How To Keep Your Small Business Relevant in a Changing Economy

Small business relevancy

These days, it’s hard to keep your company relevant.  Technology moves at such a fast pace that the business world is evolving much more rapidly than it used to.  Trying to keep up can be difficult, especially if you have a business that has been around for more than twenty years.  Rather than just throwing in the towel and leaving the market to younger companies, fight back.  Utilizing the power of social media, diversifying your offerings, and cutting your losses, are all ways you can reinvent your business.

Social Media

The way that people communicate today is remarkably different than it used to be, and trends are constantly shifting.  Google has replaced Yahoo, which replaced the phone book for many people.  Facebook has replaced Myspace as the top-rated social networking site.  It can be difficult to determine what the next big thing will be, but it’s never hard to establish what’s hot right now.  Establishing a presence online is straightforward, just put yourself out there on Facebook, Linkedin, and Twitter.

By setting up social media sites for your business, you will become more accessible to a whole new generation of potential customers.  Link these platforms to your own website, and make sure you are updating them at least once a week.  Taking some time aside from your business to do this will significantly pay off in the long run.

Diversify

Sometimes the problem with small businesses is that their product or service is not in constant demand.  Even the number one rated watch repair service in the area only drums up so much business, because it isn’t something people require daily.  By exploring different options for what you offer through your business, you can open yourself up to new clientele.  Start by exploring what other organizations similar to your own are offering that you don’t currently include.  If it’s something you are capable of providing to the customers, consider adding it to your business.  New product development or an expansion of your service offerings may be the way to go if you are a niche business looking to expand.

Cut your Losses

This step might seem like it should go first, but for any business that has been in existence for a good length of time, it’s difficult.  Letting go of the past in favor of future business isn’t easy.  Even as you hope for higher sales, the familiarity of the past business model, and the time invested in it are weighing on your mind.  By slowly integrating new business techniques into your business, it becomes easier to let go of the old.

Begin by renovating your office.  Talk to a professional about computer advice, and find out how many items in your building are redundant.  You’ll be amazed at how much a computer can accomplish for your industry.  By eliminating items such as file cabinets, calculators, and notepads, you will be better organized and prepared to handle all the new business that you are about to encounter.

No matter how difficult it may seem at first, you can keep your company relevant in these changing times.  All it takes is some research and some technology.

About Tim McHugh

Tim McHugh is a business consultant with over 35 years of experence in the industry.