Small Business in a Big World

July 29, 2010

Keeping your business afloat

Filed under: Uncategorized — itbiznez @ 12:37 pm

‘[tweetmeme source=”lone_biz_owner” only_single=false]’ The statistics for small businesses have increased within the past few years amidst the economic crisis. This may be attributed to the fact that the goal of most employees is to save up in order to start their own business someday. However, most SMEs do not last for long because of the volatile market. In order to survive this, you should know which strategy to use for the growth and development of your enterprise.

If you think that you need to put in long hours in order to build your own empire, then you thought wrong. Long hours do not necessarily mean that you have a high quality of work done. There would just be added pressure which would not amount to anything progressive. You have to take some time to review and analyze what you are doing wrong or what you’re not doing enough of. It is helpful to get feedback from your trusted clients and even your employees. Do not be afraid to ask other people’s perspective because it just might be able to save your business.

Revamping is not always the answer when your business suffers from near-extinction. One reason why businesses fail is because the owner was unable to create a plan or if they do have a plan, they might not have followed it. Having a set of objectives is very useful in creating and following through with your business plans. You have to be determined enough to work on achieving your objectives and these should be solutions to the problems your company is currently facing.

Work on your time management skills. Since you own the business, you have to responsibly delegate tasks and schedule your own. This particular technique would be able help you divide the workload and with the schedule, you would be able to track who did what and when. If a problem arises, then you would know who to clarify the issue with.

They say that the best marketing strategy is by word of mouth. When a customer is very satisfied with the way you handle your business, you can be confident that they will refer you to their friends. Since you are just running a small business, each referral is a great help. You have to remember that you are not only selling a product or your service, you are also building a relationship with your customer. You would be surprised at how well your business would fare if you just put into practice the right strategy.



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    Comment by epilator — April 21, 2011 @ 3:30 pm | Reply

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