SCORE Small Business Blog

Growing: The Conditions of a Business Can Change
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What Can You Do?

Owners of new and growing small businesses today know that the conditions of a business can change, as we have seen with the current economy. The technology that was cutting edge last year is now outdated; or worse, obsolete. Buyer moods can swing dramatically, and marketing strategies are constantly changing as we need to think of ways to save money.

Anticipating trends can be extremely valuable in keeping current on everything from sales strategies and customer needs to technology tools and the general economy. Business is not growing and the challenge is what can be done to sustain, change will be inevitable and small business owners should constantly look ahead and think about ways to change the way they do things. The more you test the winds of change, the better your chances of success in the future.

  • Always try to set your business apart by doing things that the customer may not expect.
  • What do your customers need now in this economy as everyone struggles to make it?
  • Add value to your service, what can you offer that is recession proof?
  • Think about something that your customer needs that is essential to their business growth. Try to think about the next new trend.
  • Always think about ways to keep your customers coming back.

Not all customers are created equal. Some are more valuable and loyal than others, and those are the ones you should pay the most attention to with special savings and offers. And don’t expect loyalty from employees. As American society becomes ever more mobile and labor shortages worsen, studies have shown that workers will not stay on a job for more than three years. People are always looking for their next opportunity a job with higher pay or more benefits.

Advances in technology will continue to radically change how small companies do business. You will need to keep up. Small business owners who know how to acquire and manage information will achieve the most success. Capturing and analyzing data about customer needs, wants, and behavior on how they use your product or service will become increasingly critical.

Always ask customers what they want and always exceed your customers expectations.

Let me know if there are other things that have worked for you?

Julie BranderBusiness Mentor, SCORE New Haven
Julie has been a SCORE volunteer since 1997. She has 20 years of experience in business, starting a manufacturing, wholesale and retail jewelry company. After selling her business, she dedicated herself to helping other entrepreneurs start and expand their business.
www.scorenewhaven.com | @juliebrander | More from Julie

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Discussion (1) Comment


  1. Carla FordVisitor

    This is really helpful. I was just thinking about ways to keep customers coming back, and ways to keep the business alive.
    New and Better marketing strategies [branding]
    Improved customer service w/use of surveys.
    New and better products & designs
    New & improved technology [software packages, equipment etc.]
    Better prices that will not decrease my gross margin.
    Better location, hours, ways to get the product to the consumer
    Finding more ways to advertise the business in events or community activities.

    This article really helps you think about what you need to do to survive in today’s economy. Thank you.

 

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