Thinking of giving up on your small business due to financial stress? Don’t give up hope, resilience is the key to a successful business and you are not alone in your struggle. In fact, a whopping 2 Million Australian entrepreneurs are still standing strong with their small business despite the tough competition in the market. Like you on countless times, the majority of Australian entrepreneurs are experiencing hardships in maintaining their businesses and most of them are not sure whether their business will survive or fail in the near future. It may be an unpromising future to some and most people will tend to find another source of income but to the mindset of the businessman, it’s all or nothing. They’ll do anything for their business to stay afloat. That’s what separates them from the rest and the difference between failure and success – resilience.
Running a Small Business with Resilience
Your ability to remain strong and steadfast after bad things happen to you defines how resilient you are. In the context of running a small business you must not only survive but also thrive in the open market. Remaining strong in the market gives you an edge over competitors. How would you do it? By giving importance to one thing that either makes or breaks your business: your customers.
Customer satisfaction is what brings in customers and customers bring profit. It’s the heart that pumps blood in order for the whole system to work. Big or small, without customers you have no business. It is important that all of your actions are in line with the improvement of customer service. There are many ways to reach out to your customers. The good old personal customer relation was important back in the old days and it is important today as well. Just ask the 85 percent of Australians with small businesses who have made it through tough times, it is their ace card when it comes to competing with big time businesses.
Technological advancement such as the Internet provides an easy and free platform for any small business to advertise. In fact 42 percent of small business owners concede to the power of social media and many of them are now connected to the online market which sustains them. There have been several studies that show that technology is an area where small businesses are becoming increasingly proactive. It’s easy, it’s free and allows you to be resilient during tough times; that’s social media for you.
The only thing needed for your business to fail is for you to give up. When you get pushed off track by financial stress, get a loan. When there are few customers in your area, use the internet to get more customers outside of your area. There will always be a way to rebound after tough times.