What Makes a Small Business So Successful?

small business

The number of small businesses in America is estimated to be 33.2 million and they are credited with creating the majority of new jobs. But what makes them so successful? It’s a tricky question to answer since small business vary so much in size and capacity for growth. However, some common factors can be categorized into a framework that increases our understanding of how these businesses are able to flourish.

There is no doubt that running a small business is challenging. It is a long-term investment, with a high probability that you won’t be able to make a profit at first. The key is to be resilient and keep trying. It’s important to remember that the path to success can be a long one, and the best way to achieve your goals is to remain true to your unique vision. It is also a good idea to be flexible and take advantage of opportunities that come your way. Independent bookstore Parnassus Books has been open for 10 years, and co-owner Karen Hayes credits their longevity to embracing change. For example, during the coronavirus pandemic of 2020, when curbside pickup for orders didn’t feel safe, they opted to move their business online and restructured their operations.

Another factor that contributes to the success of a small business is having an effective communication system. This involves openly discussing goals, challenges and issues. It also means listening to the customer feedback, which can be a valuable tool to help improve and refine the products or services that you offer.

Additionally, it’s important to invest in technology to enhance the productivity of your business. This could include a CRM software solution, which will help to track customer interactions and generate reports to analyze the data. This will help you to identify your customers’ needs and preferences and provide them with an exceptional customer service experience.

Finally, a well-detailed and lucrative website will allow you to get noticed by your potential customers. This can increase the conversion rate of your website and boost your sales. Additionally, a website that is optimized for mobile devices can be an excellent way to increase your brand awareness and generate more leads.

Small business owners face a lot of obstacles, from economic impacts of the COVID-19 pandemic to worker shortages and logistical headaches. But they are often able to overcome these challenges with resilience and a strong support network, which can make all the difference for your business. Kiley Peters, founder and CEO of Brainchild, a content strategy company that embraces values like feminism and curiosity, says she was able to build an internationally recognized business by focusing on the “sweet spot” where her professional skills and her passion for what she does intersect. She advises other small business owners to do the same.