Increased globalisation and mind numbing competition have suddenly made small business opportunities much more attractive. With many large organisations being unable to quickly restructure in our changing market, a growing number of small businesses with their inherent flexibility and capacity to adapt are turning to management training and acquiring a sizeable slice of the market share.
The methods of small business expansion are very different from their large organisation counterparts. Large organisations have the financial resources to rapidly expand, improving their existing facilities, buying new facilities, and widely distributing all of their products. On another note, small businesses rarely have more than one of these options available at any give time, therefore they must look for other possibilities which are relatively inexpensive, yet still provide some assurance of an increase in overall profit. Business coaching experts will tell you that small businesses can ensure their success – and their future, by continuously strengthening their relationship with their customers. Even though this process is very gradual – if attentively managed, it will virtually guarantee a large number of valuable long term relationships, profitable for the growing enterprise while being very useful and personally fulfilling for the customers as well, thereby benefiting everyone involved.
* When you make promises, always keep them – Businesses which haven’t yet made their mark in their industry can’t afford to make suppliers wait for the money nor can they make customers wait for the products. The key is to stay on top of these situations so unfortunate issues don’t arise and impact your business, therefore “Make Promises and Always Keep Them”. This will establish trust among associates and customers alike, virtually guaranteeing long term relationships with everybody.
* Prudent use of money – Instead of spending money on expensive PR activities or other image building affairs, spend it on cost effective activities like direct response marketing. With this method you can derive the correlation between the amount spent and the benefits that have been realised.
* Define the ground you wish to build on, e.g. service, quality or price – Don’t attempt to apply an approach used by larger businesses, choose your own way and specialise – without compromise. This will make all the difference in keeping your small business on track and focused toward its objectives.
* Hard work has always been necessary, but if you’re really looking for an edge to get ahead, “work smarter, not harder”.
* Try to get more business cards than you give – Attend seminars and conferences to keep yourself updated with the latest trends in your industry. Be enthusiastic about your work and be positive in your communication – this will result in very valuable referrals.
* Only accept deals which you can fulfil to the highest standard, on time and at your agreed cost – Small businesses should avoid risky contracts for big payouts. If the final product doesn’t meet the required standards, it can be a disaster for the parties involved, causing havoc with your organisations image.
Alan Gillies is the Managing Director of the L2L Group, specialising in providing Executive Coaching, Training and Consultancy Services to Businesses across the Globe. Want to learn more about these business success strategies? Get Alan’s popular FREE Business Pack today!
