re poolside, turn the ringer of your phone off, ditch your laptop before you hit the beach – we’d even recommend leaving it at home! Take your vacation time as a moment not only to rest but to fuel your creativity – do things you wouldn’t normally do, try a new activity, mark something off your bucket list – it won’t only give you a chance to recharge, it will inspire you.

Doing Work-Related Stuff on Days Off

It’s 9AM on a Sunday morning and you hear your cell phone ding. Our hope is that it’s a friend or relative with a last minute brunch invite, but more often than not it’s a co-worker or boss getting in a little extra work on the weekend. Whether you’re the boss or the employee, working on the weekend or other days off hinders productivity rather than helps it. It gives the impression that you’re always available, and although that might seem like a good thing, it actually just shows that you might have problems managing your time.

When you’re at work, work. When you’re at home, be home. If work is your life, even on the weekends and those banking holidays that you’re lucky enough to get off, consider picking up a hobby or planning an outing with family or friends. If you’re worried about what others might think, make it a habit to come in early Monday morning, mention to your boss or co-workers that you’re working to be more thoughtful and focused both at work and home and that you won’t be answering emails until the work week starts again. Believe us, you’ll be more productive and focused and you’ll enjoy both your work week and weekend more.

Multi-Tasking

Doing all the things all the time isn’t efficiency, it’s just crazy. Technology is great and there might be those that tell you that multi-tasking is the way, but they’ve been duped by the promise of doing more in less time. Tasks take the time they take, and there are plenty of studies (not to mention it’s just plain common sense) that focusing on one task at a time will not only get it done faster, but better as well.

Instead of getting caught up doing all the things, make a list, prioritize and even consider setting a time allotment for each task. You’ll be surprised how much faster you get things done when you only have 20 minutes to do it.

What other tactics have you tried to help you be more productive? Did it work? We’d love to hear in the comments.

FAQs for Article on Efficiency Tactics That Are Actually Wasting Your Time

1. Why is working during vacation detrimental to productivity?

Working during vacation prevents you from fully resting and recharging. True relaxation requires disconnecting from work, which in turn fuels creativity and overall productivity when you return.

2. How does working on days off negatively impact efficiency?

Working on days off blurs the line between work and personal time, leading to burnout and reduced overall productivity. It’s important to maintain a clear separation to ensure you are fully rested and ready for the work week.

3. Why is multitasking considered counterproductive?

Multitasking spreads your attention thin, leading to lower quality work and slower task completion. Focusing on one task at a time increases efficiency and improves the quality of your work.

4. What are the benefits of prioritizing tasks instead of multitasking?

Prioritizing tasks helps you focus on the most important and urgent work first, ensuring that critical tasks are completed efficiently and effectively. This approach also reduces stress and enhances the quality of your output.

5. How can I make the most of my vacation and days off to boost productivity?

To maximize the benefits of your time off, completely disconnect from work-related tasks, engage in activities you enjoy, and try new experiences. This not only helps you recharge but also sparks creativity and fresh perspectives when you return to work.

2 Tips for Getting Your Small Business Financially Fit

Anytime is a good time to get your business into financial shape. And no matter what your financial shape is, it’s never a bad idea to review where you are and set some goals as to where you’re going. Today we’re sharing some top tips for getting your business finances in order, and how to keep them there.

Stay Organized (Or Get Organized!) and Plan Ahead

It goes without saying that organized finances make life easier, especially come tax time. But that doesn’t always happen when you’re running a small business and are a jack of all trades. When it comes to organization, simplicity is usually the best option. Don’t spend a ton of time searching for elaborate methods or strategies but just get down to the basics. We’d recommend establishing a system for tracking expenditures and the money you receive, if you haven’t already. Then set aside time each week or month to review and organize these transactions.

If you’ve already got that part established, then look to the future. Take a few minutes and sketch out what big ideas or projects you have that might need extra cash. Mapping out a plan is the easiest, and surest way to get there – then all that’s left is to put the plan to work.

Do Your Homework when it Comes to Financial Software or Hiring a Bookkeeper

There are lots of options when it comes to how you do your bookkeeping and taxes. Whether you hire a professional bookkeeper, track expenses on your own, or use one of the many different financial software options that are out there it’s always a good idea to do your homework and make sure you have the right fit. Even if you already have a system in place, it’s never a bad thing to review what you have and what your needs might be. When your needs change, it’s time to consider your options and then make sure your most important needs are met.

Looking for other tips on getting your small business financially fit, you can read more here…

FAQs for Getting Your Small Business Financially Fit:

Why is staying organized crucial for small business finances?

Staying organized simplifies financial management, especially during tax season, and ensures accurate tracking of expenditures and income. Establishing a basic system for recording transactions and setting aside regular review time helps maintain financial clarity.

How can small business owners plan ahead effectively?

Small business owners can plan ahead by mapping out future projects or financial goals that may require additional funding. Creating a clear plan allows for strategic allocation of resources and facilitates progress towards long-term objectives.

What factors should be considered when choosing financial software or hiring a bookkeeper?

Considerations when selecting financial software or hiring a bookkeeper include the complexity of your business’s financial needs, budget constraints, ease of use, and compatibility with existing systems. It’s essential to research and assess options to ensure the chosen solution meets your requirements effectively.

Why is it important to periodically review your financial management methods?

Periodic reviews of financial management methods help ensure alignment with evolving business needs and technological advancements. Assessing current practices allows for adjustments or upgrades to better support efficient financial operations and decision-making.

Where can small business owners find additional tips for improving financial fitness?

Small business owners can explore resources and articles dedicated to financial management, accounting best practices, and business finance strategies. Engaging with reputable financial advisors or consulting industry-specific publications can offer valuable insights for enhancing financial fitness.

Business of Blogging: Part 10 – Hire an Expert

This post is part of the popular Business of Blogging series. If you’re looking to start a business online, or if you’re looking to grow your business with a blog, the information provided here is a good place to start.

More and more of today’s business is being done over the internet. Shopping, consulting, taking classes, even ordering food can be done by the swipe or tap on your smartphone. Despite the fact that convenience is one of the internet’s greatest gifts, it also gives us a host of knowledge right at our finger tips.

Blogging is no longer family pictures and a digital way to preserve or share memories. Today, blogging is a key way to provide expert information about your product or service and many online entrepreneurs are financially successful just by providing expert-level information alone.

So how does one turn a blog into a business? We’re glad you asked.

Despite the fact that anyone can start a blog, very few are successfully run businesses. And even though the idea of online businesses is still fairly new, the way to create a successful business is not. In this series, we discuss the details of business as it pertains to blogging, and our goal is to help you turn a profit from providing your knowledge, product, or service on your own little piece of the internet.

It’s all good to DIY things, but there comes a time in your business where things get busy and it’s time to hire an expert rather than continue to do it yourself. If you’re not sure when that might be, you’re in luck. We cover the basics and more in this post of the series.

Read more here…

Business of Blogging: Part 9 – Pay Quarterly Estimated Taxes

So how does one turn a blog into a business? We’re glad you asked.

Now that you’ve taken the steps to establish a financial plan, it’s time to get prepped for paying taxes. Even if you’re not hiring an accountant or bookkeeper you can stay on top of your finances and be a pro come tax time. Today we’re talking about Quarterly Estimated Taxes.

Read more here…

The Business of Blogging: Part 8 – Invest in Your Blogging Business

So how does one turn a blog into a business? We’re glad you asked.

You’ve got some money stashed away so you can cover your blogging expenses. You’ve got an established budget so you know what money you need and where you’re spending your hard earned cash. Now it’s time to start talking about investing in your blogging business.

Read more here…

6 Tips for How to Handle Work During the Holidays

It can be hard to stay motivated during the holidays. There is so much to do with end of year reports due, Christmas parties, never-ending projects, and last minute gift buyers. Don’t let those dissuade you from good business practices. Here are some realistic tips for how to keep your business running smoothly during the holidays:

Go With the Flow

Have popular items ready in large quantities and back off on your specialties, even if you like to be different. You don’t have time for new ideas right now. This is the time to relax and save time by automating what works well and then saving new ideas for the new year.

Take Pride in What You Do

If you specialize in whole, natural ingredients, amazing customer service, etc, let people know what makes you special. Then focus on becoming the BEST at it and you’ll get noticed. During my recent trip to Italy, I got to know the Italian way of doing business. They really take one small piece of the market, make it theirs, hone their craft, and make it better and better every year. When you care about your product, your customers will too. This will help you become more creative and help customers get to know you better.

Work Parties are Important

Get to know your people better. Use this time to genuinely show you care about your co-workers and get to know them better. Think of this as time dedicated to being personable and don’t let work get in the way. See how your teams click and get to know each other in a new environment. This is where true collaboration and skills are matched.

Don’t be Afraid to Try Something New

Get creative by trying something in a unique and fancy way!-If you have an upcoming event, don’t be afraid to be unique. Keep things simple to avoid more holiday stress, but don’t be afraid to add unforgettable flair. If you have the right setting and confidence, your unique style will be the thing that sets you apart from other events and companies

Be Consistent

Because they are made consistently and throughout time, even precarious rock structures are there to stay. Businesses can be much the same. If the business owner takes the time to be consistent in messaging, expanding their thinking, and continually searching for new ways to be creative, they’ll have a business that stands the test of time. Take 30 mins to go over an outline for the next year. Include events/products/timing that worked well. Changing things just to try out a new idea can be beneficial, however the main foundation of your year should start to become familiar in order to help the new ideas grow.

Make Memories with Your Loved Ones

Remember the good times and work hard so that there will be more. Take a vacation!! Last year, I visited New Zealand around this time of year. It always takes a great deal of planning and organizing to get out of dodge for any amount of time. This trip was no exception. When we got there, we had so much fun. Seeing amazing landscapes, spending time with family and friends, eating new food, experiencing new adventures, and even getting new business ideas! It took alot of hard work to get there in order to have those fun experiences. Sometimes you just have to plan to take a vacation and let whatever happens, happen. It is always good to come back refreshed, and allow ourselves to break away from the daily grind. My advice is this: Work hard, but also plan and don’t forget to play hard.

When times are crazy, remember to keep breathing, stay true to your message and company, but also have fun and make memories! Great job all you hard working business owners! Happy Holidays!

The Business of Blogging Part 5: Create & Maintain an Organized Bookkeeping System

So how does one turn a blog into a business? We’re glad you asked.

When it comes to business, the only real way to tell that it’s successful is through its books. You’d be surprised at how many small business owners and bloggers we talk to that admit that their books are less than stellar – they’re not even sure they’re truly making money. Today we’re talking how to create an maintain an organized bookkeeping system and we think you’ll be surprised that it’s a lot less overwhelming than you may think.

Read more here…

Resources

Category: Business Tips

How to Grow Your Business: Find Your Audience

Social Media Tips For Your Small Business

Post Consistently

Have a Plan

Use Your Stories

Encourage Interaction

Stick to Your Brand

How To Know If Your Small Business Needs an Accountant

Risks of Being Your Own Accountant

When you have no time.

When you don’t know what to do.

When your books are messy.

FAQs:

3 Efficiency Tactics That Are Actually Wasting Your Time

Working During Vacation

Doing Work-Related Stuff on Days Off

Multi-Tasking

FAQs for Article on Efficiency Tactics That Are Actually Wasting Your Time

2 Tips for Getting Your Small Business Financially Fit

Stay Organized (Or Get Organized!) and Plan Ahead

Do Your Homework when it Comes to Financial Software or Hiring a Bookkeeper

FAQs for Getting Your Small Business Financially Fit:

Business of Blogging: Part 10 – Hire an Expert

Business of Blogging: Part 9 – Pay Quarterly Estimated Taxes

The Business of Blogging: Part 8 – Invest in Your Blogging Business

6 Tips for How to Handle Work During the Holidays

Go With the Flow

Take Pride in What You Do

Work Parties are Important

Don’t be Afraid to Try Something New

Be Consistent

Make Memories with Your Loved Ones

The Business of Blogging Part 5: Create & Maintain an Organized Bookkeeping System

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