BUSINESS STRATEGY & GROWTH • April 22, 2016
2 minutes Read
A new “big-box” store has opened down the street. What should a small business owner do to stay alive?
A megastore is being built a few blocks from your business, and you’re worried. At first you tell yourself it’s all right, and that you’ll do just fine. Then, every day on your way to work, you watch a space being built that can fit 30 of your stores inside, with room left over for a snack bar. Then it gets very real. If you’re like most business owners, that realization is followed by the feeling that you might not make it.
But you have more control over what happens next than you might think. Let’s look at what you’re likely to face, and how you can deal with it.
Determine how you can—and can’t—compete.
Take advantage of small business benefits.
Even after incorporating all the right procedures, you might end up having to tighten your belt. If you are realistic about what needs to be done, and willing to make the changes necessary, there’s no reason you can’t continue to be profitable, despite the new big kid on the block.
Photo credit: Pavel L Photo and Video/shutterstock.com
IMPORTANT INFORMATION: This is not investment, tax or legal advice. Should you have questions please consult you own attorney, tax accountant or other appropriate expert having expertise in the area of your question or before making important decisions in these areas.