Every small business hopes to grow up and become a big one, right? If that’s true in your case, take a moment to learn about some big-business growth strategies might make your dream a reality. According to the Bureau of Labor Statistics, 49 percent of small businesses survive for five years of more – and you want to make sure your business is one of those!
Don’t let your business find out the cost of a bad sales experience. Take a look at these tips to make your business jump to the next level.
Some small business owners dwell on the fact that they can’t compete with the vendors that the big guys can. It is true, small businesses can’t play like the Fortune 500s, but your small business still can leverage partnerships in a confident way.
Negotiate for mainstream production and distribution without handing over the hefty upfront cost of building a plant or hiring a shipping company. Focus on your product instead of fretting over making it.
Big businesses have no problem paying for partnerships up front, but small businesses should go ahead and negotiate for partnerships that pay per sale instead.
Use To-Do Lists
Large businesses have enormous facilities, large equipment and multifaceted supply chains. Managing daily operations is simply too much for one individual because there are countless variables to track.
Small businesses are similar: the owners wear many hats. This means it’s easy to get lost doing tasks that aren’t truly essential. It’s simple to forget to perform an essential task and instead, become caught up in the hustle and bustle of daily activities and putting out fires.
Follow in the footsteps of big businesses and develop checklists for tasks and jobs. This gives you a baseline and a clear sense of priority – and points your business in the direction of success. A to do-list list acts as a reminder to complete the essential tasks every day. Consider using time-saving small business tools too – technology can help you maximize your time.
Transform Into An Industry Leader
Big companies often make their name known by showing off their expertise in the industry, while other businesses sit on the sidelines. Successful, fast-growing small companies generate awareness and credibility, ultimately influencing audience behaviors. In order to make that happen, they become industry leaders. Self-promotion only gets companies so far. Volunteer to speak at industry events, publish blogs and use social media. Get your name and company out there in the public eye for the right reasons. Do one or two things and do them well.
Construct Your Team With Care
The people who make up your team define your company’s culture, product, customer service, happiness and overall business success. So don’t rush it when it comes to hiring. Hire people who will make your business stronger, people who are smart and will challenge you. Hire experience over education, experience is valuable. Focus on building a powerful team.
Not sure what this means? It means picking up a subset of the marketplace that you can organize your sales around. Identify which people in the world you will try to sell to. Most big businesses know their niche market, and they do what they can to own that space. Most small business owners are afraid to segment their market because they are afraid to eliminate part of a potential market. While it can seem daunting, it will benefit your business to focus on your core customer and will help lead you don’t the path of growth.
While it may be hard, don’t be afraid to take on and conquer the problems that other small businesses avoid. Implement some new strategies and be bold and be brave — and you’ll likely see your small business growing into a big one.
What big business strategies has your small business adopted?
Megan Totka is the Chief Editor for ChamberofCommerce.com. ChamberofCommerce.com helps small businesses grow their business on the web and facilitates connectivity between local businesses and more than 7,000 Chambers of Commerce worldwide. She specializes on the topic of small business tips and resources and business news. Megan has several years of experience on the topics of small business marketing, copywriting, SEO, online conversions and social media. Megan spends much of her time establishing new relationships for ChamberofCommerce.com, publishing weekly newsletters educating small business on the importance of web presence, and contributing to a number of publications on the web. Megan can be reached at email@example.com.