Small businesses need to be smart when they are trying to compete with their larger competitors. Not everyone will be able to understand how to keep up with large competition who have really big budgets. However, technology has evened up the playing field a little bit. It is something that can be learned with time and patience. Use social media to your advantage. Interact with your customers and have loyalty programs for yourself and the people that support your business.
- A good small business needs to have multiple profit centers to be successful. Starbucks is a good example which started with coffee but now has music, food and frappucinos.
- Many big business create products for small businesses because they want small businesses to succeed. Take advantage of these opportunities.
- To also succeed, a small business needs to create a synergistic relationship with other small businesses. Synergizing with other small businesses that complement you is great for business.
“The best small businesses – the ones with solid profit, low turnover, good morale, great products, and happy customers – are the ones where the owner creates a great culture. Happy employees create happy customers. The key is to be a good boss.”