It’s always important for small businesses to come up with new ideas, not only to set themselves ahead of the competition but also to keep up with market trends. In fact, capitalising on your existing business can be the start of your next big project.
Back in 2010, we launched PharmaData, a software program that provides real-time tracking of medicine and sales data for pharmacies and pharmaceutical companies. As the business grew, we noticed an opportunity for a new service where consumers could have medication delivered to their door. So, eight years on, we launched pharmacy delivery app Tonic.
Here are a few of our tips on how your business can build on its success too.
Find the gap in your market
Finding opportunities in your industry can be challenging, but keeping a consumer focus is important. After all, they’ll determine your success or failure.
Listen to your clients’ needs, wants, challenges and frustrations with the industry, and find a gap. Analyse your competitors to know what others are or aren’t doing in your industry. What’s working and what is not?
Keeping up with industry trends and insights is a great way to find opportunities in the market for your product or service to shine. With Australia Post predicting one-in-10 items will be purchased online by 2020, small businesses need to adapt and have an online presence.
If possible, also try to offer a quality delivery service as research shows 85% of Australians expect their online goods to be delivered within three days and 83% expect retailers to have a same-day option.
One of the main reason small businesses fail is lack of proper training and strategic direction. There is a much larger risk associated with small businesses tackling completely new ventures.
Instead, know your weaknesses as a business, capitalise on your strengths and do the research to minimise potential risks. When considering new ideas for your business, think about how you can add value to your current status as well as long term.
Also, make sure to keep an eye out for opportunities to expand your business. Whether it’s re-investing in an already successful business model or diversifying your customer base, expanding your business can increase profits and competitive advantage.
With many businesses competing for the same customer loyalty, fostering and maintaining relationships with your current customers is another key to success. There’s always an opportunity for better customer service efforts, so communicate with your customers and ask them what they like and don’t like about your service or product. Knowing how to add value to your customers and their overall experience will keep them coming back.
Take advantage of being a small business
Although being a small business can come with risks during the set-up process, there are many advantages. There’s more opportunity to be flexible in the market to meet shifting consumer demands, along with the ability to respond quickly to market changes.
Partnering with other businesses is also an effective way to increase your market value and reach a wider, more diverse audience. With 2.1 million small businesses currently operating in Australia, a joint business venture might be an option to consider.
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