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- Ken Uchikura Newsletter Vol. 230 How Small Businesses Can Survive
How Small Businesses Can Survive
Today, with labor costs, insurance, rent, utilities, office equipment, and other costs rising, more and more companies believe they have no choice but to raise their product prices. However, in some cases, raising prices may narrow the market and ultimately reduce revenues. Furthermore, with the economy still in the doldrums, investing to increase profits is difficult. For small businesses to survive under these circumstances, you can consider the following solutions:
1. Cutting expenses: You can reduce the deficit by cutting expenses for all staff members in the company. However, there’s a limit to what can be done now when prices are rising. Just take care not to cut expenses so much that they interfere with work.
2. Streamlining work: You can reduce costs by streamlining work without sacrificing quality. Introducing technologies such as digital transformation (DX) to automate and streamline work is important.
3. Adopt new business models: Traditional business models are no longer viable, so it’s necessary to consider new business models. Examples include online services and crowdfunding-based business models.
4. Cultivate new markets: Besides the domestic market, it’s also important to look at overseas markets to cultivate new ones. Developing products and services that are in high demand in foreign markets can provide a new source of income.
5. Increase customer satisfaction and repeat business by offering products and services that meet customers’ needs. It’s important to communicate closely with customers and understand their needs. By increasing customer satisfaction, you can gain new customers through word of mouth from your customers.
These are just a few ways small businesses can survive. All these methods should be adopted flexibly according to the strengths and characteristics of the company. It’s also important to stay informed about new technologies and business models and incorporate them as early as possible.
Kenichi Uchikura
President / CEO
Pacific Software Publishing, Inc.
ken.uchikura＠pspinc.com
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