It is Small Business Week! If you are a small business owner, or an employee of a small business, congratulations! There are over 24 million small businesses in the United States, according to the US Census Bureau, and small business represents both the heart and the wallet of the US economy. You have a lot of power, and here are some tips for maximizing and leveraging these strengths in the economy of 2009.
Acquire New Talent
1) For many small businesses, employees are their biggest asset. It is an employer’s market right now, and because of large company downsizing, many capable people are available and in many cases, for a lower price. Taking advantage of some of this top talent in either an employee or consultant role for your business can help you to grow in the long run.
Cut Costs
2) Similarly, many firms that provide services to your business are probably looking for new customers. This means that you can often negotiate a lower price for services you are already using by calling your vendors and speaking with them. If you’ve been holding off on purchasing a needed item for your business, now may be the time. You should also approach your landlord and your telephone company, to see whether you can reduce your rents and fees.
Get Involved
3) Become involved in your local chapter of the Small Business Administration. It provides excellent networking opportunities, resources, and assistance, much of it for free. If you can, support small business by ordering your supplies and services from one. This will help keep the community vibrant and connected. You can find their website at www.sba.gov.
Social Networking
4) Social networking online is a thrifty way to market your business. It is not just for teenagers. You can reach a whole different market for your goods and services and you aren’t just limited to your geographical location for tips and advice. Best of all, it is either cheap or free to set up an account and start connecting. Some good places to start are LinkedIn, Twitter and FaceBook. Be sure to add your customers as friends and seek testimonials from the ones who love you.
Customer Service Excellence
5) Customer service is critical. In times of economic stress, people bond together and spend more time interacting with one another. This high value on social relationships extends into the business space, as well, and people expect to be treated with friendliness, compassion and competency. Evaluate your customer service by monitoring the service you provide, surveying or interviewing customers, and making it a company core value to serve your customers well. This is one thing small businesses can really do better than the big boys, and it is an excellent way to distinguish your business.
Stay tuned! All this week, PayCycle will continue to post blogs that pursue the ideas above in more detail. We are committed to small business success and we encourage you to take a few moments this week to celebrate your business and yourself.
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