Big Business v Small Business by Dave Deicke
Have you seen businesses where the staff know the customers by first name?
This is in direct contrast to bigger name stores where the staff change a lot, and they don’t know who you are by name.
The bigger stores can drive bigger discounts, but customer loyalty is driven by the dollar only.
Nowadays, this situation is not so common as before anymore.
More businesses are paving the way and giving big businesses a run for their money.
The smaller businesses know offering the personalised service have an edge over their bigger counterparts. Knowing customers by their own name and having less, more permanent staff is more attractive to buyers in an internet busy world.
As a small organization you may turn around and have these qualities as your edge to compete against the big sharks in business.
Here are some tips on how you can hold your own against a big business if you are a smaller biz:
Small businesses have big competition.
This means you have to survive out there.
No matter what nature of business you have, it is better to learn about the competition so that you will be able to survive.
Here are some tips to stand out in the crowd:
When it seems as if your cash flow is in a downward slope, keep a tight rein on your budget.
Do not spend too much, always balance your books.
Get second and third opinions where possible, as these impulsive buys may lead to the end of your small organisation.
The fall of most small businesses start with decisions on problems which are not carefully examined.
Be sure that you have foreseen the results of a certain business decision.
It may be better to seek professional help rather than embark on a plan that could be bad for your business.
The better option is for you to hire a professional outside accountant to figure the returns of your investment and handle the other financial aspects of your business.
Make sure that you know where you want your company to be 5 or 10 years from now and plan ahead for that outcome.
Be always aware of the trends in the industry that you are in, practice good money management and learn how to recognize potential problems before they arise.
Marketing is not about trying to sell your products and services to everyone so pick your marketing techniques carefully. It is about knowing who to market your products to.
In marketing, it is good to remember these fast facts:
> Know who your customers are.
>Communicate with your customers in multiple ways.
>Build good relationships with customers at every chance you can.
>Do not stop your marketing.
As a small business you need to review your markets to pursue so that you can better reach out to your customers when possible.
Remember, small organizations are big businesses these days so do not be afraid to work hard for the company that you have – not matter how small.
Try to make good business decisions, learn how to market your small business and personalise your customer experiences, and your small-scale business is sure to rise to the top.