Work ON, not IN Your Business

As a small business you're flexible, quick to react, tightly integrated and ready to try new strategies. You also have limited finances and resources and can't afford to make costly mistakes. To turn these characteristics into advantages you have to be innovative in a conservative way - develop customer-focused strategies for growth while conserving cash and resources.

Instead of spending money on big advertising campaigns, you spend time keeping your existing customers happy and getting new ones through carefully and narrowly focused campaigns. Instead of designing your product to satisfy a large range of different types of customers you try to satisfy a particular segment better than anyone else. Instead of going for high volume at low prices you go for high quality at fair prices and high value for money. Instead of trying to sell your product, you offer your product as a problem-solver to people who need it.

Once you have the above strategies in place, you'll still need to target your campaigns and find the people who need you. One approach is to look for growth through your existing customers. This is innovative (how often have you heard from the guy who sold you your car or from your software suppliers, even though you registered?), low cost and low risk. It is especially lucrative if you have a product which wears out and needs to be replaced or one which is used up over time. You can then generate business by selling new product to existing customers as well as to referrals.

And, don't forget, you can be as innovative as you want - no boss to ask, "What the hell are you doing?" Another small business competitive advantage.

FIRST PUBLISHED AT SUITE101.COM