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How Your Small Business Can Flourish Among Major Competitors

How Small Business Can Flourish Among Large Competitors

When it comes to competing with giants like Amazon, it’s important for any small business to constantly be mindful of adjustments they can make and be willing to make them. If you’ve owned a business for several years, this can be challenging since you have operations in place that you’ve grown used to.

Nonetheless, the market changes by the day and the Amazons of the world won’t be going anywhere. That doesn’t mean your company can’t be successful. Here are some tips that can help your business stay relevant among the competition.

Review Your Cash Flow

One thing that can make or break your business is how well you manage your finances. If you keep up with your finances regularly, it can help you make important decisions and prevent you from getting yourself in trouble. If you don’t manage your finances well, it can eventually lead to your company’s demise. This may sound obvious, but it’s too easy to get so caught up in the other aspects of running a business from day to day that you lose sight of financial matters. 

One of the best methods of staying up to date on your finances is conducting a cash flow analysis and monitoring your income statement. Especially if you run a new business, cash flow information can prove invaluable, as it shows the health of your company. For instance, it can give you a clear picture of whether you are thriving or barely surviving. Numerous online tools make creating a cash flow statement accessible to all kinds of small businesses. 

Related article: 7 Ways to Manage and Increase Your Small Business Cash Flow

Get Your Website Up to Speed

No matter what kind of company you run, a great website can be a dealbreaker for many customers. By 2021, it’s projected that 230.5 million Americans will be online shoppers (including browsing, comparing products, and/or purchasing). Whether you sell products or services, presenting your business through an engaging, easy-to-use website is all but imperative if you want your company to realize its potential. 

Naturally, you want a site that is appealing on every front, from the home page to the order confirmation page. In addition, it should be clean and extremely easy to navigate. Moreover, your website needs to function well so that your customers (or potential customers) are not waiting for pages to load and features to work. Be sure to research hosting companies that can offer you a plan within your budget that provides the services you need. 

In order to stay focused on the things you do well for your company, consider hiring a professional web designer to create your website. According to Upwork, the ideal freelance website designer will have a solid grasp of web fundamentals (CSS, HTML, Javascript) and be well-versed in different design platforms (WordPress, Squarespace, etc.).

Here are a few other tasks that a web designer should be able to handle for your business:

  • Tailor the website to the needs of your company and customers
  • Present your brand through layout, fonts, colors, images, etc.
  • Develope a quick and easy checkout process
  • Regularly update the website

 

Respond to Customers

Finally, it’s hard to overstate the importance of customer service. Bad customer service cost businesses $75 billion in 2018, and it’s the primary reason most customers become dissatisfied with a company. Whether you run a company with one employee or 1,500, make sure you have a reliable customer support system.

You should always respond to customer inquiries and problems as quickly as possible by providing helpful information and/or going above and beyond to fix a problem. Always keep fast response times a priority, whether it’s through email, chatbots, social media, or phone calls.

There’s nothing easy about competing with the likes of Amazon, but you can grow your small business and keep it successful by managing your finances, creating a stellar website and prioritizing customer service. Remember to always stay open to making adjustments, and your company will remain relevant — no matter the competition.