4 LESSONS FOR SMALL BUSINESS

YOU CAN BE FAST, FOCUSED, AND FLEXIBLE

1. Go where your prospects are: As a small business owner you can go to where your customers are hiding. Once you identify your target market, don’t wait for them to come to you, go to them.
2. Be micro-focused and the search engines will find you: a small business cannot be everything to everyone. The strength of a small business is its ability to define a niche which is not occupied and then to takeover that space.
3. Outlast the competition: I walked through a local mall this weekend and noticed all the empty store fronts. As a small business you can control your overhead and can position yourself to still be there when the competition leaves.
4. Respond: Try calling a large business, for example your cable provider. You go through a series of questions asked by a computer and chances are you waste a lot of time before you may get an answer. As a small business owner, you answer your own phone and read your own e-mail and set your own schedule.

Big isn’t always profitable nor should size be your goal as you grow your business. The goal should always be to increase your bottom line, not to rent a bigger space or to hire more staff.

I encourage you to think big when it comes to growing your bottom line. Small businesses are and will continue to be the backbone of the US economy. Take the time to understand the full meaning of these four lessons and position yourself to succeed.

Advice and tips by Nick Petra – CFP, Mentor, and founder of BizQuack and StrategicDuck