Following the global recession, it’s never been a scarier time to be a small business owner, but things are looking up. City AM report a 44% growth in small businesses over the last year, with further growth predicted over the next year. There’s still a way to go, for individual businesses, competing with bigger, more established brands can be daunting, especially in regions where bigger brands have a strong local connection. That said, there are ways to fight back.
Maximize Personal Service
One of the top benefits of being a small company is that a small team means more personal service. Unlike a large multinational corporation, whose customer service teams often involve a call center passing customers from one department to another; a small upstart allows one person to cater to a client’s needs, forging a positive and personal relationship. Community outreach is much more effective in small businesses as well, with Strategy Business citing one case study in which a local dairy company used social media to interact with local customers and get input on new products. By engaging the local community to deliver products they wanted, the upstart was viewed more positively by consumers as a local presence, much to the detriment of its bigger competition.
Invest In Data
For the businesses of 2015, it’s foolish to try and save money on tech investments. It’s absolutely imperative, especially starting out, to ensure your data is being safely stored, be it on a cloud server or a concrete one. With European Commission legislation regarding data security set to come into effect in 2017, it’s important to think carefully about your data needs. Pinnacle Enterprises provide an excellent range of data servers for businesses of all sizes – and working with professionals allows you to upgrade your tech as your business grows. A strong server is the backbone of any business, minimizing loss prevention and making your day go that little bit smoother.
Interior of M Moser Associates | Image Source
Give New Employees Freedom
Recruitment is usually the biggest obstacle facing upstarts: when big business offers high salaries, regulated holiday, sick pay, and in some cases health benefits, it can be hard to compete. While your upstart might not come with the high flyers’ bells and whistles, think about what your business can offer new employees. Creative workplaces, in which employees can work independently and be trusted to take risks. Smaller perks may just attract the right people too. Even if it’s as simple as the odd meal out, or negotiating deals with local childcare providers, it would be thoroughly worth it to attract high-caliber talent.
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