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How to Invigorate Your Business During Small Business Month

How to Invigorate Your Business During Small Business Month

Small Business Month (May) doesn’t just remind patrons to steer their business to small local companies when they make a purchase; it also reminds small-firm leadership teams to celebrate their success and focus on growing, protecting and strengthening their businesses. It’s a good time to evaluate how your company is performing and to thank your employees for all they do to help the business succeed.

Small Business Month also gives you the opportunity to put your business in the spotlight. Think of it as a one-month window to kick off the spring-summer season with a burst of momentum. The following ideas may help you do just that.

Offer freebies or discounts

A Small Business Month sale may be an excellent way to show your customers how much you appreciate them. Offer discounts throughout your store or salon; do an appetizer or drink special at your restaurant; or provide discount codes for your products/services through your online store or social media posts.

Alternately (or in addition), you could offer a small gift card on the customer’s next purchase, or some other freebie, with the purchase of certain products or of a specified dollar amount. Let them know it’s in celebration of Small Business Month and encourage them to share a review of your business on social media.

Kick off a customer loyalty program

If you don’t have a loyalty program in place, Small Business Month could be a great time to get one started. Focus on your client base and their priorities when you determine what rewards — points toward free merchandise or services, perks such as exclusive sales or subscriptions, etc. — would be most meaningful to them. Then determine how they can earn those rewards. Will they earn points each time they spend a certain amount, make a referral or share your products on social media, for example?

As you structure your customer loyalty program, always keep your bottom line in mind and do the math before you launch it to make sure you can maintain healthy margins. Rewarding your loyal customers can drive future business, but it shouldn’t hamstring your operation today.

Host a special event

Offer something of value at a special event that encourages established and prospective customers to visit your business. Do you provide accounting and bookkeeping services? How about an informative presentation to help local businesses build their financial strength — for example, “5 Ways to Make Tax Time Easier” or “Building New Financial Strength into Your Company”? If you’re a family-friendly retail store, you could host an arts and crafts afternoon or a coloring/drawing contest. If you own a wine shop, a paint-and-sip night may appeal to new and established clientele.

Whatever you sell, whether products or services, build a fun theme around them and create an event that will draw traffic and participation. The better people get to know you and your company, the more comfortable they will be coming back again and again.

Partner with other small businesses

In the spirit of a rising tide lifting all boats, consider partnering with other small businesses to promote Small Business Month. If you run a bakery down the street from a local coffee shop, you could offer a special deal featuring both companies’ signature products. If you’re part of a neighborhood of shops, perhaps you could all participate in a day-, week- or month-long sales event that encourages the public to get to know each of your brands.

Give back to the community

Show the local customers who patronize your business during Small Business Month that you, in turn, will be giving back to the local community. Maybe that takes the form of a donation to your local food bank — 15% of sales of a certain product or 5% of all sales during a particular weekend.

Giving back is another area where partnering with other businesses can make a significantly positive difference. Imagine how much more good your donations can do when they are multiplied over several businesses, plus all participating businesses benefit from one another’s promotion of the charitable effort.

Promote your plans through social media and other channels

However you choose to celebrate Small Business Month, make sure your current customers and the broader public know your plans! Broadcast specials, sales, discounts and events through your social media and other marketing channels. Build a collaborative media plan with any other businesses you plan to engage with in May. Build awareness of your business and of Small Business Month by getting deeply involved in online conversations with your customers.

Letting customers know that you appreciate their business and finding fresh ways to introduce new customers to your products and services is what Small Business Month is all about! Embrace the moment and experience the rewards.

This article is for general information purposes only and is not intended to provide legal, tax, accounting or financial advice. Any reliance on the information herein is solely and exclusively at your own risk and you are urged to do your own independent research. To the extent information herein references an outside resource or Internet site, Dollar Bank is not responsible for information, products or services obtained from outside sources and Dollar Bank will not be liable for any damages that may result from your access to outside resources. As always, please consult your own counsel, accountant, or other advisor regarding your specific situation.

Posted: April 18, 2024