5 Small Business Management Tips From Big Business
If you are starting a new small business, or have one you are building, you may spend a lot of time trying to find the “secret” of success. There is no end of advice to be found on the internet, much of it inaccurate or even utterly useless. When you want a guide, it is best to look at what has worked for others who have built a small business into a big one. There are five good tips from big business that you might try in your own small business.
Organise With Lists
Planning is the key to growth. A surprisingly simple technique that many in big businesses use is that they create lists. While theirs are often massive, flowcharted monstrosities, you can get the same result with something much simpler. These lists will allow you to prioritise what needs to be done on a daily, monthly and yearly basis.
Avoid Excessive Inventory
It has become a popular business approach in recent years to adopt the “Just in Time” or JIT method. With JIT, a business keeps on hand only those items that it needs at that time, ordering supplies and parts regularly as they are required. This approach demands good organisation and a solid understanding of what the daily needs of the business are, but it can provide significant savings in overhead expenses.
Choose Your Segment
Even for a very big business, there are usually several in the same industry that are bigger. Instead of fighting the giant directly, many big businesses will choose to carve off their own particular segment of the market. You can use this approach as well. For example, if you have a bookstore, and there are larger ones in the area, you can focus your attention on a particular age group, such as teens and children.
The Value of Partnerships
While most small business owners are individualists who want to make their own way, it is a fact that big businesses do not hesitate to use partnerships of various types to grow their business. A small bakery that would like to expand to selling in stores may not have the capacity or equipment to produce that volume. By partnering with a factory that does, the owners can grow their business much more quickly.
Use Social Media
If giant corporations see the value of using the ever-growing social media networks, there is no reason why you should not take advantage of it too. Creating business pages on social networking sites can get your product in front of millions of potential customers. Hold special live events related to your products or services. Then promote these events via the web with direct online interaction with visitors.