Leveraging Your Power Potential in a Small Business

Being a small business is a good thing in today’s marketplace. While big businesses have typically captured the spotlight in economic upswings, it’s the small businesses that are generating the current buzz. In today’s economy, small business owners have a unique opportunity to leverage power in a meaningful and profitable way.

According to a recent Pew Foundation survey, 71 percent of Americans view small business more favorably than any other institution, including religious organizations. This sets the stage for a receptive and loyal customer base, if businesses are willing to put in the work. Exceptional products and services that surpass all competitors is half the battle. The true power of a small business lies in the ability to communicate differentiation and value to the target audience. Unlike bigger businesses, smaller organizations can form personal relationships with customers at a deeper level.

Small businesses have an agility that can’t be matched by huge corporations. If a customer has a problem, small business owners can take the time to listen and work with the customer to find the most satisfactory solution in a customized way. People are recognized as people, not as a number in the endless call center waiting line.

However, being a small business does not necessarily translate into being gifted with superior customer service. It requires continuous effort and unwavering dedication to create and sustain meaningful customer relations. Here are some questions that every small business owner should ask in developing a customer service strategy:

  • How should problems be handled before they escalate into a lost customer?
  • How should customers be rewarded? (i.e. loyalty programs, coupons, product giveaways)
  • How can customers’ lives be improved with our products/services? What problems are we solving?
  • How can we make our customers feel important every day?

Small businesses can create powerful and rewarding customer relationships that translate into future success.

Advantages to Staying Small

SEO Book, in a recent blog, outlined a few other unique advantages to staying small, with some points summarized below:

Leverage the niche

Small businesses can get as narrow as necessary to fulfill a need previously untapped by competitors. Once you know exactly what you “own,” then own it. Advertise it and embrace what you do better than anyone else. Customers – and boosted profit margins – will follow.

Form strategic partnerships

If it makes sense and interests align, establish allegiances with other small businesses that can make your value proposition even more powerful. Smaller organizations typically avoid the red tape, legal issues, and long lead times that bigger businesses face.

Discover financial benefits

As a small shop, it’s easy to keep operations lean and reduce overhead. Just stay smart about it. Accounting software programs (like QuickBooks or Peachtree) paired with laser checks can help create financial visibility. When business laser checks are created in the accounting program, all financial transactions are immediately logged and recorded, creating a real-time snapshot of business finances. Leading provider Checksforless.com offers blank laser checks that are completely customizable within 4,500 different software titles. Discount laser checks, backed with the power of accounting software programs, provide small business owners with an essential foundation for making informed financial decisions.

Achieve flexibility

It’s time for any sized business to pay attention when it becomes clear that something isn’t working. However, just as a small skiff is more nimble than a tanker, smaller organizations can jump into action and re-route the ship more quickly than larger businesses. Owners need to keep a firm pulse on customer feedback (i.e. pay attention to Facebook pages) and stay open to change. This nimble nature can be a lifeline (and a huge advantage) for small businesses that are aiming for a big impact.

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