Owning a successful small business inevitably leads to growth in the future. In order to accommodate that growth, you need to make sure you have a thorough understanding of the workings of your business and your market — including your customers, competition, trends, prices, and more.
While this may seem overwhelming all at once, focus on making small, meaningful changes that are driven by data and analytics. Before you make any changes to your business, find a CPA or use real-time analytics software to help you make informed decisions about the future of your business. With knowledge behind you, you are ready to face any of the challenges that come your way as a small business owner, and you can begin identifying ways to grow your business.
Real-Time Analytics or a CPA
Using real-time analytics software or a CPA to organize your business’s finances can help you identify strengths and weaknesses and your business and find opportunities for growth. Real-time analytics software will organize your information into an easy-to-read dashboard that will get rid of the need for a dedicated IT specialist or data analyst. The real-time dashboard is also easily accessible through the Internet so you can check on your business even while you’re away.
If you’d rather use a CPA to help you organize this information, you can either find in-house help from your bookkeeper or outsource to a local CPA. CPAs are most helpful to small business owners without much experience running a business or those who need assistance managing rapid growth.
Like real-time analytics software for your business, Google Analytics provides real-time data on your website and social media accounts. Google Analytics offers information about long-term trends in your website viewership, helping you identify ways to attract more online customers or visitors.
The best part about Google Analytics for small business owners is that you can use it for free and get some of the same information provided by much more expensive analytics tools. You can use it to gain experience in analytics without risking hundreds of dollars on more complicated software and still find ways to expand your business with impactful online marketing strategies.
For most small businesses, Facebook Ads is the most effective marketing tool because it is affordable and provides useful information about your customers. A $5 ad on Facebook has the potential to reach 1000 people, and you can also change your ad in real-time to adjust it for certain demographics or to make corrections.
By far the most beneficial part of Facebook Ads is the information it provides about your customers. With Facebook Ads, you can target your ads to people based on age, interests, location, and behavior, and you will also have access to a dashboard of the same information about people who have interacted with your ad. You can use this information to make targeted moves to expand your business and appeal to the particular demographics where your business excels.