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- Small businesses have found ways to endure despite big box stores’ edge on pricing and selection
- Offering a better experience and good service are essential steps in remaining competitive
- A strong online presence has become more of a necessity as well
- Your marketing strategy will determine whether you start big or start small
- Niche marketing allows you to target a group of people who are more likely to purchase your product or service
- Mass marketing reaches a larger audience, but does not always result in greater returns
- Surveys offer useful feedback on how a company is meeting customer needs and how it can change its strategy
- Company owners can choose from several different types of questions when putting together a survey
- Successful approaches make it more likely that a customer will complete the survey
- Small teams offer many benefits when working to complete a project
- However, the limited number of employees can also create certain difficulties
- Shared goals, tech options, and other ways to improve productivity
- Entrepreneurs often focus too much on their business’s immediate needs and not enough on long-term strategy
- Having a business plan from the outset allows you to set goals and benchmarks to meet
- Business owners should be prepared to regularly adapt their company to fulfill changing demands and meet customer needs
- Businesses often decide to expand to meet growing demand or tap into new markets
- Research is key for finding the right location, analyzing markets, and more
- Have a sound financial plan to ensure that a second location won’t jeopardize the overall profits of your business
- Common problems caused by rapid business growth
- Financial problems, poorer customer service, overworked employees, and more
- Grow at a sustainable pace to handle the challenges that come with expanding
- Keeping track of your business expenses and income is crucial for assessing your business strategy and profitability
- Several free online tools are available to business owners
- Help forecast future cash flows, track down late payments, and turn the tedious task of getting paid into something much easier
- Set up a physical address for your business while maintaining your privacy and security
- For those who run home-based businesses or otherwise don’t wish to divulge a company’s physical location
- Establishes a place to receive mail and important documents
- Ways to create real customer loyalty
- For those starting or managing a business
- How to consolidate your market share and develop your business in a way that retains customers
