What makes your small business unique? The answer to that question is what will make your small business stand out. With the internet giving everyone an audience your ability to differentiate yourself from the competition will determine your level of success.
“If you want to grow your business, you need to make attention your number one priority. If you get people’s attention, and generate awareness, you have a chance at earning their business.” – Entrepreneur
Focus On A Niche Market
“With a niche strategy, you leverage your expertise in one area to stand out from your competition. You may provide other products or services, and you may serve a broader audience, but specializing in one area helps you to distinguish your business.” – ThriveHive
There is something to be said for being “the best” or “the only show in town” and narrowing your target market will allow you the bandwidth to develop an expertise. Personalization is essential in today’s ultra-competitive business landscape and focusing on a specific type of customer will make your messaging more relevant to your target audience.
Improve The Customer Experience
“Three out of four consumers say they have spent more with a company because of a history
of positive customer service experiences.” – American Express
A tailored customer experience is one key factor that sets small businesses apart from larger competitors. A personal touch along with a trouble-free experience will make doing business with your company more appealing and help to develop loyal customers. Interior/exterior renovations, increased staff, equipment upgrades, accounting software and website improvements all lend themselves to a better customer experience and make great uses of a merchant cash advance.
Encourage Innovation
“It follows that for businesses to innovate and remain open to new ideas, innovation has to come from a strategic, top-level perspective.” - Optus
As a small business owner, it is important that you lay out the vision for your company to your staff and encourage the sharing of ideas. You need to build the foundation for a culture that is conducive to innovation and creativity. This can be done with interactive company meetings, brainstorming sessions, employee reviews, educational opportunities, trade shows, customer surveys and the old-fashioned suggestion box.
Maintain Core Values
“Core values are what support the vision, shape the culture and reflect what the company values. They are the essence of the company’s identity – the principles, beliefs or philosophy of values.” – 7Geese
Maintaining the core belief system of your company creates loyal customers and can lend itself to a positive reputation within your community. Participation in volunteer work, community service and fundraisers can bring great exposure to your business. Encourage your staff to participate by offerings small incentives and participating yourself.
Develop Company Culture
“A strong organizational culture can help give employees direction. It serves as a compass for organizational action and can help guide employees on how to behave with colleagues, customers and management.” – Canada Business Network
In order for your core beliefs to be echoed throughout your organization, you must focus on developing your company culture. Hiring people that are a good fit, communicating clear rules and processes and setting the tone with your own actions will impact the way your employees interact with your customers. Simple things like paid time off, vacation, breakroom improvements and company outings can be enough to improve employee morale and retention. Customers often take notice of employee’s attitudes, which can be greatly affected by the culture they’re working in.
Create Unique Marketing Campaigns
“Small business owners who lack deep pockets are forced to rely mostly on the strength of their marketing strategy and creativity. Excellent execution of a well-planned, strategic and creative marketing campaign can yield great results.” - Business.com
Without marketing there is no way for your company to become known, let alone stand out. Marketing your business through digital means may require an investment in software, an employee or agency and advertising budget. Well-crafted marketing campaigns can help build brand awareness and draw in new business.
Often times small business owners have the smarts and ideas to develop their business, but they lack the funds necessary to bring them to fruition. If your “missing piece” is funding, a merchant cash advance may be right for you.
