Small businesses are an integral part of every economy. In the United States alone, they make up 99.7% of US employer firms. SMBs may not generate as much money as large corporations, but their size allows them to adapt quickly, impact local communities, innovate, and help stimulate economic growth. Here are five ways how you can get your business foot in the door of your prospective industry and establish credibility with customers and competitors alike.
Create an Unforgettable Brand
Implement a PR strategy that really gets your industry talking. Understand where your niche is and how that relates to your target audience. If possible, consider attending trade shows and conferences as a way to meet potential customers or meet successful competitors in the industry. Getting your name out there will generate more attention and increase the likelihood of more business.
Businesses and the world in general are becoming more technology dependent. Many small business still use antiquated methods for their day-to-day operations. Consider using tools, such as cloud-based services, that give a competitive advantage while adding value. Technology can help optimize operations, and increase efficiency and responsiveness. Ultimately, this translates to happy customers.
Determine Company Goals
Decide in advance, preferably when you write your business plan, what your company's goals and objectives will be. Ask yourself where you want to be several years from now. Do you want to grow your business as quickly as possible and become a leader in your industry or do you prefer to remain small and stable? Aligning your goals with business practices and vision will help you achieve success.
Be Flexible with Resource Allocation
Be willing to take on a risk and use your company's capital in other areas that may increase profits in the long-term. If one business segment is under-performing, consider reallocating that money to potential new areas of growth. Mistakes will happen along the way, but it keeps your company innovating and from becoming obsolete in the future.
Recruit and Retain Top Talent
It seems simple, but happy employees translate to better business. Focus on creating a company culture that values all employees regardless of titles. Pay fair wages, and invest in good benefits and working conditions. Engage and empower your employees. Encourage open communication and allow employees to own what they do.