Answer to Question #83427 in Microeconomics for Kawthar

Question

what are the recommendations that the small businesses needs?

Answer 1

Text Brief

It may be tedious to expand and sustain a small business due to the various challenges they face, especially from established brands. As such, it is vital for the small business owner to understand that time is very crucial for a small business; this is because spotting a market niche is critical in determining the sales that the business will need. In spite of this, the owner must be willing to sacrifice and dedicate his or her time to ensure that the store to pick up. Additionally, small businesses are flexible, which helps them adjust to changes in the market swiftly without enduring a vast number of loses. Therefore, it article identifies the necessary recommendations that a small business needs to adhere to, which will help them advance their sales and growth.

Recommendations that Small Businesses Need

Talking to the Clients

According to Fogelman (n.d), talking to the clients is a vital step in ensuring that business grows. It is essential to note that a business exists because of its clients. Hence, the business owner should know how to relate to his or her customers. This will enable the owner to identify the potential and current customers, which will give him a good idea on the current changes that he may make to improve the business.

Entrepreneurs Should Leverage Their Expertise

Moreover, the business owner should always leverage his or her expertise in their business. This is mostly applicable for those owners who are passionate about their business, which will push them to get more knowledge about managing their business successfully.

Entrepreneurs Must Deliver What Customers Want

Furthermore, a small business owner should always focus on giving his or her clients what they want. It is crucial to note that some businesses depend on the trend in the economy, and the owner must know when they rise so he may supply his customers with what they need. This will help the business expert to invest his resources in what may bring a return, which will determine the success and growth of the business.

Structuring the Vision of the Business

Besides, the entrepreneur should have a vision of their business; he or she should have set goals, which may help them achieve their vision. Therefore, for a small business to be successful, the entrepreneur must dedicate his time to the enterprise, which will improve his understanding of how to operate the business.

Embracing Technology

The entrepreneur should consider technology innovations, which may influence the growth of their business. However, some of the small business operators find it difficult to identify their technology that may be suitable for their business. Therefore, the entrepreneur should be able to structure a useful operating blueprint, which will connect the niches in the enterprise; this helps the business reorganize itself. In return, this will influence the growth of the business.