Most small businesses aspire to be big businesses one day, and in order to do that, they must utilize some of the same strategies their larger counterparts deploy. While not every big business strategy will be right for your particular situation, it pays to explore the following methods many successful companies use to grow and succeed.
1. Embrace Automation
If you’ve run your business for any length of time, you know the exorbitant amount of time and manpower that goes into invoice processing. It’s a vital part of every business, but there’s no reason it should eat up so much valuable time.
Through AP automation, the invoicing process is streamlined, leaving you and your staff free to handle more important tasks. As a small business working on a tight budget, you can’t afford to overlook accounts payable automation as it saves time and money, eliminates human error, and improves communication between all involved parties.
2. Market to a Smaller Audience
Many new business owners think they have to be everything to everyone. This kind of pressure isn’t productive as it stretches your resources too thin and ultimately leads to sub-par service. Instead of targeting as many people as possible, try narrowing your target audience down to a specific group.
Take Red Bull, for example. While any age group can enjoy the energy drink, the company markets to a young, energetic crowd. By doing so, they’ve carved out their own corner of the market to become a leading contender in the energy drink industry.
As a small business owner, you might be inclined to try to appeal to everyone, but as the most successful big guys have discovered, segmenting your marketing strategies results in better profits and consistent growth.
3. Use Checklists to Remind Yourself
As a small business owner, you must wear many hats. As such, it can be a challenge to keep everything straight. While big businesses have many employees, lots of equipment, and complex systems to handle it all, managing the daily operations of your small company falls on your shoulders.
Don’t let the hustle and bustle of running your business make you fall behind or forget essential tasks. Instead, make daily checklists to remind yourself of what needs to be done. It might seem old-school, but who cares when everything is handled and on track at the end of the day?
4. Make Moves When Others Don’t
It doesn’t matter what you sell or how big or small your company is – being bold enough to make a move when others are hesitant can set you up as a leader in your industry. We’re not saying you should take uncalculated risks, but if you see a need for what you offer and your competition hasn’t jumped on the bandwagon, making the first move may well be your first step to success.
5. Consider Acquisitions
You might assume that acquisitions are a big business thing, but don’t dismiss this strategy just because you run a small business. Acquisitions can be a fast track to growth and profit. However, making an ill-advised purchase can break the bank. Acquisitions can be tricky, but if you stick to what you know and avoid purchasing anything you can’t afford, acquiring a new company or two can be a smart move for your small business. This is especially true if their offerings complement your business and your ability to improve and develop what they already have.
The main takeaway here is that being small doesn’t mean you can’t utilize big business strategies to grow and improve your business. So don’t be afraid to try one or more of the abovementioned strategies!