1. Think through hidden costs. Adding new services to your business's arsenal is a great way to diversify and add new revenue streams and customers. But before you go through with the new offer, consider the hidden costs of adding it to your roster, writes OPEN Forum contributor Geoff Williams. That new service may require a change to your website (and billable work for your web developer) or additional employees. Make sure you're aware of the potential for extra costs and overbudget for them before you make the leap. (From "How to Avoid the Trap of Hidden Expenses," by Geoff Williams)
2. Add a human element to your brand by launching a podcast. The increasingly popular medium can help businesses in certain industries expand their reach, writes entrepreneur Glen Stansberry. "Your company's content marketing strategy most likely includes tweets, blog posts and maybe some uploaded photos, which is all great, but adding podcasts to the mix—letting your consumers hear your brand—can really add a new dimension to your marketing strategy." (From "5 Good Reasons To Start Podcasting (and 3 Reasons Not To)," by Glen Stansberry)
3. Narrow your target market. What's the saying? If you can't stand for something, you'll fall for anything? That truth applies to running a small business as well. Businesses should know exactly who their target audience is and devote resources to reaching them. When a business owner thinks their target customer is everyone, they can run themselves ragged (and hurt their bottom line) trying to be several different things to different people. (From "How Defining Your Target Market Can Pump Up Your Cash Flow," by Denise O'Berry)
4. Apply for an SBA Loan. Changes made to two of the Administration's popular loan programs—the 7(a) and the 504—means it's easier to apply now! (From "How to Take Advantage of Easier SBA Lending Requirements," by Mike Periu)
5. Fire thoughtfully and hire strategically. Five years into running his business, Brian Scudamore, the founder of Canadian junk management company 1-800-GOT-JUNK, took a good, hard look at his company and realized he wasn't happy with nine out of his 11 employees. So he fired them. "I knew that I had to clean house," Scudamore told OPEN Forum. "I realized that I was not having fun anymore. I was avoiding time in the office. The business wasn’t delivering good customer service, it wasn’t friendly and we weren’t smiley. It was time for a change." (From "Brian Scudamore of 1-800-GOT-JUNK: Why He Fired His Entire Staff," by Katie Morell)
6. Follow the 80/20 rule on social media. Pinterest, Facebook, Twitter, Instagram, Tumblr... there's no shortage of social media networks available for small-business owners to connect with audiences. But don't let the wealth of options intimidate you, writes Small Business Trend's Anita Campbell. While you may need to have a presence on four to five networks, concentrate your efforts on the ones that your audience spends the most time in, she advises. (From "10 Reasons You're in a Social Media Rut (and How to Get Out)," by Anita Campbell)
7. Give away your products for free. Competitive advantages abound for businesses that are willing to make their services available for free. In the case of white papers and slideshows, you can establish yourself as an expert in your field. It can also provide you with a great resource: totally honest feedback. "Non-paying users are often harsher than paying ones, but their criticism is vital for product development," writes Ioannis Verdelis of the Young Entrepreneur Council. (From "How to Make Money by Giving Away Your Product for Free," by Ioannis Verdelis)
8. Change the way you communicate with your employees. "The tendency is to delve straight into your vision of the future, the deliverables or the goals," writes OPEN Forum contributor Bruna Martinuzzi. "Instead, use a different approach: Before pressing play, rewind to the past, pause on the present, then roll out the future. (From "The Communication Strategy Sure to Inspire Employees," by Bruna Martinuzzi)
9. Provide quiet zones in your open office. We're not shocked by this number: 69 percent of people who work in an open office find the noise levels in their workplace to be distracting. While open offices don't seem to be going anywhere anytime soon, employers can make it easier for their employees by creating refuge spaces within the office: Areas where loud noises are prohibited and workers can get the quiet they need to truly focus. (From "4 Ways to Make Working in an Open Office Bearable," by Anthonia Akitunde)
10. Leave your regrets where they belong... in the past. Stewing in the woulda, coulda shouldas of life does not lead one down the path of enlightement, writes OPEN Forum contributor Erika Napoletano. "Use it as a tool to change our thought processes and with it, our businesses. With a little mindset shift, we just might discover that we can replace the words 'I regret' with 'I'm so glad that I learned.'"(From "8 Successful Business Owners Who Moved Past Their Regrets," by Erika Napoletano)
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