Running a small business in an economy that is filled with large national corporations can be difficult. Small businesses have always had a difficult time competing with companies that have the resources of small countries. I mean, how can one expect someone to keep up or stay competitive if they can’t keep their prices as low. In this world, consumers can compare prices in seconds, so it is important to compensate in other areas that improve your marketability.
Small Business Philosophy
The key to any small business’ success is adopting a different mentality than large corporations. Large corporations are about efficiency and maximizing profit. This ultimately means keeping expenses and prices low. Yet, a small business cannot afford to live by this model – they just can’t survive.
Instead, small businesses must emphasize their strengths. This means embracing small profit loss for what they gain in personality. People may enjoy starbucks because of its reputation, but everyone loves a unique coffee shop or a ‘mom-and-pop’ Italian restaurant. Why? It’s not because they have the best prices or most efficient processes. It’s because they have personality and offer their customers a unique experience.
How Small Businesses Survive
They can identify with most of their customers much easier and they should play to this strength by connecting with their customers. But that doesn’t mean they should ignore anything and everything that can keep them competitive with large corporations.
One of the best ways to do this, while still preserving the authentic flavor of a small business, is to embrace technology. Technology offers a great way to connect with customers without drastically increasing your labor costs. For example, a construction company can reach a lot of customers with a Cordell Estimating Software, that provides customers with fast quotes.
While your small business may not have the same options available, technology can assist any small business without costing an arm and a leg. Whether it is for keeping track of finances or connecting with clients by providing them with an easy-to-use interface that attracts more business, the options are endless.
Being successful as a small business owner ultimately means balancing the need to make a profit while staying true to your business’ identity and clients. When done right, it will rival any impersonal national corporation and provide you with a steady source of income for your life, allowing you to appreciate the important things in life.