Ever played the old school boxing games on some of the earliest consoles? The typical thing you would see on screen is you as the little guy versus the enormous professional boxer that is trying to knock your head off. For so many small businesses, this is what it’s actually like in the world of competitive trade. It’s comical for those who aren’t involved but slaving away at your business, and knowing you don’t have the notoriety your larger mortal enemies do, is disheartening. Even with the modern-day technology that surrounds us, vying for the attention and loyalty of consumers is not a zero-sum game. For all the hard work you put in, you can get nothing back so why bother hey? A plague that has always rocked the small enterprise sector is the harsh truth of the fact that you look too small. Consumers will always search for the giants in a particular industry they want to buy a product from, then see what the alternatives are. If you don’t want to play second fiddle to the big boys anymore, it’s time to stop being the small mouse.
Think big, name big
In the beginning, just as you’ve come onto the scene as a small enterprise, it’s natural to want to stay humble. Calling your business is going to be one of the most vital decisions you make, as it’s your way of living rent-free in consumers’ minds. You would be making a mistake if you were to name your business while being overly humble. You’re a small business right now, but surely it’s not your aim to be that way forever? Don’t include a regional name such as ‘Texas Electrics’ or ‘Welsh Auto Repairs’ etc. Once you pin yourself to one part of the country, consumers will think of you as localized to that region and or area. The immediate thought is that if as a customer, you’re too far from that name place, you’re not likely to get a service or the product shipping is going to be costly. It’s a knee-jerk reaction, but it’s the sensible thing to do as if a company sounds like it’s too far, there’s more to go wrong from doing business with you in the customer’s point of view.
Virtually accessible from anywhere
Part of the tug or war smaller businesses plays with their larger contemporaries is trying not to give up territory. You hear and read about small companies selling out to their larger rivals in the news all the time. It’s unfortunate to admit, but the reason why this happens is that the massive beasts in the industries see the small and smart well-doing enterprises and cut them off at the knees before they can run. Sure it takes two to tango, but when they offer massive amounts of money to the owners with the promise of letting them remain as the skippers to run things, it’s hard to resist. Instead, you should be making a more significant effort to puff up your feathers and don’t look intimated. ‘Staying in your lane’ is what the multinationals want the businesses nipping at their heels to do. This translates into not expanding as far-reaching as they are.
Having a real address that is contactable nationwide makes you not only look more professional but supplies you with business in parts where you’re physically not present. A cheap office address for your business via a virtual service, means you have this power at your disposal. Any physical letters you receive will get forwarded to your email almost instantly. How could your contacts drop real documents into a mailbox that doesn’t exist you say? Well, the address may be accessible to you virtually, but its existence is real. The address is in a real commercial building in a professional suite with a PO Box number. Anyone can contact you from around the country and think of this address as your headquarters if you wish.
Inventory Cash Flow
Before determining which methods utilize in order to try and regain some cash flow from excess inventory, the business in question should first make sure to carry out an inventory consolidation. This is where the surplus stock is categorized into several different groups. After all, different products will regain more capital flow via different methods of selling. For example; year-end inventory may be more suited to a closeout deal strategy, whereas B stock inventory may be best suited being sold via using B2B surplus websites. If your business has gone bankrupt, you should also talk to the chapter 7 bankruptcy solicitors you are working with, as they may have their own recommendations about the right step you should take.