5 Small Business Secrets You Didn’t Know – Recipe for Success!




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According to the US Bureau of Statistics, there are 28 million small businesses in the U.S. which accounts for 60 to 80% of all new jobs and 44% of U.S. payroll. This highlights the importance of small business enterprises in the economy. Another interesting fact that will intrigue small business owners is that there are 1162 times more small businesses as compared to large corporations.

But the latest figures also suggest that only 50% of businesses survive five years or more. There are several causes attributed to this appalling rate of small business failure. Improper planning and short-term approach are the major reasons that cause a small business to disappear. But those who have managed to survive and grow, what are the secrets behind their success?

Below are five small business secrets that you may not know which will lead you to the path of success:

 

1. Unique Differentiation:

As iterated before, there are 28 million small businesses in the U.S. So how do you expect people to identify your business from such a huge number of options? Only the businesses that create a differentiation in the market are recognized and respected. One of the prime factors for creating a distinct identity is corporate logos. In order to discern your business from your competitors, a solid and memorable corporate logo and brand identity is imperative.

 

2. Continuous Improvement:

Another key ingredient of a successful small business is continuous improvement. In this fast growing business environment, companies cannot afford to stay sluggish. Those who fail to improve their business process continuously end up losing the competitive race. Improvement isn’t restricted to a particular business function implies continuous changes in all areas of the entity.

 

3. Easy Accessibility:

One of the stems of continuous improvement is keeping track of new media. For business success, it is imperative to use the latest marketing channels through which you can promote your business activities and provide easy access to consumers. The importance of social media for small business is inevitable as reports suggest that social media adoption among U.S. small businesses doubled last year from 12% to 24%. Firms must create their existence on social networking sites like Facebook, Twitter and Google+ in order to reach the customers effectively.

 

4. Unbending Consistency:

A key factor of small business recognition is reliability and consistency. Changing for the good is one thing but excessive changes in the company policies, procedures and identity can lead to distrust and uncertainties in the minds of the customers. For instance, if your redesign your corporate logo frequently and unnecessarily, it might leave a bad impression on the consumers who will get confused about your identity.

 

5. Community Collaboration:

In order to connect with your consumers, you need to show that that you care. And what better way to connect with them then to collaborate with the community. Your business entity should portray itself as responsive and empathic towards the environment and the society at large. Being involved in corporate social responsibility activities can do wonders for the business image of your entity.

 

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