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8 Golden Success Secrets for Small Businesses

Running a small business is as challenging as trekking to Mt. Everest without having oxygen cylinder, prior practice, and a valid map guide. The challenges are only because there are no authentic rules that can lead a small business towards success while other major obstacles comprise: low budget, limited manpower, and lack of efficient resources. But as a small business owner, you must delve into the pass codes that help you decode the secret patterns of operating a successful startup or small business. It not only helps you to sustain your current growth but also excel your business planning’s to achieve higher objectives. There are a few suggestions based on real-world experiences, which can assist you to hit the bull’s eye.

Utilize the power of social media: Nowadays, the entire world revolves around social media and if you are able to use its full potential, it can immediately help you increase your sales and brand reputation with very minimum resource and effort. Social networking sites like Face book, Twitter, and LinkedIn, help you connect with a large scale of users, where you can directly interact with them, thereby allowing you to convert them into your potential clients. It forms a two-way channel that not only allows you to put your message across but also, listen to what your targeted audience want, which eventually goes a long way in improving and growing your business.

Research and analyze your competition: A business turns to be successful only if it runs on some finely grinned facts and figures. And competition analysis is one of the most important elements of the process. Competition analysis tells you the strength you will require to establish your brand in the market as well as it helps to prepare your business planning adequately so that you could avoid the chances of business failure. An additional benefit of competition research is it allows for designing and developing more feasible and user-oriented products that eventually help you attain a competitive edge over the current market.

Work as per your plan but be flexible too: Efficient planning is a roadmap that drives your business to the top in the long run with predefined routes. It is always advised to stick with our planning even if we face a few hurdles while running our business given that the strategies are designed after in-depth analysis. And day-to-day challenges should not incline you to alter with whatever you planned. The winners always back their business plannings regardless of the stiff challenges, but on the other side, a successful business requires the owner to be flexible enough to embrace new changes. Adapting the new ideas and concepts not only makes a business owner take smart decisions but also, keeps their core planning intact and fresh.

Use informative materials to build trust and loyalty: The Internet is the best medium to reach out to the huge audience with less effort, but you should keep the fact in mind that there is already a heavy flow of advertisements and endorsements all over the web. So, what can be an efficient way to create our presence with a significant impact?

There are definitely some better ways to do it like using informative online materials such as well-written blogs, well-designed infographics, animated videos demonstrating some set of skills, and presentation sheets, etc. Following such practices will attract a huge mass to our platform to learn and engage with us, which gives a sense of trust and ultimately convert them into our long-term clients.

Hire your weaknesses: A small business consists of a team of limited dedicated professionals, having different skill sets of all the corners to tackle most of the business requirements. Small businesses, sometimes, compromise in some crucial areas since they can’t hire specific individuals due to the lack of budget. To get your business positioned to the top, please don’t bear with your inefficient area. Rush into hiring experienced professional(s) so that all parts of your business fire with the same intensity.


Expansion Pitfalls All Small Businesses Must Avoid

A great number of small business owners have a constant urge to expand. Of course, the mere idea of expanding and becoming a “big” business known to thousands and millions of people is fascinating. However, expansion is not all about finding a new office space and hiring new employees to fill the vacant seats.

There is much more to expansion than most small business owners realize. It is unfortunate that a larger population of these business owners is only focused on the benefits of expanding while completely omitting the challenges that entail business expansion. Let’s take a look at some of the most common challenges, concerns and considerations before you expand your small business.

Outdated Information of Market Conditions

Too often, the decision to expand taken by most small business owners is based on information that is many months old. The important thing to consider here is continuous market research. An idea that seemed like it will lead the market a few months ago might be an average offering today.

For example, you might have landed in the market with a unique product, and its sudden popularity might make you think you should expand as soon as possible. What you don’t realize is that the acceptance and popularity rate of your product can diminish with time. The big reason behind that is the competitors who can imitate anything that you have created.

It does not matter if you have patented the technology, method or the product itself before launching it. Your competitors will always find some way to imitate and emulate your products. A great example of this is Apple, the tech giant that patented the touch screen technology. You can see there are more non-Apple touch screen smart phones in the world today than Apple’s own iPhone.

Regional Limitations

When you are expanding your business into new territories, you must know them well. You cannot expect people to react to your offerings, marketing methods, and advertising tactics in the same way everywhere. In fact, cultural considerations are an extremely important consideration when businesses are expanding.

You don’t have to be expanding to a completely new country to consider culture. There are many things that people in one state might love and people in another state completely hate.

These considerations have to be made based on the type of business you have. If your business has some cultural dependencies, you have to be very careful with where you are thinking of expanding your business operations.

Cash Flow Challenges

You need to be on top of your cash flow before you expand. Cash flow is important for any business, but it is essential when it comes time for expansion. It does not matter how much money you are expecting to come into the business after making the expansion move; it is going to require a lot of money upfront too. This is the time when you have to stop thinking about the revenue and start focusing on your income. Your revenue does not tell you how feasible it is for you to expand your business. It is the money that you can use without affecting your current operations that matter in the expansion.

Look at your profits and see how big they are. If your profits are small, don’t just assume that things will be fine and you should just make a move. You don’t want to create a situation where not only you fail with expansion but affect your existing operations as well.


Small Business Should Invest in Big Data and Analytics

Big data refers to huge volumes of structured and unstructured data; however, processing such massive volumes of data via traditional data management tools is inefficient and impossible. To understand big data you have to realize the devices that are collecting it today e.g. bar code scanners, mobile cameras, CCTV cameras, motion sensors, smoke alarms, web analytical tools, CRMs, etc. From the examples, you can see that these devices collect a vast array of data types hence the structured and unstructured part in the definition. The sheer velocity at which the data is being produced cannot be controlled and processed using traditional methods and tools.

Benefits of Large Data Analytics

Large Data and Big Companies, a report by IIA Director of Research, Tom Davenport, reveals that businesses are benefitting greatly from big data analytics especially in improving their products, making business decisions faster and reducing costs. Here are some ways small businesses can benefit from big data.• Cost Savings

The upfront cost of implementing large data tools and strategies is high undoubtedly, but the long term benefits of doing so are matchless. The healthcare industry is a great example of how the use of large data can help businesses reduce their costs regardless of their size. Using predictive analytics, Medicare and Medicaid Services forestalled more than $210 million fraud in healthcare with just 2 years of utilizing the aforementioned technology. In addition to preventing frauds, small businesses can also reduce their costs by steering clear of creating more inventory than needed, including better partners in the supply chain, etc.

Improved Decision Making-This is the biggest benefit of large data. It allows businesses to expedite decision making by processing the data fast and giving insights in timely manner. In the past, business decisions were reserved for future strategies in the light of available data and the trends that were observed in it. The amount of data that businesses are sitting on today is huge and thus more powerful insights are to be gained from it.

This vast amount of data requires the use of modern big data hardware technologies. Once both the things are in place for a business, they can understand customers better, create products that are a closer reflection of what customers want and develop a brand based on most reverenced values.

Impenetrable Security-Businesses are more focused today on using large data to improve their core capabilities, but less attended to a more serious concerns i.e. cyber threats and security breaches. Almost every small, medium and large business is connected to the internet today. Moreover, the Internet of Things has broadened the attackable security surface for businesses making it easier for cyber criminals to attack networks and penetrate company databases.

The biggest concern for modern businesses is that they have to “respond” to cyber attacks that have already occurred rather than being able to prevent them from occurring. The use of big data and big data analytical tools can be a game changer in this area allowing businesses to prevent any security attacks way before they are executed.