Many small businesses face stiff competition from rivals including other small businesses and much larger corporations. It can be tough to stay afloat. What can you do to increase your business’s chances of making it?
First, you have to get to know your competition. You can’t assume anything about them – don’t think that they’re stronger or weaker than you. Do your homework on them and find out what you can do that they’re not. You also have to know your product inside and out. You need to know all the advantages and, yes, disadvantages of what you have to offer and you have to know how it compares to the competition. You also need to communicate well with your staff and treat them with respect. Dissatisfied workers will mean a loss in productivity. That said, don’t spend money you don’t have. Keep to your budget to keep your head above water. Finally, you and your business should strive to be better every day. Always be looking for ways to improve, even if they seem minor. A business that keeps improving is one that will be around for a long time to come!
Read the full article here: 7 Tips for Preventing a Business Meltdown
