It’s not easy to distinguish success from failure in small businesses. Flexibility is essential.
Small businesses have an advantage because they are able to react quickly to changing opportunities and can adapt to them.
“The reality is, owners must constantly look to evolve,”Steven Rogers, Northwestern University’s Kellogg School of Management professor of entrepreneurship. “The business they’re in today may not be the business they’re in tomorrow.”
The cost of adapting and looking ahead also include costs and competition. How can small businesses remain agile in the face these challenges? Here are three easy things to add to your small business flexibility.
1. Look for a niche. Many small businesses are better at identifying market trends and can react faster to them. The U.S. Small Business Administration recommends conducting a market survey to discover untapped opportunities. You should look for areas that your competitors are not taking into consideration. It could be a feature in a product, or a tool that is targeted at a niche but passionate audience.
2. Technology that meets multiple needs. Small businesses might not have IT departments or receptionists. However, small businesses need technology that is cost-effective and has the same functionality as big businesses. Changes in the phone system to an easy-to-use AT&T Syn248 Deskset and Gateway system (smbtelephones.att.com/syn248) can trim expenses because it’s designed for start-ups and small-sized businesses. It’s easy to set-up and compatible with existing networks. It is easy to use and manage. The system is easy to expand for small businesses. Just add phones as required.
3. Foster communication. Asking around in the office can often lead to the best strategies. Talk with your employees every day about their hopes and dreams for the future. This will allow you to spot inefficiencies as well as new opportunities. This will help you not only find new ways to increase productivity and profitability, but also give your employees a greater sense of ownership in your small business.