How to Grow your Small Business
Small businesses are defined as businesses with 500 employees or less. They may not generate as much money as large corporations, yet they are as important to the local economy, bringing new employment opportunities. Larger corporations may also outsource these small businesses who can provide a more specialized service or product.
Small business owners tend to attract creative talent and are known to be very customer-oriented. Having good customer service and being loyal can lead to security, which can be particularly useful in difficult economic crisis. Clients tend to be very faithful to the businesses that serve them well.
In order to grow a small business, a business consultant might offer the following advice:
- Setting goals help us get past our comfort zone to take risks. Creating a plan of action via a written business plan helps work as a guide to follow and keeps businesses on track.
- Being locally involved within the community builds trust/confidence. Companies that do this well can distinguish themselves from the competition. Through becoming more involved, these businesses are making their companies and employees more visible within the community. People who live in the area tend to go out of their way to promote the more service-oriented businesses.
- Streamlining processes to run a business is key in boosting productivity. These processes can be set up for day-to-day tasks to streamline work.
- Establishing mutually beneficial relationships with other small/large businesses can foster a positive image. Marketing campaigns such as cross-promotions can come out of these relationships. Statistics show that by joining organizations such as the Chamber of Commerce, you can increase customer favorability by 44 percent, and increase the likelihood of future patronage by 64percent.
- Traditional marketing involves television, radio, TV and internet. These avenues work as means to find business, but the big opportunity to grow is through networking with the local community. Small businesses want to be seen as pillars of the community; to do this one must become involved in doing more than just business.
Business consultants are unbiased. They are able to change a business outlook by identifying new markets and helping you see what are your profitable products/services and even what your customer base should be. Each consultant brings his/her talents and is an investment which can not only improve your business, but build on the owner’s/employees' confidence and leadership skills.