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Airtract Parvez Mehta Be productive not busy

6 Small Business Tips for a Competitive Edge 01 December, 2020   

Starting a small business takes a lot of patience, cleverness, and skillsets to make sure you sustain your business and make sure you are ahead of the game. And staying ahead is almost impossible with all the competition you will be facing. Still, if you bear in mind specific tips that can significantly benefit your business's progress, you will surely be leaps and bounds ahead of many businesses that fall short of following them. 

Here are six small business tips that are guaranteed to provide you with assistance in your business venture.


Keep Up with the Technology

The first small business tips are the most underrated tip in the business world, and it has to do with implementing new technologies. New technology and innovations hit the market every day. While some are still too early to be used commercially, there are tons of new products and services waiting to be used by businesses and consumers alike. Ensure you are integrating your business with modern technology that can provide convenience to you and your customers. Something like online payment options to send your invoices or an active social media presence for marketing can help boost your reach and provide better ease of use for customers.


Create a Company Culture

One of the significant shifts in employment and the workforce is that most up and coming employees. While dedicated to their job, they are not going to deal with or stand anything they don’t like in a company, and that means if your workplace is hell and your recruits can't tolerate it, then most of them will pack their things and take the next job. This is a result of online job boards and advertisements coming into the world. There is no shortage of jobs and no shortage of employees willing to take them.

So, if you want to make sure your company thrives, here’s another one of the small business tips. You have to create a culture within your company that brings your employees together and gives them more than just a monthly salary as their reason for staying there. If you’ve ever seen a company like Google and how they run things in their workplace, then you’ll understand exactly what I’m talking about. Google is not only providing good pay, but they give a lot of incentives like an interactive and fun workplace with a lot of cool things to do, snacks to eat, and great coffee to drink. You don’t have to do all of what Google does especially since you don’t financially make what Google makes, but what you can do is make sure your employees are satisfied working for you and their working hours aren’t a complete dread for them. 


Price for Profit

What to do when you have a product that many other companies are also selling at a particular rate? Is lowering the cost a way to attract more customers? Well, that will get you, customers, for that product, but that isn’t going to get your business anywhere since you’re still behind the competition and your product is only bought for its low price; there’s no value to your brand. Ever thought about selling your product for a price higher than anything else on the market but with more features and services? Such small business tips with dedicated support can provide you with customers who appreciate your product and stick around to see more of your offer. Having a fanbase or dedicated consumer base is more important than getting more products sold at cheap rates. Eventually, as your products grow in quality, so will your consumers in number. So, think twice before placing the price tag.

 


Influence

Your company needs to be out there, and it needs to get noticed. Online advertisements and billboards can only do so much. It would help if you networked and influenced people into joining forces with you by partnering with you or investing in you, or affecting people to become your number one consumer. The more influential a company you are, the more you will stand out from the competition and stay ahead of the game. Going to conferences and speaking in them or going to business events to meet with potential partners are viable options to improve your influence directly.

Another great way to improve your company’s overall performance is by making your employees more influential. While not all your employees might be good at speaking in events or persuading l people, they can influence in smaller and meaningful ways by writing online articles maybe, or one of them might have a YouTube channel to give you a shout out, or they know and are close to people who could benefit your business. Your company is only as strong as the people working in it. All the collected efforts of you and the employees are what makes a company truly successful. By writing this article about small business tips, I am influencing readers and relating them to my ideas and suggestions by helping you grow and appreciate my services.


Make Your Data

Of all the small business tips I’ve provided, this is the lowest in practice. It is widespread for businesses to use data and statistics to keep track of consumer interests, market value, the popularity of their products, etc. Still, these data are usually collected and provided to businesses via other businesses or by surveys and statistics taken from different groups of people. This poses two problems.

  • Getting your data by outsourcing it to other businesses is an unnecessary expenditure for minor tasks. So, it’s a waste of money.

  • The data may be outdated, tampered with, or even false by a slight margin, and you might overlook any mistakes before using them for your business purposes.

Collecting your data through fieldwork, online social media, and many other techniques can guarantee you accurate information from your most trusted source, and it will be up to date as well, so time will not be a factor for error.

 


Know why your Business Exists

You can’t create a business for everyone, so you need to choose your products' target audience. R rated T.V series and movies continue to exist even though they’ll lose many underaged consumers because of it, but they still make a lot of profit. Why? Because by limiting their services to a smaller audience range, they are compelled to improve the said audience's quality, and they get a return for the effort.

Similarly, when running a business, you need to know why you are doing what you’re doing and who you are doing it for. Elon Musk dreams of venturing into space. Disney is all about making "Dreams Come True," and just like them, your company needs to find something more substantial itself to chase after, which will indeed bring about more customers investors to your doorstep. People are naturally drawn towards those who fight for a more significant cause; maybe it’s because we’re wired to root for the underdog. Perhaps it’s because accomplishing that larger purpose resonates with the consumers. 

Whatever the reason may be, it works, and it helps boost morale within yourself and your company's employees. It gives a common goal that isn't about deadlines, targets, or sales. Such a unified vision is sure to take your business to new, greater heights. However, you must be sincere about what you will chase after, and it must come from something you deeply desire. Authenticity is key.

These are my collection of useful small business tips that can give you a competitive edge. Following these tips is sure to show signs of success and growth, and so best of luck to your business journey.




small business Small business tips Business and entrepreneurship

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