Low Cost Means of Enhancing Small Scale Businesses
Improving and expanding a business is very costly thus difficult for small scale entrepreneurs. However, there are cheaper ways to gradually enhance and grow the business that concentrate on improving sales. High sales result to higher profits which provide capital to slowly expand and diversify in future. Investing in customer care, provision of quality goods or services and by establishing appropriate marketing strategies are some of the ways of attracting more customers.
Wiklund, Patzelt & Shepherd (2009) suggests that small businesses ought to invest in suitable customer care. Customers are the greatest assets of every business hence ought to be treated carefully and gently, their complains and suggestions taken into account as that gives them the motivation to be frequent customers and even act as marketing agents for the business. Entrepreneurs should concentrate on building suitable relationships with their customers, understand their tastes and preferences and provide it for them.
Entrepreneurs are advised to make it their first priority to provide quality services or deal in high quality commodities from reputable producer. Research suggests that quality sells itself implying that customers are attracted to quality goods and services. Provision of quality services requires suitable skills, dedication, passion as well as creativity as described by Dobbs & Hamilton (2007).
Furthermore, Lea, Yu, Maguluru & Nichols (2005) does suggest that developing appropriate cheap marketing strategies is useful as marketing helps create awareness concerning the services or goods provided. Cheap marketing strategies include use of social media such as Facebook and Twitter.
In summary, success of a business regardless of size depends on the quality of commodities or services provided, appropriate marketing strategies and the mode of handling customers. All these aim at attracting more customers as they are the key assets in a business and are relevant to even small scale firms as they require minimal or no capital to accomplish. This is because, there are cheaper ways to create awareness like using social media, providing quality requires skills as well as dedication and building suitable customer relationship that requires no capital.
Dobbs, M., & Hamilton, R. T. (2007). Small business growth: recent evidence and new directions. International Journal of Entrepreneurial Behavior and Research. doi: 10. 1108/13552550710780885
The authors emphasizes on the essence of providing quality. Quality services are based on suitable skills, commitment and creativity, and necessary to deal in commodities from reputable producers.
Lea, B., Yu, W., Maguluru, N., & Nichols, M. (2005). Social Networks in the Technology Era: Roles of Digital Cites in Enhancing Business Networks.
The journal gives cheaper ways of marketing like the use of social media including Facebook and Twitter.
The journal advises entrepreneurs to treat customers kindly taking into consideration their taste and preferences arguing that customers are the key elements of success.