Using Technological Innovation to Mitigate Issues of Small Businesses

Imagine this, you’re a business just starting out. You have a solid product that’s evolved over time to which you have developed a key niche in the market. You spent countless hours working on your storefront and developing a professional environment. Your product line is ready for sale and you told all your friends and family about your new store. You open up the door and by the end of the day… you had five people come in. Reason being is that as a small business owner you forgot one of your biggest tools, marketing.

Reaching the target audience is a major factor to achieving company strategic objectives. Marketers are key to the organization’s strategic planning especially as they sit down to align marketing objectives

As a result, historically small niche markets are gaining an increasing prevalence within the U.S. marketplace and have substantially higher buying power. If companies are to continue to thrive in this modern economic environment they must be able to recognize and understand the implications of these demographic shifts. This includes the ability of a company to improve marketplace understanding as well as to implement business practices that will retain a diverse and talented

Earlier, all businesses produce goods and then market them broadly to the general public without considering the needs of specific consumers in the market. However, in the current situation companies are adopting more targeted approach. In this regard, they advertise and market their product primarily to their target market. Companies now are increasing their reliance on niche marketing and specialization which is also refers to micro market. This phenomenon of micro market is creating change in the marketing environment and possessing challenge to the marketer.

By going back to school, small business owners can make powerful alumni connections. Networking with industry peers is an important practice for building business partnerships that can open the door to new opportunities. Entrepreneurs who take advantage of networking opportunities increase the value of their firms. For this reason, networking is an important part of sustaining growth in a constantly evolving business atmosphere. Small business owners that enter the classroom with a networking mindset can set the stage for numerous opportunities for professional and financial growth.

Consequently,if you're a bussiness owner, you have to advertise and market, so consumers know about your product or service.You need to let them know why your company is the better choice or value. Especially in this age of Social Media, consumerism is global, and you have to reach people all over the world.

As the foundation of the U.S. economy, small businesses employ 50 percent of the U.S. population. In 2010 the U.S. Census reported 27.9 million small businesses categorized by size (20-499 employees). Accounting for 64 percent of the net new jobs created between 1993 and 2011 and since the recent recession, from mid-2009 to 2011, small firms accounted for 67 percent of the net new jobs ("Employment Statistics | SBA.gov," 2014). Unfortunately, rising costs and inefficient economic policy threaten the basic building block of our economy. This ordinance further compounds the economy’s sluggish recovery. Repelling this ordinance is the first step towards removing unnecessary financial burdens.

In over 20 years, of taking several small businesses to million dollar ventures, each in less than 12 months, I have identified 4 BIG and critical sales and marketing concepts that are MISSING from businesses that aren’t as successful as they should be. The good news is that they are all easy to apply. By understanding these concepts it will help you appreciate why many businesses – yours included, don’t achieve the results they should.

Every business should have a target audience. Your target audience is the type of customers your business centers their advertisements, products, and services towards. The dream customer is the type of customer you vibe with. It is similar to what was mentioned before. When a company’s and customer’s values match up, they stick together. This is who your target audience is. They are more likely to stay loyal to you if you target that specific audience. Your target audience is more likely to buy your products and

This report is based upon the book The New Small: How a New breed of Businesses Is Harnessing the Power of Emerging Technologies, written by Phil Simon. The book was published by Motion Publishing and is copyrighted 2011 by Phil Simon. Phil Simon is the author of the Why New Systems Fail and The Next Wave of Technologies along with a few other management books. Phil consults companies on how to optimize their use of technology. While not consulting, Phil speaks about emerging trends and technologies. His contributions have also been featured in several technology-oriented media outlets. Simon currently resides in Las Vegas, Nevada.

Advances in technology over the last couple decades have transformed the way small businesses work and communicate, enabling jobs to be completed faster, more effective and more efficient. Technology has a lot of opportunities for small businesses to make things like marketing and managing a business easier. Small businesses can use business technology and level the playing field with larger businesses. A rising number of small businesses use technology to rise productivity, keep track of expenses, increase profits, and improve employee performance. A large percentage of all small businesses say that technology is helping them to improve. So, how exactly can all this modern technology improve a small business?

Attaining the goals and vision is a must because it will guide the business to become successful. It is also important to focus on customer relationships because without customers, businesses are nothing. Improving customer relationships does not particularly mean that we have to use promos or rewards but instead developing relationships by building a steady and secure flow when making transactions, delivering the products and making contact with the customers. For the marketing, it’s important to promote the business because people have to know and the business has to be exposed so that there wouldn’t be any opportunity loss. Taking advantage of the opportunities is a

Innovation gives an extensive variety of tools entrepreneurs can use to guide their new organizations through the start-up and development stages. Small business accounting, advertising and communication have been upset by advances in computer, network and communication innovations, and organizations in a scope of businesses persistently adjust to exploit innovative advancements.

It is always a challenge to start a new small business, so entrepreneurs should focus on creating excellent facilities and products that will add value to the lives of their aimed consumers. Just like large businesses, small business owners have to develop creative ways to advertise. Without advertising, small businesses would have no chance at all to make their product notable. If you have a good new product, and market it in a clever way; then it doesn't matter how small your company is, you can still make consumers interested.

One of the most prevalent areas in which a small business has problems is marketing. This is due to the inability to employ a marketer to carry out marketing activities for the business. The owner-manager has a significant impact on