Small businesses are set up with a goal and vision of experiencing growth and expansion. Usually, it is expected that the template for the realization of these objectives is subsumed in a business plan. Such a plan for the small business embodies its short, medium and long term goals, as well as projections and figures regarding profitability and revenue earnings.
Small businesses will require time, perseverance as well as other enduring inputs to build a valuable brand and an effective economic structure. One of the means by which a small business can navigate the teething phase of business start-ups, is by forming and maintaining certain connections that can serve as a leverage/pivot in the operations of the small business.
These connections go beyond having enough capital/funding for the small business. It is critically about taking advantage of other essential factors in business dynamics that give the small business the necessary mileage, clout and wherewithal to identify opportunities, create and retain relationships and to add value. These key connections are as follows:
- Partner with Other Businesses within the Vicinity
It has been established that a majority of your potential customers are likely doing business with some other venture down the street or within a given mile radius. These potential customers are likely to come across your adverts in the papers, pamphlets or on some social media site.
It is imperative that for small business success, the entrepreneur takes the proactive step of introducing its products/services to other businesses, in order to get referrals and also connect with the clients of the other business venture, who might be in need of the small business’ services.
A key action step in this regard for the small business could entail coming up with a plan to meet with one new business every week or month. The small business can introduce its services and also get to know more about the operations of the other business. It is however important to take a genuine interest in the activities of the other business, which will then be reciprocated.
- Seek People/Customer Recommendation
Another key business connection for the small business is to actively solicit for people/customers recommending their business to other potential customers. An analysis of global business trends shows that sales of the average business is boosted by over 67 percent, when satisfied customers speak highly of their experiences of a particular business or service.
One way to go about getting customers to recommend one’s small business to is carry out effective engagement activities, whereby the customer/other businesses are well informed about the offerings of the small business as well as other vital information on the business set-up.
- Foster relationships with Suppliers
This point is targeted at businesses that offer goods/products for sale. It makes economic sense for such businesses to seek to deepen the understanding with suppliers of the raw materials/inputs that the business needs to operate.
Suppliers are in a position to offer generous discounts and rebates for such raw items, which will impact positively on the financial bottom line. In the same vein, the small business can also seek connections with new suppliers, in order to broaden available choices.
- Connecting with Employees
The small business that aims to achieve success must do so with members of staff that are tuned in to the goals, vision and aspirations of the small business. Apart from capital, employees make up another important component of the small business.
Employees are often the first point of contact the business makes with the customer-be it physical or online. Therefore, possessing staff who are thoroughly knowledgeable about the business; who view the business as a team effort to which they are committed; and who can clearly communicate with and interpret the needs and demands of the customer, will in no small measure help the small business achieve success.
- Forming Connections with Industry Leaders
Every small business does not necessarily have to reinvent the box. It could be that there are already big time players in your target market/niche. These are industry leaders that have scaled their operations and are enjoying tremendous success in that particular business sector.
The small business must endeavor to seek insight and advice from these companies. The small business can seek connections with these larger concerns via network meetings, conferences, trainings as well as workshops.
These meetings will offer the small business the opportunity to ask questions about best practices and receive tips on how best to grow in that specific business sector.
- Connections with the Community
The small business concern can achieve great success when it seeks connections with its host community. This connection, which can also be termed Corporate Social Responsibility, will help the small business attune to the workings of the environment it finds itself.
It is needless to mention that the immediate vicinity for the small business will serve as the base for its primary customers, hence the small business will do well to reach out to the community with promotions, gestures and other such activities, that will foster greater understanding and harmony between the small business and her hosts.
Abe Oluwasegun is a small business consultant. He blogs at Practical Business Ideas (http://www.practicalbusinessideas.com). You can mail him at catfishnigeria@gmail.com or follow him on Twitter here: @Agrodynamix