BLOG FEATURED ARTICLES HOT PRODUCTS IDEA EXCHANGE LEGAL DEPARTMENT MONEY & TAXES ONLINE BUSINESS SALES & MARKETING TRADE SHOW NEWS WORK AT HOME
Funding Your New Venture
The Art of Being Gracious
Retire With Confidence
Should You Outsource?
Success With No Excuses
Safeguard Your Identity
Social Media is Crucial To Your Business
Business Financing Tips
< More Articles >
Maintaining Customer Loyalty

Increased globalization and mind numbing competition have suddenly made small business opportunities much more attractive. With many large organizations being unable to quickly restructure in our changing market, a growing number of small businesses with their inherent flexibility and capacity to adapt are acquiring a sizable slice of the market share.

 

The methods of small business expansion are very different from their large organization counterparts. Major companies have the financial capital to quickly expand, improving their current facilities, buying new facilities, and widely circulating all of their products. On the other hand, small businesses rarely have any of these options, therefore they need to search for other possibilities which are cost effective yet still ensure an increase in revenue. Small businesses can ensure their success – and their future, by continuously strengthening their relationship with their customers. Although this process is a gradual one, with time it will ensure long term relationships, profitable for the small business while useful and fulfilling for the customers – thereby distributing benefits to all.

 

- When you make promises, always keep them – Businesses which haven’t yet made their mark in their industry can’t afford to make suppliers wait for the money nor can they make customers wait for the products. The key is to not allow such situations to occur and affect your business, therefore “Make Promises and Keep Them”. This will build trust among partners and customers, ensuring long term relationships with everyone involved.

 

- Prudent use of money – Instead of spending money on costly PR endeavours or other image building advertising, spend it on cost effective projects like direct response marketing. With this system you can clearly see the relationship between the expenses and the benefits that have been achieved.

 

- Define the ground you wish to build on, e.g. service, quality or price – Don’t attempt to apply an approach used by larger businesses, choose your own way and specialize – without compromise. This will make all the difference in keeping your small business on track and focused toward its objectives.

 

- Hard work has always been required, but if you’re really searching for a proven way to get ahead, “work smarter, not harder”.

 

- Try to get more business cards than you give – Attend seminars and conferences to keep yourself updated with the latest trends in your industry. Be excited about your work and be really positive in your communication – this will result in very valuable referrals.

 

- Only accept deals which you can fulfill to the highest standard, on time and at your agreed cost – Small businesses should avoid risky contracts for big payouts. If the final product doesn’t meet the necessary standards, it can be a disaster for everyone involved, causing havoc with your company image.

 

Alan Gillies is the Managing Director of the L2L Group, which is primarily focused on the delivery of Executive Coaching, Training and Consultancy Services to Businesses across the Globe. Want to learn more about these business success strategies?