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Tuesday, April 03, 2012

5 Mistakes Small Businesses Make...

We all know how tough it is to be a small business these days. Although the economy is tough many small communities have come together to support local shopping efforts. The government even gives special loans and incentives to people interested in starting a small business. According to only 51 percent of start-up businesses will make it to the 5 year mark.

Don't let your small business fail! Keep up with industry wide trends, try new advertising techniques and keep a bond with your customers. Small businesses can be a great thing for a community. Set an example for other small business owners in the community and encourage residents to shop local and support shop owners. Also, avoid these 5 pitfalls:

1. Spending too much or too little money- Consult with a financial advisor who can help you budget, figure out overhead costs and payroll and keep spending on track.

2. Ignoring the internet or social media- Social media is free! It's also a great way to advertise, reach niche audiences and have a personal conversations with customers. Take a workshop on social media or ask a friend to help you learn the ropes. You'll be amazed at the power of 'word of mouth' advertising on these sites!

3. Know your competitors- Are you a one of a kind company or is your market saturated with competitors? Make sure you do your research and find out ways to make your business more unique than that of the competitor. 

4. Marketing strategy- Create a marketing strategy and don't wear it out too fast. Who is your target audience? Decide what your best advertising avenue is-newspapers, online, social media, radio, billboards, etc. If you have a big enough budget you may even want to consider hiring an outside firm to handle your advertising needs. 

5. Forgetting the customer- The customer always comes first! Sell products to the consumer. Thank repeat customer's and encourage new ones to return with discounts, incentives or maybe even a promotional product!

Let 4AllPromos know what your budget is and help us help you survive in this dog-eat-dog market. We cater to small businesses with a host of affordable and practical promotional products including tote bags, sticky notes, pens, earth-friendly products, apparel and more! 

1 comment:

M said...

These are really great, especially number 1. Cash flow is the biggest problem for our customers!