It’s a tough world for small business out there right now. When you see global interest rates at record lows, you know the world economy ain’t exactly “booming”!
So if you own a small business and you see customers saving money and choosing wisely about how, where and when they spend their money, what can you do?
Well luckily we have three lessons we can learn from previous tough times.
The first lesson is how to cope with disruption. We know that whenever political, economic social, technological, legislative and environmental changes take place, old business models get disrupted. Take the old manufacturers of camera films – their business was being disrupted, so what did they do…or not do?
Then there’s the lesson about how people talking about you can carve a niche for your business. Early Apple computers became beloved by early-adopters because they “heard” so much about them.
Finally, what about the lesson from being able to provide customers with certainty. How many remember Coca Cola’s foray into “new” taste?
In a tough business world you have to innovate, stay relevant, and make sure people remember you – and you have to do it over and over again.
In a disrupted competitive market, small players can win if they offer a better customer experience.
Social media, depending on your small business, can be multiple times more effective than traditional advertising.
Find the right balance between flexibility and having established processes so that customers experience certainty, but also have a tailored experience.
Why don’t you go over to teikoh.com to check out more tips, tools, and resources to create powerful strategies, show leadership, and grow your business? Sign up by giving me your name and email and I’ll send these free ideas to your inbox every week. And trust me – I hate spam so I will never trade your details to anyone else!