3 Things You Should Know About Small Business: June 19
NEW YORK (TheStreet) -- What's happening in small business today?
1. How can you make Facebook ads effective for your business? Facebook(FB) advertising can be intimidating for businesses new to social media, with the biggest unknown being how to get measurable results. Like any advertising program, it comes down to having a well-thought-out strategy in terms of page "likes" and user engagement with the company's page, according to Entrepreneur.
Try using your business page's status update as an ad to boost engagement and showcase services, the article says. Fan engagement is "critical" to the success of your Facebook strategy. "If people aren't clicking, liking and commenting, you won't see results," Entrepreneur says.
To attract more fans to your page, consider using so-called engagement ads, which, when clicked on, keep users inside Facebook instead of taking them to an external site, the article says.
2. Is your business protected from risk? Making sure your business -- whether large or small -- is prepared for risk requires frameworks and processes to be put in place as soon as possible. Whether the company is two years old or 20, it is never too soon, Huffington Post says.
The most commonly defined categories of risk are market, credit, operational and reputational risk, the article says. For a small-business owner, managing all these could be costly and time consuming. The contributor suggests adopting an "enterprise risk management method" instead of approaching each issue separately.
"Enterprise risk management is a strategic, top-down and holistic approach to risk management which incorporates market, credit, operational and reputational risk. Enterprise risk management can help you to define and align your risk appetite with strategy, and with the way you operate your business," the HuffPo article says.