Small Biz Survival

As a small business owner, you may feel that the outlook of your business’s existence may be bleak. The thought, “If the big businesses are suffering, there’s no way my business can survive,” just may have crossed your mind several or more times. Nevertheless, as a small business, you’re use to making a way out of no way, that’s how all businesses begin.

The saying goes, “less is more,” use this to your advantage. Because you are a small business, you don’t have as many employees, you don’t have lots and lots of stores, thus not having lots and lots of overhead. You didn’t start your business to please every consumer around the world. You started your business to reach a target market; at least I hope you did, if you did that business plan.

You probably don’t have shareholders, CEOs and CFOs to answer to. You’re the boss. You make the final decisions.

As the boss, how will you compete in this market? By working your assets! It’s estimated that 20% of your customers account for 80% of your revenue. If so, how do you make sure that you are securing that income?

Asset Appreciation:
1. You know your customers (over generations), provide excellent one on one personal customer service.
2. Thank your customers by sending personal notes.
3. Start a rewards program, keeps customers coming back.
4. Give your customers freebies when they come in.
5. Use your customers as your test market audience for new products. You want to cater to their needs as well as have them feel apart of your growing organizations
6. Customer appreciation day, where they receive a percentage off merchandise.
7. Private shopping days, provide snacks and personal shoppers, schedule the personal shopping times.
8. Create a website to promote products or services you can provide from where you are with no additional cost to your business. Thus, expanding your target customer base from where you are to everywhere you want to be.

You started your business knowing you were going to be in completion with the “big dogs”. You were not intimated by their success, so don’t be intimated by their failure. Sure, if they are more successful, that’s a good indicator that there is a large consumer base for that product or service and plenty of money to be shared by all. But with the economy in shambles and people tightening their pockets, the need to make people feel important and not like another number is your niche.