| Some would say that big business has it made; I on | | | | online newsletters |
| the other hand believe that there will always be a | | | | 3) FLEXIBILITY |
| special place for the little business guy. Entrepreneurs | | | | When I think about flexibility, the childhood rhyme "Jack |
| have an edge over their bigger competitors. So while | | | | be nimble, Jack be quick, Jack jump over the |
| the Amazon's of the world are struggling to break | | | | candlestick" comes to mind. In order to keep from |
| even from their multi billion-dollar overheads, the smaller | | | | being burned, small businesses need to be nimble and |
| Dot coms are already realizing profits. What | | | | quick. This means having the flexibility to act quickly in |
| advantages do the "little" guys have in the | | | | response to changes in the marketplace. Like a surfer |
| marketplace? Below is how to "think like a startup" and | | | | riding a wave, you have to be in just the right place at |
| realize greater success. | | | | the right time to ride the crest of the wave and get |
| HOW TO KEEP THE ENTREPRENEURIAL EDGE | | | | the best ride. Likewise, if small businesses monitor |
| 1) STAY IN TOUCH WITH YOUR CUSTOMERS | | | | closely what's going on in the marketplace, they can |
| Ever heard of the 80/20 rule? The old adage says | | | | act quickly to take advantage of current events and |
| that 80% of your business will come from 20% of | | | | trends in the marketplace. |
| your customers. In business, the customer is king. It's | | | | They say what gets measured, gets managed. Keep |
| far easier to sell to an existing customer than to find a | | | | a close eye on your monthly financials. Listen to your |
| new one. So, once you get a customer, you need to | | | | customers. Measure the effectiveness of your |
| service the heck out of them. | | | | advertising. Then when you see a difference ask |
| So how do you make your customers feel like they | | | | yourself, "was that good or bad" and ACT! |
| are number one? By letting them know that they are | | | | 4) TAP INTO THE FIRE AND LET IT FUEL YOU |
| top priority. This means answering your own phone, | | | | Simply said, small business owners want it more. |
| replying quickly to email requests. It means staying in | | | | Because of this, they will try harder and go the extra |
| regular communication with your customers. Keep up a | | | | mile. That's why big companies like Wal-Mart and |
| good rapport. Send an occasional email asking them | | | | Saturn have made their employees part owners in the |
| what's new. Mail birthday cards or a customer | | | | company. They have seen that people will work |
| anniversary card. Gestures like these can build close, | | | | harder for themselves than for anyone else. |
| long lasting customer relations and goes a long way to | | | | The best secret to success as an entrepreneur is to |
| building customer loyalty. | | | | find something you are passionate about and create a |
| In addition to building stronger customer relationships, | | | | business around that. When you do something you |
| keeping in touch with your customer base can enable | | | | love you'll never "work" a day in your life. |
| dot coms to offer one to one marketing. By identifying | | | | Entrepreneurs have that fire in their belly. Find a way |
| your customers needs and buying habits, you can | | | | to tap into that internal fire and let it fuel you to |
| personalize product packages and service offerings to | | | | success. |
| meet your customer's individual needs. | | | | 5) VALUE |
| 2) LISTEN TO THE BEAT OF THE STREET | | | | While big companies will often be able to offer the |
| If small business owners want to keep their head | | | | lower prices, small businesses will always be able to |
| above water, they need to closely monitor their | | | | pile on the value. By offering better service, adding |
| environments. By "listening" to the pulse, you can think | | | | bonuses, giving and discounts on related products, the |
| proactively rather than reactively. This means spotting | | | | entrepreneurs can add more bang for the buck. |
| things when they are coming so you can act quickly | | | | 6) CREATIVE SPARK |
| and take advantage. | | | | What's great about the entrepreneurs is that they |
| Web stats - Do you look at your web stats regularly? | | | | aren't afraid to try something new. When I think of |
| Or are you guilty of being too "busy" to make time? | | | | "creative spark", I think of my son, when he was three |
| Unless you regularly look at your web traffic reports, | | | | years old, eyeing a package of cookies up on top of |
| they probably will read like a foreign language to you. | | | | the refrigerator. He doesn't know that it is up really high |
| By looking at your web reports regularly, you'll be able | | | | and that climbing up there is dangerous. He only sees |
| to spot trends. What pages are your visitors going to? | | | | the cookies and starts stacking chairs and climbing until |
| What is the hits-to-sales ratio? What can you do to | | | | I find him sitting on top of the fridge with a big smile |
| improve that number? | | | | and a mushy cookie face. Similarly, entrepreneurs don't |
| Feedback - Another way to "listen to the beat" is to | | | | "know" if something will work or not and fearlessly |
| get feedback from your customers. Try to be on a | | | | forge forward with their eyes on the prize. This |
| first name basis with your customers. Ask them how | | | | innovation helps them to tap into new products, |
| they are doing and if there is anything you could assist | | | | techniques, and processes. |
| them with. The answers you'll receive will be worth | | | | SUMMARY |
| their weight in gold. | | | | They say, when the going gets tough, the tough gets |
| Industry news - Keep up with the industry by reading | | | | going. When the market starts putting the heat on your |
| everything you can get your hands on. When you | | | | business, ask yourself, are you staying "sharp"? Do |
| work in "living room central" it's easy to let yourself be | | | | you still have the entrepreneurial edge? By thinking like |
| isolated from the world. You can't rely on your favorite | | | | a start up, you will find that you will have the staying |
| soap operas to keep you informed about the current | | | | power to compete with the big boys on the block. And |
| trends in business. So put down your munchies and | | | | you'll find that kind of hard-earned success is "oh" so |
| flavored coffee and make a concerted effort to stay | | | | sweet! |
| "in the know" by subscribing to print magazines and | | | | |