Whether you are a small-scale founded company or even an entrepreneurial initiative, most entrepreneurs seem to be exploring new ways to grow business and profit.
And we all want to help them. why? According to Small Business Administration (SBA), small businesses create nearly 70% of net new jobs nationwide, ensuring substantial growth of regional economies. As small and medium enterprises prosper, everyone wins.
My father-in-law possesses a small business. As a result, I have directly witnessed the daily sacrifice. I am willing to design products and provide resources to achieve the goals and dreams of SMEs.
In honor of the National Small Business Week, there are four ways this year SME manager (SBO) can promote business growth.
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1. Go to the grassroots
A proven marketing strategy such as digital advertising, e-mail campaigns, direct mail, etc. is an excellent way to raise audience and brand awareness, but users have found over 90% of brands recommended by customers. In 2015 Nielsen’s report, friends do not underestimate the power and value of the words.
For example, San Francisco-based entrepreneur Gerald Luna wanted Belgian waffle company. Waffle Street. In 2012, he partnered with the local Capital One Cafe and offered Waffle every week. Five years later, Gerald established a loyal customer base and expanded it to include some of the major technology companies in the region.
Lessons learned here, local partnerships and dedication can bring great results. Small business owners need to take the opportunity to participate in their community regardless of whether they rely on learning from other SMEs and finding ways to advice and connect with new customers. Ultimately it will benefit the business.
It is an inspiration behind the new Capital One Spark Business Program, which provides opportunities for small and medium enterprises in Chicago, San Francisco, New York, Denver, Boston to take advantage of products and pop-ups. Consumer shared services and other companies share educational demonstrations to connect with local communities and other local companies.
2. Failure failure and pivot frequent
The word “failing” may seem contradictory to the growth of business, but if it is done safely, progress may be delayed. This is especially true for companies developing new technologies and tools.
When introducing new products, introducing new technologies and developing sales strategies, identify key performance indicators (KPI) for judging the impact on customers and business. It is nice if a new strategy works. If this is not the case, please learn about it, refine your approach and try again.
For example, recently I talked to a photographer who focused all the work on photo editing, as new technology would allow anyone to take professional quality photos. As a result, his business is growing more relevant, due to changes in focus.
3. Become an opportunist
Small and medium enterprises often stick to what they know about business. They are not reluctant to modernize, they only manage fiscal and daily work, and have little time to learn new ways. By giving time to learn about new technologies, business owners can benefit from tools that automate tasks, streamline processes, save time, and reduce operating costs. So SBO can focus on the most important thing.
The emerging technology that companies are introducing is mobile payment, and there are good reasons for it. According to a recent report, 46% of SBOs currently offering mobile payment have reported that sales have increased in the last 6 months (35% of users who do not use technology).
4. Find a mentor
In addition to networking with other local business owners, I would like to find a local mentor that will help me overcome the inevitable ups and downs associated with business startup, ownership and execution. . They often have more experience in a particular field and can share their own experience and hints for promoting growth.
There are resources like BusinessAdvising.org that can be used to establish these connections. In some cases, ask the person who admires those who want to take care of themselves. In most cases, they are satisfied with sharing ideas and providing business advice.
I’ve been involved in direct SMEs in my life and I have seen how it affects the community in a sustainable manner. When celebrating National Small Business Week, I always remember doing it when SME prosper.
Yumi Clark is Vice President of New Product Development at Spark Business, Capital One’s Small and Medium Business Division. In product management, we specialized in new business fields and applied it to large companies. Using a lightened startup concept, Yumi implemented a testing and learning methodology and failed to implement successful technology projects at Silicon Valley companies such as Adobe, Intuit, eBay, PayPal.