To What Extend Can Small Businesses Survive In The Modern Economic Climate? Small business survival depends on many factors. Small business owners know they must make money to survive. The key to any successful business rests on the ability to keep the money coming, to offset expenses. Many small businesses fall into the traps of excessive loans, too much overhead, or a costly advertising campaign. Small business survival is a high-wire act, where the business teeters on falling into the unknown below. Some businesses however manage to find their balance and make it to the other side.
Many small business owners find that they are not selling a unique or service in their community. A tire supply shop may have ten other stores in town offering the same service and products. How can a small business owner compete in a market and survive? It is not easy. The answer may change depending on the situation. A small business owner should know their competition. If the other shops in town are offering a discount on radial tires, then they should launch a similar campaign. Or better yet, offer five percent less than the competition.
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Any approach you take to compete should be hold and innovative. Try something new, if you are struggling for business. Find a niche and run with it. Small business owners are working longer hours than ever as economic tough times force them to try to survive. Unfortunately, all too often this comes at the expense of a small business owner’s personal well-being. According to a survey conducted by ERP firm Sage, small business workers are working 42% more hours each week than only five years ago, with at least 40% less vacation time.
Most small business owners are giving up nights and weekends, as well, with 72% reporting that they work longer days and more weekends than five years ago. Part of this has to be attributed to technology. Consider the fact that most small business owners reported using a phone or other mobile device to access work-related information when they weren’t at the office. While most business owners reported that they believed technology has helped them be more productive, it also creates an “always on” business world where business owners eventually feel burned out.
If you’re a small business owner, you likely know the importance of always being available. But at what expense? Your family demands your time, as well, and vacations and “fun time” can help give you the balance you need. But if your smartphone is constantly in front of your face, chances are you aren’t enjoying that “time away” from work. Plus, your friends and family might actually want to have a conversation with you without having to wait for you to finish sending an e-mail. One rule in marketing is that it is much more expensive to attract new customers than to retain old ones.
Make every effort to keep your existing customer base come back to you. Offer special discounts; send out a regular newsletter or product brochure, even start out a club. Make your regular customers feel special and you can be sure that they will continue to come back to you. So, never give up and keep calm. Just make a good kick start and your business will be running smoothly. It is possible not only to survive but also to thrive alongside the giants. Don’t stop to try and make a difference. Our business might be at the same par with the other gigantic-size companies. Who knows?