In today’s hyper-competitive, globalized world, small businesses have to work even harder to grow and be profitable. Only through improvement can today’s small business hope to compete with the global giants appearing in almost every industry. The following are 10 virtually instant ways to improve your small business:

1. Track those numbers. Tracking your company’s numbers should go far beyond reviewing the quarterly P&L report. Begin your improvements by looking at daily numbers across the fully array of income and expense items. Where can you save? Do you see trends that need to be changed?




2. Marketing and Advertising. Although word-of-mouth business is wonderful, the reality is consumers now have big-name advertising thrown in their face every time they turn around. Make sure your company’s name is at the forefront of their mind through a variety of different marketing and advertising channels (SEO, PPC, social ads, billboards, TV ads, radio ads, etc.), so they’ll come to you when it’s time to make a purchase.

3. Keep up with your industry’s trends. No industry is static. Consumer trends and technological advancements mean businesses that don’t keep up with the times often find themselves left behind. Attend conferences and read your industry’s journals to keep up to date.

4. Set quantifiable goals. Set quantifiable goals that will help increase productivity, increase income, and decrease costs for your company. Then, develop action plans on how you can meet these goals. Google the phrase “key performance indicators” for more information.

5. Regularly talk with your employees. Your employees are the lifeblood of your company. Getting their feedback will not only give you valuable insight into where improvements can be made, but will also make them feel appreciated and needed, which is sure to improve morale.

6. Utilize industry best practices. Why reinvent the wheel when someone in your industry already has one that works exceptionally well? Employ your industry’s best practices to reap immediate rewards.

7. Appreciate your employees. Again, your employees are critical to your company’s success. Show your appreciation for their hard work and offer incentives for them to continue to excel beyond simply what is expected.

8. Appreciate your customers. Remember, your customers likely have a choice about whether or not they do business with you. Show them you appreciate their business through either a special discount, customer appreciation events, or even a thank you card.

9. Network. Network with other small business owners inside and outside of your industry. You’ll not only come across ideas you can implement in your own company, but you’ll likely find new customers as well.

10. Offer referral incentives. Offer referral incentives to existing customers and employees for bringing in new customers to your company. This will motivate them to purposely talk about and recommend your business.

Randall Davidson is a co-founder of transcription service AudioTranscription.Org.  AudioTranscription.Org offers a vast array of transcription services, including video transcription.