Top 10 Ways Entrepreneur's Can Grow Their Small Business
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What Small Business Represents
Small business represents the backbone of the American economy. Fueled by innovation and unrivaled in its potential for creating new jobs, over half of America’s workforce are employed by small businesses, contributing an average 45% to the annual total gross domestic product.
Communities and local economies rely on small business for the revenue they create. They look to small businesses for the products & services, and the innovative ideas they bring into the market. America’s economy depends upon the success of entrepreneurs, as their contribution is paramount to keeping unemployment low and sustaining our economy through recession.
Small businesses are an indispensable asset to the community, with two-thirds of its earned revenues funneled back into local economies. The products, services and technologies produced by American small businesses represent the third-largest economy in the world.
America's small businesses represent ingenuity, and a strong work ethic that wills itself to succeed. That same success is measured through the unique products they provide, having a creative marketing strategy, demonstrating excellent customer service or a combination of all three. The competitive advantage small businesses create for themselves is what stimulates growth and drives the America economy.
To grow your small business, you need to have a competitive advantage, whether its a product or service, creating demand through a creative marketing strategy, or through competent leadership and productive employees who work hard to accomplish your company’s strategic goals, growth is the result of success.
The top ten methods most commonly used among entrepreneurs to stimulate growth are the following:
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The Importance of Small Business
Does Small Business Fuel The American Economy
Top 10 Ways Entrepreneurs Can Grow Their Business
- Build a strong reputation by establishing trust and credibility with your customers.
- Gain a competitive advantage by offering a product or service that is unique. Differentiate your business from other competitors in your industry.
- Build relationships by connecting with your customers. Engage in conversation and earn their trust.
- Create an original brand. The company logo should attract interest by being memorable to customers. Make sure it's recognizable and it represents your business and what the business does.
- Be a self-promoter of your business and industry by getting involved in community activities, fundraisers or charities. These present great opportunities to build relationships and extend appreciation for the loyalty customers have shown to your business.
- Create new partnerships with other businesses. By sharing your resources, it opens up new opportunities for both companies while producing cost effective results.
- Have an effective marketing plan with distinct objectives that move your business towards long-term strategic goals.
- Have a competitive pricing strategy. Making sure your prices are set right, according to your customer base. This makes a huge difference in inventory turnaround and profits.
- Hire great employees. Hiring employees is definitely an investment, but hiring the wrong employees will cost you more money in the long run.
- Reinvest in your business. Launching new products through development and innovation can attract new customers while opening doors to expanding markets. Just because your a small business doesn't mean you can sell out of your market.
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Contribution to Economic Growth
There are 28 million small businesses in the United States, driving the U.S. economy and creating opportunities for determined entrepreneurs willing to dedicate themselves to hard work and the will to succeed. Small businesses account for 70 percent of all employers in the U.S., employing over 56 million people in the United States. With capitalism alive and well, growth is the key to ensuring it outlives us all.