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In the world of corporations and big name brands, small businesses have a lot to compete with. One of the biggest factors that can play a leading role in the success of a small business is the economy. Larry-Izamoje (2016) notes that “while the price of everything is on the increase, income remains stagnant while business revenues are declining.” The economy can take a serious toll on small businesses in a number of ways. For example, if a small business isn’t generating enough money to keep things stable on the homefront, how will they be able to expand their marketing budget in order to promote themselves and get their name out there? In order to drive business, small businesses usually rely on their relationships with existing customers, as well as promotional tools, such as coupons or discounts (Beesley, 2013). In the case of a struggling economy, a business may not have the means or funds to produce flyers, coupons, or advertisements to entice consumers. If a business has the means to make cuts and save money, this could help them to be able to put more funding towards their marketing practices.
Another aspect that can affect small businesses is the business owners themselves. This topic is something I’ve observed firsthand while working at small businesses. My first job was a nightmare–my boss was crazy, for lack of a better word, and thought putting 18 year olds in charge of the business for him would bring success. Fast forward to my current job, where my boss has found massive success in the community because of a completely different business strategy. When it comes to owning a small business, business owners must consider what their business is, never get discouraged, and always work toward continual growth (Rapetskaya, 2016). Looking at my boss, he decided to open his business to ultimately make people happy, because when other people are happy, he’s happy. He has found a great amount of success in being that business owner who gets to know his customers, mends problems with ease when they arise, and is kind and welcoming to anyone who walks through the front door. His marketing strategy is to make customers happy, which keeps them coming in time and time again. In short, a business owner who cares about their business, employees, and customers will have a higher chance at success.