In today’s economic climate, many small businesses in the independent retail sector need help to maintain their essence while navigating cost-of-living crises and reduced consumer spending. As the founder of The Natural Bedding Company, over my 40-year career, I have witnessed firsthand the challenges small businesses face, particularly during economic uncertainty and reduced consumer spending.
I understand the importance of sustainable growth while retaining independence, especially in the face of limited budget and manpower resources. From my experience growing a small, family-run business, I believe that these are key strategies that small businesses can implement to achieve sustainable growth without compromising their independence.
Seek external advice
Wherever possible and affordable, I always recommend getting external advice if your business is struggling. A pitfall of small businesses can be that they are too focused on what they do that they forget to look at competitors or their market in general, which can impact innovation and decision-making. Advice doesn’t always have to involve hiring expensive professionals; it can also involve reading trade magazines, blogs, and industry-related podcasts.
Invest in marketing and PR…
Remember to invest in marketing and PR – even when budgets are tight. During times of slow growth for the business, we have upped our spending on marketing and PR, which has paid off for us. You want to keep your brand at the forefront of consumers’ minds so that you are the first choice when they are ready to spend again. You don’t have to hire an expensive agency, but you should keep abreast of the trends and competitors’ actions. These are two areas that change constantly, and what worked before may not work now, so you need to keep in touch with how consumers respond to marketing.
…But be smart about your collaborations
We have found partnering with suitable media – be it social creators, smaller niche publications, experts, or people with a passion for what we do and a strong, well-educated opinion (bloggers) has delivered us significant growth in areas we usually would not have reached. However, the value exchange had to be correct, so always keep an open mind when negotiating this. It can be a calculated risk and sometimes hit and miss, but the financial strain is minimised if it comes down to contra product.
Think outside the box when recruiting
Over the years, I’ve been fortunate to have many university students work with us and have found it immensely beneficial. They come from all disciplines: architecture, Engineering, Arts, and Physics. Having started my business 40 years ago, having our legacy team and fresh, young thinking means we can blend our traditions and core operating structure while always keeping an eye on the future.
Team communication is vital
In small businesses, we often have limited staff and resources, so we tend to get on with things. This means and sometimes misses vital opportunities to update or educate the team on the latest developments. Communicating wins is essential, but we also like to communicate challenges; businesses with small, loyal teams should not be afraid to do this. Often, team members will get a sense that something may not be correct, and keeping them in the dark can be detrimental to their confidence and job satisfaction. I have always discussed challenges (usually once I have worked out the pathway to the solution) to assure the team that we will be fine and that it will all work out. And to date, it has!
While the current economic climate presents challenges for small businesses, it also offers opportunities for growth and innovation. By implementing these strategies and staying true to their values, small businesses can achieve sustainable development while retaining their independence and essence in the marketplace.
