The struggle is real. Small businesses just don’t get the same treatment the big guys do: lack of manpower and resources are just a couple of examples.
But before you let the doom and gloom get to you, here’s an interesting fact: according to the US Small Business Administration, 99.7% of all US companies are small businesses (employing less than 500 people).
So, small businesses indeed form the backbone of US economy. Read on and find out how you can take on the big corporations, and how Veem can help.
Turn your Liabilities into Assets
Tailor your Products
The sheer size of large enterprises often works to their advantage. They have everything they need at their disposal. However, this also has serious disadvantages.
Mass production is cheaper but not at all personal. Small business owners don’t have this problem. You’re a lot closer to your customers, and can tailor your products or services to their very specific needs.
The secret to this is listening to your customers, and targeting your products with razor-sharp accuracy. Is your flower-shop next to large office buildings? Create small, eye-catching flower baskets and offer a lunch-hour promotion. Are you close to a sports stadium? Advertise a special offer on game days.
The potential is endless. Survey your customers and find out how you can serve them better.
Streamline your Organization
When it comes to organizational change, size matters. A large enterprise takes its time when responding to change, and tends to be less flexible.
Small businesses can react quickly. Whether it’s adapting to new technology, reorganizing management structure, or altering payment processing methods, the agility of small businesses is a big advantage.
Watch business trends as closely as possible and make sure to adapt your company to forthcoming changes. Being a pioneer pays very well in the long run.
The human mind works in mysterious ways: for example, it’s easier to memorize more information than less, especially if you can tie the memory to something interesting.
Consider this scenario. You need to buy mugs. There are two shops selling similar mugs for roughly the same price. Both shop owners answer your questions equally politely, but one of them adds: “Oh, this is my favorite mug, I had one like this at my grandma’s place. She always gave me cocoa in it.”
Which mug do you remember the next day? And this leads to the ultimate question: which one do you buy?
Create stories around your business and your products. Let people know why you started your company, and what you’re passionate about
It’s a marketing cliché that customers don’t really want to buy products. Instead, they’re after the feelings and lifestyle those products represent. Well, it might turn out to be true.
Create stories around your business and your products. Let people know why you started your company, and what you’re passionate about.
There’s no need for big revelations (at least not all the time): just a few snippets of information can create a cozy feeling in your customers, along with a desire for your products.
Nowadays, big enterprises use software for almost anything. Supply chain management, accounting, website analytics, and social media posting are just a few tasks that business software platforms can take care of.
While many are expensive, there are quite a few of these platforms that are fairly affordable, or even free. For example, Google Analytics aggregates data from your website for free.
Veem, the next generation B2B payments platform is one of the tools that can make your life a lot easier. Veem allows your small business to send and receive international payments quickly, securely, and as easily as sending an email.
Veem creates a direct connection between you and your business partners. No middlemen, no hidden costs, and no unexpected delays.
To top it off, Veem charges no wire fees and offers competitive foreign exchange rates.
Sign up for a free Veem account and enjoy easy international payments.
You need 7 tools to master international trade. Find out what they are.