One of the most exciting parts of being small business owners is future-casting. These five tips will help you get ready for the future of your small business by creating an effective plan right now. From marketing to social media management to funding, you really should have a plan in place for changes and unexpected occurrences.
- The Future of Marketing
The way we market to consumers is changing every day. Make sure you keep your finger on the future of marketing. Once each quarter, do a Google search for hot marketing trends and future marketing trends. It’s a smart way to plan your next quarter’s marketing tactics and to test up and coming marketing trends.
- The Future of Social Media
Social media is constantly changing. If you don’t keep up with which social media is trending with your target market, you could end up advertising on MySpace instead of Instagram. Not only do you need to stay on top of social media, but you need to follow the trend of which social media outlets your ideal client is using. I’m not a fan of Instagram, but my target market is, so I have a robust, busy presence there. Get it? - The Future of Finances
It’s haaaaard to run a small business when you don’t know where your next influx of cash is coming from. Plan for the future by getting a handle on how much capital you’ll need for marketing, product and service testing and development, payroll, cashflow, and profitability. As a small business owner, you need to figure out what you need to bring in and break it down into manageable chunks. - The Future of Your Products and Services
Paying attention to trends in your particular industry should be a no-brainer, but you might be surprised at how frequently small business owners fall in love with their baby and forget to let them grow into toddlers, kindergartners and so on. It’s crucial that you stay on top of where our industry is going and what your customers want next.
Your future-casting document is an invaluable tool. As small business owners, you don’t need to spend months on this document. Also, it doesn’t have to be a long, formal document. It just needs to be notes in a place where you can add and subtract thoughts and ideas. Mine is in the back of my planner (I still rely heavily on a paper planner. Get out some blank paper, a pencil, and a calculator and get to work future-casting for your business.