Sunday, 22 July 2018

Information and commentary for the small business banking industry

Taking stock after the launch

13 Jun

If you’ve been on board with some of your small business customers since their launch, you’ll know what an exciting and challenging time it was for them. Once they’re up and running – and possibly past their break-even point – it could be a good time to steer them in the direction of some of your resources on what to do once the launch phase is past.

By that we mean, of course, not resting on their laurels. The launch is a critical time, and once it’s over, good business owners will look back and take stock. Marketing plans should be reviewed and updated, as well as the business website and associated social media. There should be continual customer feedback, so that not only can they act on it for their marketing plans, website and social media, but they can also encourage referrals.

Pricing should also be reviewed. Based on the sales thus far, are there items that could be priced higher, or should be priced lower? Are there products that could be updated? Is the business model they’ve chosen the right one for them?

Very few start-ups get past their first anniversary without updating at least a few things. The below article looks at the post-start-up phase in more detail.

Read the full article at:

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