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Are Canadian Small Businesses Swimming or Treading Water?

Guest post by: Gregory Kopchuk

Article Overview: Canadian Business Expert talks about getting businesses to the next level

Are Canadian Small Businesses Swimming or Treading Water?

Tom Smith owned his own office supply store in Southside Edmonton. Business was good; he was pretty much the only office supply store in the whole area. Over the years he built up a steady group of loyal customers. He did so well that, unlike most retailers, he even had the weekends off--the shop was open Mon-Fri. But in the past 10 years he started to suffer, as Staples, London Drugs and Superstore moved into the area. Offering longer hours & lower prices on some of the basics, like business card & printer stock, they started to draw away his loyal customers, one by one.

Greg Kopchuk, who heads up ActionCOACH Canada and is a recognized business expert who has spoken to businesses all over North America, told this story recently at a workshop he held in the Edmonton area.

"I tell these stories to make a point. They are typical; every street or neighborhood in Canada has businesses like Tom. And in his case it was sink or swim. If he doesn't understand how to compete with big business he will be one of the 80% of all business in Canada fails every year," says Kopchuk.

For small business, competing with the larger chains is not easy but it can be done. Greg recommends the following:

• Hire the people you need to match the hours of the chain. If you aren't open, people can't give you their business- cost out each employee one at a time, to see if the added help can help your profits

• Rededicate yourself to being THE only shop in town, instead of discounting, spread the word about what makes your business unique

• Have a strong website and offer specialized online sales

• Answer your phone in under 3 rings. No matter what!

• Seek out the niche customers that might be new to your area

• Keep an eye on margins, watch costs and outwork the field

• Bold Call- get back out into your neighbourhood to talk about your business

• Implement Test and Measures for everything- so you know where your marketing dollars are going

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Article Tags: ActionCOACH, business coaching, small business, tips



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