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Five Strategies for a Successful Small Business

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Identify and describe the five strategies that contribute to a successful small business? How does each strategy provide for successful results?

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Solution Summary

Five strategies for a successful small business are presented. An explanation for how each strategy pertains to small businesses is provided.

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1) Select a small target market.

Start small and build on it as you progress. You may think that you need to sell to a wide audience, but that is not necessarily true for a small business. It is difficult for a small business to sell to everyone. It is better for a small business to focus on a small target audience and be the biggest seller to that small audience. Expansion can occur later.

2) Develop customer relationships.

It is easier for a small business to know its customers well than it is for a large business to do the same. If you have a small target market, you will have fewer customers. Focus on them, talk to ...

Solution provided by:
J Pye, MSc
Education
  • MSc, California State Polytechnic University, Pomona
  • MBA, University of California, Riverside
  • BSc, California State Polytechnic University, Pomona
  • BSc, California State Polytechnic University, Pomona
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