Small businesses boosted By eBay Elevate program – how could it help Rutland businesses?
For the last six months, small businesses across the UK have been taking part in the new eBay Elevate training course, run in partnership with Small Business Britain.
This course was designed to teach small businesses how to grow and fight back against high inflation figures and the current cost-of-living crisis.
It did this by featuring several webinars and training events covering a broad range of subjects, including how to formulate a solid business plan and master social media marketing.
While only 5,000 small businesses took part, the results – those which were released in July 2023 – show huge potential for the wider small business scene.
Owner of High Street Brands 4 Less, Stephen Penistone, has revealed that his business has grown from a small roots company to a turnover of £700,000. Similarly, the owner of Amaviti Jewellers celebrated her 1,000th sale since attending the webinars, demonstrating how fresh perspectives supported the immense growth of her business.
Implications For Rutland Business
This could be a welcome development for Rutland business. As a whole, the county of Leicestershire had a 12% drop in business confidence at the beginning of 2023, aided by the increased instability in the UK economy.
Not only this, but the lifespan for small businesses across the UK is falling at a rapid rate – a considerable concern for new companies, seeing as the data shows 20% don’t get past one year, and only 40% go beyond three years.
By following this webinar series – which has proven that it drives results – businesses can regain that confidence and work at implementing key strategies for growth.
Strategies And Goal Setting
When it comes to the strategies themselves, the most effective have proved to be incentive-based, with schemes that band customers, employees and channel partners more closely into a company’s bubble – click here for more information on this.
It might sound simple. But you would be surprised how many companies do not have clear strategies in place. According to a recent study, at least 80% of organisations worldwide operate without pre-worked strategies, with fewer than 5% of UK businesses having set any written goals.
Jan Trait, the owner of Amaviti Jewellers, stated that one of the most important things she gleaned from the webinars was the importance of goal setting. After initialising the change, she realised how important goal setting was to increasing short-term revenue and securing long-term growth, as it helped her to organise her time and control her progress in small, manageable steps.
Just by doing this, Amaviti Jewellers managed to reach 1,000 sales. Goal setting, in general, can boost revenue by 20%, sales incentives by 44%, and loyalty programs by 25% annually.
The Next Steps For Rutland
Small steps like this could prove to be the difference if Rutland wants to stay ahead of the pack.
Of course, there is no guarantee that the eBay Elevate program will definitely help every business, but every business needs to take that leap and absorb as much information as possible to configure the next steps in their future.
