11 Jun Growing Local Business to Lighten Up Poverty Rates: Our 4 helpful Keys to Do It
Local business are those group who provide goods and services for the local populations to enjoy, provided by a local to serve the locals. If you happened to live in Sweden, you got IKEA who provide you high quality furniture to live up your home, if you happened to live in France, you got Louis Vuitton to step up your fashion game, and if you happened to live in Indonesia, you got Indofood to provide you a wide range of sustenance. It’s almost feels like that these businesses are a country’s representative, an image of a country.
However, thoese local businesses mentioned above has deemed very successful as their products reached customers beyond the local borders, we’re no longer needed to fly to Sweden to obtain Skandinavian furniture, the company is so successful they can expand internationally. This article talks about small local businesses that operates only to the local populations, and that’s okay. In fact, growing local business might be the answer to alleviate poverty.
Then again, it’s not wrong to have blue-collar job or another white-collar job that’s unrelated to business for a living, it’s perfectly fine. It’s just that in terms of poverty alleviations, business might be the best option to do so, it can help improve capital flows and create new jobs. Every business has to start somewhere small, so these are the suggested keys to develop local business growth.
1. Know Yourself and Your Business
The very first and important key to grow local business is to know exactly what your business are. What is the purpose of your business, what do you serve to the local populations, what are the strengths that made your business stands out, and what are the weakness that your business had to cover.
Speaking of purpose, you need to set goals and objective for your business. These goals will become your compass, guiding you to move forward with your small business, with a specific goal you will made specific plan. Know your staffs as well, they’re the gears that keeps your business running, make them feel motivated to work for you.
Talented and motivated staff members can bring on big impacts in business, listen to their input insights and learn from it. Lastly, you need to know your limitations, this is important to prevent reckless decisions. By knowing your limitations, you can carefully manage and deploy resources and spot your weaknesses. If you’re lacking on something, hire someone who’s good at things you’re lacking.
2. Build an Online Presence
Almost everything is done online these days, including doing business. Online presence will help you a lot to gain customers and exposure. You can first start from listing your business to Google, this way your basic information about your business is exposed to all internet users, and that’s good, people will know you’re open for business. Customers can also wrote reviews about you on google, so make sure everything is presentable.
Give social media a try as many platforms as possible, let them know if you’re open for business. Give it all a try, Facebook, Twitter, Instagram, YouTube, and if god forbids, LinkedIn (only use this one if your company provides services). engage with your followers on a daily basis, they are your soon-to-be customers.
You have all the social media accounts ready? Then start blogging, publish fresh content on a regular so your followers know how your business is doing, random internet users might become your customer when browsing online.
3. Make the Most Out of Everything for Promotion
This is what we call marketing, to promote your business to the customers and the wide market. Seek out low-budget, high-impact marketing strategies to improve your small business, social media for example. So your social media accounts are all ready, use them as a tool of promotion, it is low-cost and low-risk way to promote your business. Perhaps if you prefer old-school method then you may do it by mouth-to-mouth conversations, radio promotions, print ads, and direct mailing. Althought considering point No.2, it won’t be as effective.
You can take your social media strategy further by hiring a local influencers, they are people who has a wide social media network and willing to promote your product / services (as long as they got paid of course). Pay them, let them endorse your business and they will help you to reach wider audience, a good investment for customer search.
You can also check out: Alarming Facts of Poverty in Indonesia and The Plans Forward
4. Know Your Customer
When your business is all polished, it’s time for you to learn about your customer. Life is dynamic, events and changes happen constantly and it could effect your business, so try to monitor trends outside. Stay alerted to trends and issues happening in your industry and local community, and use it into your advantage. Sometimes, even things that doesn’t seem relevant to your business might have an impact on what you do, so keep an eye out.
People said “customer is king”, it means that you had to treat and service your customers with dedications. Reward their loyalty to your service by giving them discounts, customers loves them. If you’re afraid of losing profits, just raise the base price and then give the discount on that new price. Customers loyalty can also be rewarded by giving special offers, you know what I mean.
For more detailed tips, you can visit: How to Promote Your Local Business with These 15 Marketing Strategies, Quicksprout, August 27th, 2018