While businesses have existed long before anyone here, strategies and approach in business are always changing. Sure, some core principles might remain, but majority of elements are short-lived. Just take a look at how the telecommunication industry evolved from basic phone telephony to providing banking services and e-learning platforms.
Therefore, for your business to grow, you need to be in the know of the current trends, tips, and strategies in this ever-changing world. Whether you are a small-medium enterprise or a large enterprise or even still nursing the idea, these easy-to-follow tips will sure go a long way in improving your business.

1. MAKE A LIST/TIMETABLE
Make a bullet point of what you hope to achieve with your business—itemize all the responsibilities, break it down to the smallest step. This will make your objectives much easier to follow and even to apportion responsibilities. It enables you to quickly keep track of what you’ve done and what you need to do. Likewise a timetable, you can plan all that you need to do for the year, week or day. It will enable you to adapt to routines seamlessly and keep you goal-oriented. One app that comes to mind easily for this is Trello, you and your team can easily keep track of your work with this application.


2. BE INFORMED
They say information is the most important weapon in war, I say it is extremely vital to your business. Keep abreast of the situation around you. Listen to the news and keep up with trends. A recent example that comes to mind is the lockdown that ensued last year. Some businesses had seen it coming from a mile away and were able to plan ahead and cut their losses, while some others were restocking on goods just before the lockdown. Be Informed! Not just about international or national news, your locality takes even more importance. Know regulations that might bring losses to your business and also the ones that will maximize profit.

3. KNOW YOUR BUSINESS
This one should go without saying but a lot of people are still oblivious of it. You should study your business to the last detail. The kind of demographic you sell to—Are they young or old? Students or Working class Adults? This will help you make more informed decisions. Such as where to direct your ads—Facebook or Instagram? Or just the radio? When to run promos? Or what time does sales peak. Knowing such simple information about your business might be the driving force to maximize profit with minimal effort. You can simply do this by keeping RECORDS (more on this in the next point)


4. KEEP RECORDS
This too, cannot be overemphasized. Some business owners might be running at a loss and be oblivious of the fact because they failed to keep basic records about cash flow. You should always have an accurate idea of the daily, weekly, and monthly income and expenses of your business. If it becomes too tedious, hire an accountant. Go the extra mile in keeping records of the time of sales, information about the customers and other details. They might come in handy when making key decisions in your business.


5. SEEK ADVICE
One error people make is to not value advice. Ask your employees on their opinions on some matters, down to the smallest level officer in your business in jurisdictions that concerns them. They may be aware of things you are not which could cause you a deadly oversight. This does not mean to take every Tom, Dick and Harry’s word for it. Analyse what is said thoroughly and decide what you believe will work best.

6. NETWORK
Who you know plays a more vital role in your business that what you know. Invest time to create connections. Competition is not always a bad thing. Reach out to people who have long been in the business before you. You can gain a lot of insight from their experiences without threading the tough track they did to acquire what they know. Be willing to share some information from your business or else you will get none in return. Connect!

7. DON’T OVERSHARE
This might sound contrary to the previous point, but no, it’s not. Every business has its secrets. Be prudent in your discussions and know what and what not to share. Note, this is not a go-ahead to engage in illegal activities or purposefully lead others astray.


8. CREATE SOCIAL MEDIA PRESENCE (APPROPRIATELY)
Create a page for your business on Facebook, Instagram, Google and other social media platforms. Make it easier for people to get information about your business and reach out to you. Even if you feel your kind of products and services are not built for social media, it would make it easier for your already-existing customer base to contact you and even send referrals to their friends. The second part is to know which platform works best for your business. It might be wise for a food business to advertise on Instagram but more appropriate to create a profile on Google Business for an architectural firm.

9. HAVE A SAFETY NET
Have a safety net for when things go wrong. All businesses have roadblocks. What is necessary is to know how to scale through. This safety net could be the connections you invested in, or a certain asset you’ve kept aside. This does not mean giving up on your business. Take the time to recharge your mind and confront the challenges rationally. Look at it all over again and know what went wrong.