By Michael Willee
As a small business, you have to approach things differently than larger companies in your field. But that doesn’t necessarily have to be a disadvantage. While big businesses have considerable resources to draw from for projects, they can also be the victim of an entrenched mindset that can prevent new and innovative thinking. Here are some ways that small businesses can succeed at winning an unfair game.
Be efficient. While other organizations may have millions of dollars to throw around, startups and small businesses don’t have that luxury. But a lack of money doesn’t necessarily mean a lack of results. The most successful small businesses are the ones that make the best use of the money they do have to achieve the greatest return on their dollar. That doesn’t necessarily mean slashing expenditures across the board; sometimes, it’s better to pay a bit more for a superior product. But smart entrepreneurs are able to recognize areas where there’s value to be had in undervalued assets.
Use metrics to your advantage. Bigger companies can afford to take success at face value, but small businesses should want to know where that success comes from. Who is your target audience? What type of advertising is most successful, and in which medium? (more…)
