Today’s advanced technology has essentially levelled the proverbial playing field for small business to compete with big business. Today’s aspiring entrepreneurs can run with the corporate giants to make their ideas a reality, and in many cases, do so from the comfort of their own homes, thanks to modern technologies.
This isn’t to say that small companies have it all their way. In fact, it takes hard work, a strong drive, and plenty of patience and commitment to succeed. Here are several tips to help small businesses thrive in a modern economy:
1. Acquire office space
Even if you operate your small business out of your guest bedroom, you still need somewhere to hold important meetings and other business-related functions. You can get the space you need by renting serviced offices in prime locations.
Serviced offices give your small business an impression of size and prominence without the sizeable investment of permanent office space.
2. Know your numbers
As a small business, your funds are probably limited. You don’t have the luxury of leaving your finances to chance. It’s important you always know where your company stands from a financial perspective so you can make change in response to positive and negative market forces.
If you don’t have the time to keep up with the books yourself, hire an accountant. The expense is worth it if it alerts you to problems and keeps your business in the green.
3. Focus on building your brand
When someone mentions a company’s brand, thoughts of logos, products, and merchandising come to mind. However, your brand is much more than just the visual elements of your business. It’s also about the total customer experience you offer. This includes:
- What you do and how you do it
- How you interact with customers
- The information you share in your marketing campaigns
- How you use social media
All of these aspects come together with the visual elements to establish your company’s credibility and trustworthiness.
4. Display your differences prominently
To be competitive, you have to stand out. To stand out, you have to be different from your competition in some way. Figure out what makes you different from the other companies in your niche and communicate those differences in your marketing messages.
Your unique selling points and powerful brand are what will bring customers to you rather than your more established competition.
5. Be an active part of your business
One of the reasons small businesses fail is because the owner isn’t present in the daily operations of the company. When a business is left too much to its own devices, employees get lazy, and service and quality suffer.
While your business should operate without your constant presence, it is vital that your customers know who you are and can connect with you. Small companies thrive when the owner takes an active role in the operations.
6. Be reliable – always
Small companies rely heavily on word-of-mouth advertising and referrals, so it’s essential you don’t let your customers down. If you promise something, do it. There’s no faster way to build a negative reputation than to promise a customer something and then not deliver solidly on that promise.
From modern advancements such as serviced offices to being reliable and trustworthy, small companies can use the smart tips listed above to successfully compete with larger corporations and thrive in today’s modern economy.
