Generating traffic is probably one of the most important business basics that you need to know. This will determine the level of income that you will receive. As a matter of fact, professional online business owners are spending 80% of their time in generating traffic, and the remaining 20% are spread out in other aspects of marketing. Some of the most popular ways to generate traffic are article marketing, search engine optimization, list building, forum marketing, and blog commenting. The results that these Internet business basics can produce may vary depending on the consistency and quality of method being used.
Basics #2 – Advertising
Advertising is also a form of traffic generation, but this covers a wider range of topics. There are a lot of forms of advertising that you can use to promote your brand or your company. Some of the most popular forms of advertising are Pay-Per-Click (PPC), banner, and link advertising. Although advertising can cost a lot of money, it will definitely help you generate huge waves of traffic. Unfortunately, these Internet business basics will be useless if you don’t know how to monetize your traffic.
Basics #3 – Monetizing
Now, this is where everything falls into place – the bottom-line. Regardless of how much time, you spend on traffic generation and the amount of traffic that you are receiving, it will be useless if you cannot monetize that traffic. There are a lot of ways to monetize traffic, and one of these is by selling ad spaces to other people. You can sell your products or the products of other people in order to generate more cash. You can offer a membership for your website, where people are paying a monthly fee will receive something of great value. The choices that you have for monetizing traffic are virtually limitless, and you can make money with almost anything that you can think of. These are the most important Internet business basics, because without it, you will not be able to achieve your goals.
Have you ever wondered why some small businesses take off and grow very rapidly and others stay the same for years and years?
Small business growth takes strategy and strong leadership. Some new business owners achieve a certain level of success, sit back and fail to do what is necessary to grow the business.
9 Things That Hinder Small Business Growth
1. Lack of Vision
All businesses need a written vision statement to help direct their planning and decision making. If there is no clear vision, a business can waver with no specific direction. Lack of vision is detrimental to any organization. How can you plan, or have a business strategy without knowing where you want to go?
2. No Strategic Plan
Every organization needs strategy and should have a strategic plan to map out steps to achieving the strategy. The strategic planning process helps to keep an organization’s vision fresh and moving forward. Strategic plans need to be updated every few years as the market, environment and focus changes.
3. No Written Goals
Not having SMART Goals, and accountability for achieving those goals, is a sure way to impede the growth of an organization. Goals are what make a strategic plan happen. Not writing goals, and having a structured performance management process to achieve those goals, is an invitation for business failure.
4. No Desire to Grow
Believe it or not some businesses don’t have a desire to grow. With growth comes growing pains and sometimes business owners aren’t comfortable making the necessary changes for growth. Hiring the first employees and dealing with human resource management issues is an example of a growing pain. Other areas of growing pains are delegating and trusting others to do things the way you would do them. Growth requires a commitment from the top of the organization.
5. Not in Tune with Customer Needs
This is where many organizations get stuck. The world is changing at such a fast pace that unless an organization understands customer expectations and puts systems in place to take care of their customers, competitors will do it for them. Ensuring good customer service is critical to long term success. The fact is, customers pay the bills and employee salaries so you’d better find out what they want and give it to them!
6. Failing to Reinvest Back In the Business
When a business is just starting out it is sometimes difficult to reinvest back into the business, but not doing so can affect business growth. Keeping up with changing technology and updating facilities are examples of areas that can consume considerable resources but are important to meeting customer expectations. Clean, updated facilities can have an impact on customer perceptions and customer loyalty.
7. Failing to Delegate
As a small business grows, it becomes more and more important to learn the art of delegation. It is important for business owners to develop employees, delegate and trust others to complete tasks. Small business owners can quickly get overwhelmed with trying to manage every aspect of the business and learning to allow others to help is critical at this stage of growth. Successful small businesses have learned the skill of developing, delegating and letting go of lesser things so they can continue to drive organizational vision.
8. Not Collecting and Believing Data
Collecting, analyzing and making decisions based on data is another critical aspect of small business growth. Confronting “the brutal facts” (as described in Good-to-Great by Jim Collins) is one of the most important aspects of managing a small business. Understanding what the data is telling about the business can lead to changes in practice or improving processes. All organizations should have established critical success factors to help monitor and track performance toward goals.
9. Not Having a Clear Problem Solving Process
The reality is, every business has problems and as soon as one problem is solved another problem takes its place. That is what management does – solves problems. As small businesses grow, problems are created that need to be solved. As an example, outgrowing office space creates the problem of finding new office space. Finding new office space creates the problem of planning out the layout of the new space. Once a layout of new space is done, planning to move offices needs to be done. Organizations need to have structured processes for planning and problem solving. Having good leadership, coupled with good processes, can result in successful problem solving.