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| Articles: Small Business |
How Can Small Businesses Compete?
It seems as though every week some new giant retailer or franchise is popping up in the area. So how can small businesses compete and continue to grow in this type of market? How does a company beat the giant? Well, there’s really no clear cut strategy, but you can find ways to keep and grow your portion of market share:
Don’t be Afraid of Change
Ever walk into a store or restaurant and it look and feel the same as it was when you were a kid? This is not the impression that you want to make. If you’ve recently lost loyal customers to the giants try to find out why!
Creating a great work environment
So you can’t offer your employees a signing bonus, union wages, or a company expense account, that does not mean that you cannot create a great working environment. A good working environment helps to attract and retain one of your most valuable company assets, your human capital. Employees serve your customers and are representatives of your company. As a result, it is important for them to be happy. Being that your small business budget may not allow you to lavish them with dinners and money, you may need to be more creative. There are other ways to create an environment where employees are happy:
Flexible Work Hours
More and more large companies are allowing employees more flexibility with their work hours. This is something that you may also be able to offer. Employees appreciate when their employers understand when life happens. If possible, allow employees to work late one day if they need an extra long lunch hour or have an extended appointment the next day.
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