Becoming a business hero – five ways small businesses can support one another
Captain Business? The Caped Business-Woman? Commander Business-Man? Those sound like some pretty lame-o comic book names, but small-business owners don’t need to have a star-spangled secret identity to become real-life superheroes for other small-business owners. Here are five ways businesses can support one another in the name of truth, justice and the American way.
Show politicians how it can and should be done by reaching across the aisle in the spirit of cooperation and collaboration. Cross-promotion partnerships can be mutually beneficial to both parties. According to Forrester Consulting, 77% of business owners said partnerships are a part of marketing success — and more than half of those said cross-promotions are 20% of their revenue.
Be Their Loyal Customer
Small businesses benefit from a tightly-knit community network. As noted on business.nextdoor.com, “It can be easy to forget that small-business owners and staff members can be potential customers, too. It can also be challenging to build a network and authentically support the local businesses involved if you have not benefited from their services or products.”
Leave a Review
Now that you’re a brand ambassador for the shop next door, say something nice! Show a little love for the product or service you just purchased. Share your thoughts about how that store benefits and contributes to the community. As noted in a blog on LinkedIn, it helps your fellow business owner build trust and establish a positive reputation. And a little reciprocation isn’t out of the question.
An article in Forbes took notice of the endless possibilities that are available when using social media as a platform to partner with other small businesses. From shared content, bundled giveaways or contests, or even hosting live events, social media can get people talking. The article suggested finding partners that align with your audience and brand values when launching a joint campaign.
Go Small in Your Supply Chain
If your business relies on vendors, look for ways to add small businesses to your supply chain needs. In an article on the small-business networking and mentoring site score.org, it was estimated that “as a result of COVID-19 setbacks, 15% to 20% of small-business vendors are on the receiving end of late payments from the larger corporations that use them as suppliers.”