In today’s economy it might seem challenging to keep a small business competitive. With more and more big box stores, there’s no denying it’s tough to think small. Here are some ways that you can keep your small business competitive.
Love Local
If you have a brick and mortar storefront, take advantage of that. There’s a big push to shop local. People want to support small businesses. Many folks who are proud of their city will choose a local business over a big box competitor.
You just have to make sure this is as advantageous as possible for your consumer. Your prices may need to be slightly higher, but make sure they are competitive. Likewise, make sure items offered in your store are unique and have local flair. If you can, be sustainable, buy local materials and support your local community with what you’re selling.
Create Local Partnerships
Similarly, it’s important to create local partnerships. The more involved you get in your community, the more likely they’ll be to support you in return. Be a part of local business bureaus, support community efforts and show up for nonprofit events.
It’s easy to find local activities to involve your business in. Is there something that relates to your business happening in your community? Make sure you’re a part of it! For instance, if you’re an athletic shoe and apparel store, be sure to have a booth at local 5K races. You can also form a running club through your organization, which will regularly bring local runners to your store and get them excited about your brand. Building customer loyalty around a shared sense of community will do your business a world of good.
Be Passionate
Building community is one way to build business. Having passion for your local business community and city is another. This includes going to the ballot box, talking to your local officials and being a local chamber of commerce member. Suzanne Clark, the U.S. Chamber of Commerce CEO, “Businesses are key stakeholders in American democracy. It’s important for businesses to succeed and fight for policies that support economic growth.
It’s important to understand policies that affect your business, on a local, state and national level. Then, do what you can to influence these matters, whether it’s voting or going to a town hall meeting. Don’t be afraid to speak at city council meetings or join local business bureaus either!
Support Your Employees
Like trying to have an influence on external factors, it’s also important to influence internal factors. This means supporting your employees. With so many employee shortages, it’s more important than ever to support and retain good people.
This can be done in many ways. Though offering a livable and competitive wage is important, there are other ways you can keep staff satisfied. Be open and transparent about business matters as much as you can.
It’s also important to offer healthcare, paid time off and other benefits. Can you offer training plans or educational benefits? Offer paid parental leave and sick time benefits.
Creating a culture that employees want to be a part of goes further than benefits and pay. It’s how you handle stress in your workplace and making sure employees have a good work-life balance. Have fun while at work and make sure time off is actually time off.
Take it Online
Finally, even if your focus is in-person sales, it can be extremely beneficial to create an online presence. Allowing the local community to shop online provides you an advantage that’s similar to what large competitors offer. You’re expanding your customer base at the same time that you’re making shopping more convenient.
Many people shop while in bed late at night or on a whim when they remember they need something. Having an online presence makes it easy for you to meet these whims. This will keep you from losing these sales to competitors.
There are so many ways to keep your local business competitive. Invest in your community and they’ll invest in you.