5 Forgotten Keys Small Business Can Use

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Small Business Can Use These 5 Forgotten Keys

Big business has a reputation that they play by a different set of rules (and they do), and that as the big dog they can pretty much do whatever they like when dealing with smaller businesses. There is truth in that, but there is also a number of areas where your small business can learn (and profit) from the same strategies that big business employs. Here are 5 forgotten and often overlooked keys that can help grow your business.

5 forgotten keys

It isn’t necessary to use all of the 5 forgotten keys, even the implementation of one or two, can be enough to really impact your business. After all, the more you know about big business and how it operates, the easier it will be for you to carve out your niche and become the ‘big business’ in what you do. You may not be able to build a ‘Target’, but you may be able to do what a good friend of mine is and create a small business out of designing the Tablet-EX-Gear Chest Pack for hikers, skiers, out door workers, inspectors, etc. He is a great example of the first of the 5 forgotten keys to big business.

What Are The 5 Forgotten Keys?

1. Market Segmentation (Niche Marketing)

tablet protection pack

What our friend Brian has done is discovered a want or a need in his own life, and looked around for a solution. Having found none, he developed an answer for his own problem. Then being the clever fellow that he is, he began to make these for family and friends. His home-grown test market if you will. The key is to focus on one part of a market. He doesn’t try to imitate the big players or to make a case for every tech product out there, he focused on tablets.

2. Checklists

I can almost hear the groans from here. Everyone knows that checklists are for dummies right? Sure they are. That’s why Google and Microsoft and Apple and Samsung all have them isn’t it? Because they are dummies? No. It’s because they know that today’s world is complex, and that it is easy to forget a simple step or confuse the order of a series of steps that can result in production and profit losses. If your business doesn’t have time for checklists, your operating margin is too thin for profits. Face it, you are going to employ people that won’t know as much as you and who will benefit immensely from having a simple easy to follow system. 5 forgotten keys

3. Become Your Niche Leader

This isn’t as hard as it suggests. If you cannot find a way to become the industry leader in your field, you are either in the wrong field or your field is too broad and you have to narrow your focus. If you produce cleaning products you have a huge amount of competition, but if you narrow your focus to electronic cleaning products you are getting closer to where you need to be. Maybe you need to step it down to simply making screen cleaning products, or perhaps even smaller yet, environmentally friendly organic cleaning products. Now you have a market niche that is so targeted you don’t have a lot of competition so it is easier to be the world leader.

4. Use Acquisitions and Mergers

When you don’t have time to grow your business, buying a competitor or combining with one can be a good strategicacquisitions move that isn’t just reserved for big businesses. Pay close attention to your competitors. Everyone has a selling price and a selling date. If you know as much about your competitors as you should, you will know how close they are (or aren’t) to being in a position to sell. Do your home work before undertaking any acquisitions and use a checklist. Know what you are looking for and what you want in a business partner, or in a purchase, before you enter into any deals.

5. Use Leverage

Making a strategic alliance with a business partner that is much larger can be a wise thing to do. If you have a product but no manufacturing or distribution capabilities, partnering up with a business that does can have enormous benefits. Just as with an acquisition, use a checklist to make sure that the business that you are wanting to use to leverage your market position fits your requirements. This is the riskiest of the 5 forgotten keys because you are putting enormous faith and trust in the business that you are going to use. Very careful research and assessment is needed. Do not rush into deals, ever. Speed kills. 5 forgotten keys

Which Of The 5 Forgotten Keys Works For You?

Using these 5 forgotten keys won’t guarantee success in business, but it will increase your odds. Which of these do you already employ in your business and which of them might be right for you? Personally, I think it’s time to create some checklists.

Till Next Time

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Sigrid McNab

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About Sigrid McNab

Sigrid McNab is the author of #1 Amazon Best Seller, speaker and the CEO and Founder of sigridmcnab.com. Sigrid specializes in blogging, attraction marketing, and generating highly qualified leads. Sigrid teaches people how to build a successful online business.

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12 Responses to “5 Forgotten Keys Small Business Can Use”

  1. Nate Leung Says:

    Leveraging really hits it home for me. If where possible, delegate tasks and leverage yourself by doing so. This way you can focus more on the more pressing tasks that need to be completed.
    Nate Leung recently posted…How To Keep MLM Retention in your DownlineMy Profile

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    Sigrid McNab Reply:

    Absolutely Nate!
    Sigrid McNab recently posted…11 Surprising Reasons That Your Internet Business Will FailMy Profile

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  2. Etieno Etuk Says:

    Creating checklists makes life a lot simpler. It takes away the pressure of having to remember everything and allows you to focus your energy on other important things that make your business continue to run.

    Thanks for sharing, Sigrid!
    Etieno Etuk recently posted…How To Recruit Leaders Into Your Network Marketing BusinessMy Profile

    [Reply]

    Sigrid McNab Reply:

    It sure does Etieno!

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  3. Ryan Biddulph Says:

    I love 5 Sigrid because I am all about leveraging. We join tribes to do this, to partner with folks to benefit the whole. Thanks!
    Ryan Biddulph recently posted…How Can You Connect Better with Blogging Buddies?My Profile

    [Reply]

    Sigrid McNab Reply:

    I totally agree Ryan. Good point!
    Sigrid McNab recently posted…11 Surprising Reasons That Your Internet Business Will FailMy Profile

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  4. sherman smith Says:

    Hey Sigrid, I have to agree with Nate and Ryan. Leverage really sticks out to me and have benefit from using it a lot.
    sherman smith recently posted…Are You Mixing Opinions For Facts?My Profile

    [Reply]

    Sigrid McNab Reply:

    Sherman, there is no argument that it is a very powerful tool. And one that is all too frequently overlooked.

    [Reply]

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  5. Linda O'Rourke Says:

    Some great tips there Sigrid thank you.
    Linda O’Rourke recently posted…43 Ways To Master How To Build A Blog And Promote It Without Breaking A SweatMy Profile

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    Sigrid McNab Reply:

    You are so welcome Linda!

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  6. Martin Says:

    Hi Sigrid,
    I’m in the process of thinking through narrowing up my niche. It’s a hard thing to do when a business is just starting because they may not know exactly who they are and what niche they should focus on.

    However, without a doubt it is by far the best thing to do.

    So, point number 1, is #1 for me.

    thanks,
    -Martin
    Martin recently posted…How to Take Advantage of Instagram at Your BusinessMy Profile

    [Reply]

    Sigrid McNab Reply:

    Martin, it is #1 for me as well :)

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