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Small Business Success Tips In The Age Of Disruption (163 hits)

Article written by Frank Sorrentino https://www.forbes.com/sites/franksorrentino/2019/05/06/small-business-success-tips-in-the-age-of-disruption/#5cb643591b64

Small businesses donít get the credit they deserve. With National Small Business Week upon us, itís time to put the spotlight on what can help them succeed. Small businesses are a major driver of progress and innovation, accounting for 44 percent of U.S. economic activity. They are our neighbors Ė the baker, the builder, the banker, the stores that provide for our everyday needs and the startups that create solutions to drive our nation forward.

The challenges for small businesses, though, arenít getting any easier. Markets and consumer demands are changing fast. Big companies will always have more resources to try to copy or catch up to ideas. Iíve seen these challenges first-hand running a home-building business and then starting a regional bank.

Here are a few guiding principles Iíve used with my own businesses that can help other small businesses grow too:

Ask ďWhatís Next?Ē and Plan for ďWhat If!Ē: Weíre in an age of disruption, where whole industries are being transformed. Amazon is reshaping retail. Fintechs are altering the financial world. Donít count on the status quo to continue, because it wonít.

Embrace Your Own Disruption: Continually look for ways to expand your capabilities and improve your services. Donít be afraid to scrap a business model for a fresh approach. Use your size to your advantageÖbe agile.

Secure Your Future (and Your Clientsí Too): Cyber threats for small businesses are all too real and can drain your assets fast. Iím amazed at some small businesses that let their guards down and give away access to financial accounts. Protect your resources.

Stay Focused on Solving Client Issues: As your business grows, operations will get more complex. Resist the urge to get pulled into internal struggles and issues. Stay focused on serving the client. Their needs and demands will put you on the right path.

Put Data and Technology to Work for You: Every company, including small businesses, should think of themselves as a tech company. Leverage your data to gain insights on whatís working. Invest in technology that reduces friction in your business and benefits the client.

Find Partners that Share Your Vision and Value Your Business: Find partners that serve your needs too. Donít settle for sub-par service because youíre a small business. There are plenty of companies that want your business and can support your growth.

With all the changes taking place in the economy today, the future can be daunting, but there is an abundance of opportunities for small businesses in almost every field. Just look at banking Ė an industry thatís traditionally slow to adopt change is going through radical shifts forcing existing players to reinvent themselves as new competitors emerge each day.

Consumers are more open than ever to try something new, especially if you are providing the product or service in a better, faster or more convenient way. Seize this moment. Disruption opens spaces in the market for smaller players to enter and succeed.
Posted By: Kaitlyn McCluskey
Monday, May 6th 2019 at 11:57AM
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