Small businesses are the lively threads that bring color and variety to the world economy. Despite their important role, they often face unique challenges and opportunities that require careful planning, often with a sharp co-pilot on board.
Recently, we chatted with Ken Yancey, a seasoned advocate for small businesses and board member of the National Business Association (NBA), who shared five crucial tips for small business survival.
1—Keeping Up With Changing Consumer Behaviors
For a small business to thrive, it’s crucial to keep an eye on evolving consumer behaviors. Modern consumers are dynamic, with their shopping and purchasing habits changing rapidly. Yancey notes that social shopping, especially powered by AI, is gaining popularity among younger consumers. To remain relevant, it’s important to engage with customers on their preferred platforms and offer a smooth experience across various channels. More and more, consumers of all ages are engaging online, on social media, and through mobile devices.
2—Embrace New Technologies
Technology is advancing quickly, and small business owners need to be open to exploring and adopting new innovations. While this might feel overwhelming, it presents many chances to enhance customer service and simplify operations. Yancey suggests utilizing tools like AI to better anticipate and meet changing consumer needs and expectations. It’s important to explore new technologies and hire those who can effectively implement them.
Often, small business owners hesitate to adopt transformative technologies, such as AI and automation, fearing they are too costly and meant for larger businesses. However, Yancey highlights that businesses implementing these technologies can boost efficiency, manage expenses, and stay competitive. Leading the charge in technology adoption is key for long-term success.
3—Commit to Lifelong Learning
Embracing new technologies also involves committing to lifelong learning. According to the NBA, this is vital for survival during downturns and for thriving overall. Yancey encourages small business owners to keep current with emerging trends, technologies, and best practices. Leveraging all accessible resources, both global and local, is a key to success. Solutions to business challenges are often closer than they appear, but you must actively seek out these resources. Networking and being part of a community with similar challenges can be very beneficial.
4—Understanding Your Ecosystem
Before you can expand your business, it’s essential to have a clear understanding of your supply chain, vendors, and the broader business environment. As a former banker, Yancey knows this well. He emphasizes that external disruptions, like logistical challenges, can greatly impact even small businesses. Having a proactive understanding and a plan for contingencies is crucial. If you don’t embrace this mindset, you risk falling behind. Continuous adaptation, asking questions, and being open to change are necessary to succeed in today’s ever-changing business climate. Listening to experts and staying informed can provide invaluable insights for navigating changes.
5—Prepare to Pivot
The term "pivot" gained renewed attention during the pandemic, but it has always been relevant in business. Yancey reminds us that change is a constant in business. Whether it’s due to shifting customer behaviors, technological advances, or external challenges, businesses need to be nimble and ready to pivot. Those that can’t adapt risk becoming obsolete.
The Impact of Small Business
Small businesses not only influence their local communities but have a global impact as well. Entrepreneurs around the world face unique hurdles, and Yancey stresses the importance of understanding and empathizing with these challenges. At the NBA, they’ve seen that even small investments in places like Rwanda can lead to significant opportunities, particularly for women-owned businesses. These stories are inspiring and remind us to be appreciative of the opportunities available in the U.S. Yancey believes that sharing stories about global entrepreneurship efforts, philanthropy, and success stories can build trust, serve as marketing tools, and showcase a business’s commitment to society.
About the National Business Association: Championing Small Businesses
The National Business Association has been a dedicated supporter of small businesses in the U.S. for over 40 years. In a business world that’s constantly evolving, the NBA continually adapts to meet the needs of entrepreneurs by providing valuable resources and support.
Long-Standing Support: Since it began, the NBA’s mission has been to empower small business owners, witnessing and aiding the growth of countless entrepreneurial endeavors over the years.
Governance: The NBA operates under a committed board of directors focused on the prosperity of small business owners, providing expertise and direction to ensure their success.
Resources and Benefits: Small businesses often struggle with limited resources. The NBA helps bridge this gap by offering a range of resources, tools, and information tailored to address unique challenges that entrepreneurs face, along with exclusive benefits and discounts to help access essential resources at a lower cost.
Access to Benefits: Being an NBA member gives small business owners access to a vast network of features, benefits, and contacts, helping them seize opportunities that might otherwise be out of reach.
Support for Business Initiatives: Understanding the importance of collaboration, the NBA works closely with key organizations like the SBA, SCORE, Small Business Development Centers (SBDCs), and Women’s Business Centers (WBCs), providing crucial content and financial support.
Current Trends and Community Building: With a growing interest in startups, the NBA aims to foster a sense of community and shared knowledge among both new and current small business owners, knowing how isolating starting a business can feel.
Value-Packed Membership: Offering multiple membership levels, the NBA caters to the diverse needs of entrepreneurs with abundant resources, discounts, and opportunities. As a special offer, the NBA provides a free one-month trial for businesses to explore the benefits without risk.
Outreach and Updates: The NBA keeps its members informed with regular newsletters addressing important issues in the small business world, essential for adapting and thriving in ever-changing conditions.
As we move toward 2024, the business landscape is more dynamic and interconnected than ever, and the National Business Association is here to assist in navigating the opportunities and challenges that lie ahead.
