Image by S. Hermann & F. Richter from Pixabay
It’s not uncommon to hear from a range of sources about the importance of small businesses to any economy. Given that this is the case, it is surprising how difficult it can be to actually get the help a small business needs at times of real challenge. At one time or another, every business started out small. Those that grew large may have done so through hard work, luck or some combination of the two, but there’s no denying that their sheer size can make it harder for a smaller business to flourish.
If you are looking to make a go of it in the business world, the above may sound discouraging, but it shouldn’t. Your small business can survive as a smaller concern, or grow larger, even in a world of conglomerates and corporate mergers. You can help it do so, as long as you know what to look out for.
Surviving a public health crisis
There is no denying that the Coronavirus has made it harder for businesses to succeed; workers are less likely to want to commute to and work at a workplace, while customers are less likely to spend money. Add to this the fact that federal relief programmes have in some cases missed out the businesses most in need, and it’s a troubling time.
There can be no guarantees about small business survival in such a tough era, but some ways to improve your chances include:
Applying for business relief grants and loans being provided by philanthropic providers
Asking for advance payment from bigger businesses and public bodies that use your services
If possible, seek ways to defer rent and bank loan payments.
Surviving predatory practices from bigger companies
One of the toughest aspects of being a small business is that if you do something successful, you stand a real chance of seeing your efforts replicated by bigger businesses. These businesses have bigger ad budgets and access to more cost-efficient production methods, and can end up pricing you out of making your own items. Protecting your intellectual property by speaking to firms like Tully Rinckey is essential in this situation. Smaller businesses should not be treated as minnows for the big fish to feed on.
Surviving the loss of a key employee
Everyone has their own career path, and someone who achieves a lot while working for a small business has every right to move on to bigger things. It’s also a sign that you’re doing well when, unfortunately, one of your key employees gets headhunted. What is vital in this case is to let them go with good grace, and highlight the opportunities that can come to someone who puts in hard work at your company.
It is also well worth upskilling members of staff by having them shadow your best workers - so that the senior member of staff gains experience of passing on their knowledge, and you can have a ready-made replacement for the position when they move on.
Small businesses have a lot of challenges to survive in a competitive field, but if you master the examples above then you can not only survive, but thrive and grow.