This is an issue all business owners will face at some point. It presents an opportunity for collaboration and bartering, which provides expertise, products, services and manpower at no cost to your business. It can also allow you to fill gaps in your company.
For example, if you need a social media manager, offer that person your products or services in exchange for social media help. Both parties benefit from the sharing of resources. In addition, tapping into these relationships for training and increased education can also be beneficial.
Here are some other tips to consider:
Buy local
Have you noticed that Target and other big box stores have started to sell local/regionally made products? Fundera co-founder and CEO Jared Hecht told Inc. Magazine that “small businesses are the backbone of the economy.”
The U.S. Small Business Association reports “28 million small businesses in America account for 54 percent of all U.S. sales.” The incentive to shop small creates profitable possibilities for small business owners. This leaves no doubt that small business is indeed big business.
Shopping small and/or local is also a very sustainable business model and can be a first step toward incorporating more green practices into a company’s opeations. In addition, buying local can reduce fuel emissions and shipping/packaging materials.
Community engagement and charity
Find ways to give back to your community. Being part of a community means feeling a sense of responsibility to do things that help it grow and thrive. People want to support a business that takes steps to make life better for its neighbors. Find ways to help others and do you part to make a difference.
Business is not a box
A small business cannot survive by operating “in a box.” Successful businesses must continue to be innovative and fluid. For example, Sosa Fitness & Wellness in has incorporated animal fitness classes as part of its business model. Why is this successful? Because people love animals. When it is paired with wellness, it makes it more enjoyable, not to mention the physical and mental health benefits for the person and animal.
Watch your competitors and market trends
Most small businesses do not have the same marketing and/or research budget of their major competitors. However, all it takes is some internet and journal market research to find out what your competitors are doing. The major players will define the market analysis, trends, gaps and timelines in most cases. This data can also be used for strategic planning. But the plan must be fluid enough to move fast to correct for market adjustments.
Focus and diversify
To be a successful small business, diversity is necessary. However, it’s important to focus on what is financially profitable. For example, an apparel shop not only sells apparel, it could also invest in real estate to have residual income.
Do not waste time on what is not profitable. The margin for error is very small and could cause substantial financial loss. These are just a few suggestions to help small business owners stay competitive, be financially successful and win. ●
Diawn “DK” Jones, CPT, CGFI, is an owner of Soza Fitness & Wellness
