Why It’s Not Hard To Strategise Your Small Business And Fight Competition

Small Business

Small Business Strategy

Whether your business is big or small, making the most out of it fundamentally lies in how good you can efficiently run different layers of the structure. You may be armed with 50 members or a one-man rule, what matters most is, you are delivering results and is your business on track. Remember no business is static; it may at times steep up, trail or run smooth. The real game is when you look for improvement from right area, will tout your business from collapsing, but help find tangible growth. When we look back to older times and weigh now, technology around us is instantaneous with new tools waiting to be used to the limits we decide – social media, mobile and apps, geared with the powerful medium, Internet and social. Irrespective of the nature of business, it is significant to look into every single aspect for improvement.

Small business to thrive in this competitive economy is many times challenging, but knowing the assets an entrepreneur owns, employees, office venue, cash, products, outsourcing, social media, services, transportation facilities, consultancy; the first question should be- are you making the most of it? Do you think something you have with you is dormant or not used the way it should be. Let’s look some tactics you might be missing here.

The Right Space?

Today’s skyrocketed expenses keep entrepreneurs under high pressure. Getting the right office space at an affordable location is of utmost importance. Going the wrong track for rented basis might lead to unwanted expense which could soon add more financial strain. If you haven’t calculated, start today, measure the space and monitor whether it’s excess for the number of employees or require more space if your business is progressing.

Adam Landau, Director of DeVono Property says, “Calculate exactly how much space you need well in advance of looking. The industry standard of 100 sq ft per person is around 10 to 15 per cent too much, according to our own research”

Hire To Continue The Flow

First you need to dive into the core of the company processes and identify the flaws. Once you realise the gap which hinder the flow of business, either crop it or work on improving it. Outsourcing functions such as a team lead or HR can open up cost saving possibilities, relieving the CEO from time consuming affairs which they can invest on steps for improving the business. If there is a financial imbalance or you can’t manage it alone, hire a skilled accountant. Appointing the right person is not just to save money, headaches of dealing with a less experienced hire on a daily basis and the need to place the blame anywhere else.

Limited Budget Marketing

Like said, one of the key assets of a small business is cash. Run a report and see if you maintain flashy blogs, unnecessary campaigns, radio communications, and cluttered database- derails your marketing plans and deprive the money needed for important things. Work on high impact marketing under low budget to reap more customers and watch how your sales and revenue accelerate. Keep in mind, you need to execute your strategy the right away to the target audience, and for it to work, research affordability of your customers, whether it’s reaching the group, maximise the referral customers and be the news of the town.

Trade New Suppliers

It is obvious that though you deal with trusted suppliers, which apparently run your business, as time moves, they tend to increase the prices. It is wise to switch to fresh vendors the right time. You may be amazed at how regular review of suppliers cut costs, and noticeable improvement adding weight to outside suppliers, even bump in to overseas clients which you haven’t come across before. Work out this principle in other areas of your business as well.

Christian Nellemann, CEO of business services firm XLN Telecom, says “Since the government did away with monopoly providers in favour of central regulation, a number of smaller suppliers have emerged to offer exactly the same products but at a lower cost.”

Are You Inspired With The Digital Platforms

Technology makes things easier and is one of the cost-effective strategies any business should adopt. Embrace technology for every of your marketing efforts- strategy layout, SWOT analysis, IM campaigns, advertising, PR, direct marketing, exhibitions and events. You can find technology to assist you everywhere; some innovative companies for example, have developed ways to measure the engagement levels of attendees at a given event with mobile event apps. By going hand with innovative solutions, small business can reasonably steep productivity, an intelligent move to enhance proper customer engagement.

Are Your Employees Paying Forward?

Do you think your employees grumble behind you or get busy with their smart phones or iPods, instead of driving the process? Unless you work on the roots to understand why the employee is wasting time, you can’t efficiently monitor the issue. Though talented member bring results, if gadgets are taking their concentration, put up rules to restrict its use in office premises or if employees are affected due to lack of motivation – an area of concern, analyse on how you deal with them to earn higher levels of performance.

Sail Good With Social Media

Just the way smart phones are capturing the world around, so does social media. Social media, the colossal interactive platform is undoubtedly the most efficient channel to attract sales. The question is, are you doing it right? You need to identify the right customers on the targeted platform, and work on strategies to gain potential benefits, or else you are same as any other social media addict who goes around reading news, posting and sharing. Remember, if you go updating offers at wrong niche, you are eroding business by wasting time.

Be Aware Of Trends

If you are not aware of the trends and happenings around the industry, chances of falling apart will be high. Make sure, no business happens from emptiness. Knowing global events and mastering different approaches like powerful business presentations can improve your small business rapidly.

Apparently, as a small business owner, you need to know the limits, even Warren Buffett was clear enough on his limitations. Running a small business is not any easy task, but improving is way to success. When you look to do that, you have be at least twice as good as your competitor, offer your customer an experience what others don’t. They will come back for more, but will spread the good word about you. Are you ready to apply these to your marketing mix? Drop us ideas if you have anything to share.

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Susan Peimer

Brand Activist
Brand activist, Susan Peimer is a marketing strategist and consultant who works on creative solutions around new and traditional media. Someone innately creative, fond of disruptive tech and passionate about multi-faceted marketing. She has worked extensively in marketing, mainly B2B, in the fields of print, advertising and media.

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