Helping Small Businesses Compete With Major High Street Names - Can It Be Done?
Helping small businesses is good for everyone. It boosts the economy and gives both sellers and buyers more choice and diversity when they come to purchase items or services. However, it can be hard to break away from the major players in your market. What are some ways that it can be done?
One way to compete with the high street’s household names and understand how to be successful in business is to offer incentives. The larger stores don’t always do this as their brand is what brings people to their door. Therefore, a smaller business could offer discounts or loyalty cards in order to draw customers away from larger competitors. You could offer a free item with every sale over a certain amount, for example - anything that will entice wallet-conscious buyers through the door. But make sure that your bottom line won’t be affected by your generosity. Another way to compete that can provide help for small businesses is to offer a more personal service. This can be as simple as greeting customers, smiling and wishing them well. In larger stores where time is money, the service can be impersonal and customers are in and out quickly. In a smaller place, it is much easier to connect. Connecting with customer means that they are more likely to return and will tell others about you! Another bonus of being a small business is that you can take a chance with products and try out new things. Larger retailers often stick to what they know sells in order to keep their profits at a certain level. Small businesses have more flexibility and opportunity, which can make them a more interesting place to shop.
I-Thrive is an expert in the field of helping small businesses; when it comes to advice, training, expertise and experience. We are the people to come to – literally. Call us any time on 01223 967260 to discuss your business needs, or take a look at our website (https://www.i-thrive.co.uk/) for more information.