Tuesday, 25 June 2013

How Small Businesses can Recover, Grow and Succeed

Small businesses have had their own share of the recent economic crisis that rock the world. While many have absorbed the shook and moved on, others are still struggling with the effects of the recession.

Recently, D&B an organisation that provides insights and actionable information to support small business growth offered some tips on how small businesses can recover, grow and succeed during challenges. These principles include

  1. Make use of data: The big businesses are not the only ones who need data to make decisions, small businesses should also take advantage of it to improve on their business decisions.
  2. Be transparent with your business: Small businesses that share information on themselves are more likely to get access to capita.
  3. Get personal with your customers: Small businesses stand a chance of developing a one-on-one relationship with their customers more than big businesses. Make use of all the channels possible to keep the interaction going on with them.
  4. Don't be restricted: Explore new markets, seek for new opportunities, and develop new strategies.
  5. Make resilience the norm: Adaptive and agile small businesses are responsive and ready for change 

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