Far too many business owners are focused on sending out branches, when what they should be doing is sending out roots. While it may sound counter-productive on the surface, focusing on digging your business in right where it is instead of sending it out into uncharted land can be crucial to the survival of a small business.
Putting Down Roots: How To Make Your Business Thrive In a Small Market
No matter what you are selling, chances are there is at least one competitor already in your market who is bigger and more established. Instead of reaching out and trying to poach their customers, you should be finding your own source of customers to feed your business.
The challenge with established companies is they are inflexible and slow to change. This inevitably means there are people whose needs they cannot properly service because their one-size-fits-all plan is lacking crucial components for a sub-set of consumers. These people are going to be your bread and butter if you play your cards right.
Grow Deep: How Your Business Can Thrive By Providing For The Under-Served.
Find the gaping hole in your market that is leaving behind frustrated customers. There is one in every market out there and filling that hole is going to bring in your business and make your niche. To do this you may need to seek some business advice from an outside source that can provide you with a fresh perspective. Seeking outside help can bring you much needed ideas that you were missing because you were so distracted by the trees of your industry that you couldn’t see the forest.
Remember, running a business successfully does not need to be complicated. Keep it simple!
For more ideas on how to grow your business, please check out our website.
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Manny Skevofilax is a consultant and speaker that assists his clients with successfully navigating the challenges of growing their businesses profitably. Since 2003, Manny helps businesses to enhance their financial results by using his experience in strategic planning, financial statement analysis, operations, and team-building. His consulting firm, PORTAL CFO Consulting, Inc., has attracted clients from diverse industries in the United States and abroad.
Manny can be reached at 410-808-3441 or via email at email@example.com.