Tag: entrepreneur

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Smart small businesses come up with solutions.

graphic image of the word create

Many thanks to Lum3n for use of this Pexels image.

A recent headline in the Wall Street Journal jumped out: Target Posts Record Quarter.

Really? Month 6 of a pandemic. Life is anything but normal. Shops still closed. Restaurants going out of business. And Target can’t get out of their own way.

What’s Target doing that others aren’t?  It’s simple, really. They’ve listened to their target market. And provided solutions.

Their customers want to be safe. They want to shop from home and pick up purchases without getting out of their cars. Or get deliveries. They also want convenience and to save time.

Smart small businesses come up with solutions.

Target ramped up their online presence and made it easy to shop their website. Don’t want to go into stores to browse back-to-school items? Their robust website has everything your kids need online. So you can easily shop from home, then pick up at a dedicated pickup location or get your items delivered.

No, it’s not the same back-to-school experience we knew. No browsing the aisles so your kiddos can find the right color glittery folders. No picking that perfect pencil case and backpack. No trying on new clothes.

But this is a new school year unlike any we’ve seen before. And these are the realities. The retailers who GET it……like Target….are seeing sales soar. And they’re not alone.

What can you, a small business owner or an entrepreneur, take away from Target’s example?

Here are five things you can do right now:

  1. Pay attention to what keeps your customers up at night. Then find a solution that you can offer them.
  2. Let them know. Share those solutions/new services on your website, in emails and newsletters and on social media. And ask people to retweet, reshare and tell their friends.
  3. Reach out. As soon as you’re aware that your clients are having trouble, let them know you’re there to help.
  4. Make it easy for them to contact you. Everyone has different ways they like to connect. Give them options — phone, email, text, Facebook Messenger.
  5. Research new products or services you might provide. Can you offer free delivery? Extended payment terms? (Be careful about that one). You might discover some new income streams, and that would be a win-win for you and your customers.

These are challenging times but that doesn’t mean your business can’t survive…..or even thrive. These are conditions that smart entrepreneurs look for.

What opportunities for growth do you see?

Now is the time to figure out exactly what you can do to move forward. Need more inspiration?

Read about some companies that are household names that successfully launched during wretched economic times:  13 Massive Companies That Started During a Recession by Kelly Bertog. You might be surprised. You’ll probably be inspired.

And if you end up coming up with some ideas, let us know. We love small business success stories!

Read some of our other articles to help you market smarter:

Small Business Marketing in the Throes of a Pandemic

Why Marketing Matters More Than Ever

Marketing Morsels: How Clear is Your Brand Voice?

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How to get and maintain a competitive advantage.

Woman athlete leaping in air shows agility during long jump.

Updated March 7, 2023
3 minute read

Ever feel like the world around you is changing too fast for your company to keep up and you’ve lost your competitive advantage?

Of course you have! Every small business owner or entrepreneur has probably felt this way at one time or another.

It’s a scary feeling. Especially if you’ve spent years getting your business up to speed — your staff well-trained and efficient, your processes streamlined and in place or your products ideally matched to the wishes and whims of your target market.

Technology leaps forward, and suddenly your services (or products) are on the way to obsolescence. Or falling behind a new-to-the-market, more agile competitor.

The Chicago Tribune reported a few years back that Fresh Market was closing stores around the country. The chain jumped on the organic food trend when it launched and rode it as long as it could. But when all the other grocery chains jumped in with farm fresh products, Fresh Market could no longer compete.

Whole Foods, on the other hand, became more competitive. Acquired by Amazon, they lowered some prices and offered customers Amazon Prime specials, discounts and delivery.

This is how companies stay successful. They can reinvent themselves on a dime…..or so it seems. They’re agile.

Fresh Market wasn’t the only company in distress. Think about some of the once successful businesses that have closed — or are in the process of closing. You’ve no doubt purchased from them in the past.

If you had kids in the 80’s, you shopped at Toys R’Us. Needed sports gear? You went to Sports Authority. Owned a business or simply needed to manage your schedule? You had a Palm Pilot. Then maybe a BlackBerry.

Today, millennials probably have never of those devices. They were replaced by iPhones and Samsung Galaxies.

So how can you avoid being on the short list of doomed businesses?

You certainly don’t want to wait til a crisis hits to start trying to figure out what to do. You need to be constantly vigilant and always proactive. You have to have a plan.

And if you’re not sure how to do that, the best way to learn is to look at successful businesses.

Here are four things that successful businesses in highly competitive industries do to stay on top:

  1. They’re nimble.
    They’ve streamlined the chain of command to make decision-making simpler. They’ve implemented technology solutions to make processes flow better. They’re making use of AI (artificial intelligence) for improved efficiency. They’ve honed communication skills to make meetings shorter, emails simpler and calls briefer.  Amazon comes to mind. Why? Check out how Jeff Bezos likes to run meetings
  2. They’re inventive.
    They’re constantly looking for a better way. To make products more efficiently, to bring a product to market faster, to SELL products to a broader market, to make customers happier. Whatever it takes to stay on top of the competition, a successful company finds a way. Yes, Amazon comes to mind once again. But so does Southwest Airlines, which is always looking for new ways to improve the customer experience. Read about how they handled the post-Covid meltdown.
  3. They never sit back on their laurels.
    Successful companies don’t get complacent. They’re not satisfied with status quo. They’re smart enough to know that a savvy competitor can appear almost overnight – with a cooler gadget, a smarter business tool, a glammier spokesperson, an everyone-needs-this must-have, a smoother system. Once Uber was the only game in town. Then Lyft appeared. While Uber is still #1, when a negative news report hits the  airwaves, Lyft gains market share. Uber’s problems in 2017 were a boon for Lyft’s bottom line. But Uber management is sound. They’re quick to respond to negative news, and the company continues to hold the  bulk of the rideshare market.
  4. They’re humble.
    Successful companies take responsibility for their mistakes. They own up to their misdeeds. They ask their shareholders and supporters for forgiveness and promise to do better.

Over the years, we’ve seen far too many cases where this didn’t happen. Take for example, Roger Ailes, Bill O’Reilly, and Fox News as covered in fortune.com in 2017. Both men had been accused of sexual harassment. More than once. But it wasn’t until advertisers began to bail that Fox did anything in response. And they never said they were wrong. No humble pie here.

So how would your small business rate on the capabilities cited above? You may not compete with big companies, but you can certainly learn from them. Especially from their mistakes.

If we’ve encouraged you to think about this, we’ve written a good post.

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