There really is no debating the notion that small businesses form the backbone of the North American economy. Based on data gleaned from the Small Business Administration (SBA), small businesses comprise a staggering 99.7% of United States employer firms; they account for 64% of net new private-sector jobs; and they are responsible for 46% of private-sector output.
Unfortunately, the vast majority of small businesses do not make it past their 5th year. How many, you ask? A shockingly high number -- over 90%. This is obviously an incredibly large number of new company failures, and this is an issue that most definitely can be improved.
If this inordinately high number could be shrunk by any amount -- even 5 or 10% -- this would provide a massive stimulus to the national economy. The looming question is how. What is the answer to increasing job opportunities and driving the economy through the success of small businesses?
To determine a possible solution, the causes of the problem must first be analyzed. Forbes cites the following 5 reasons of small business failure:
1. New companies are not in touch with their customers.
2. The lack of market differentiation.
3. The inability to communicate the company's unique value proposition clearly.
4. The company owner's leadership ability (more specifically, the lack thereof)
5. A profitable business model -- with a proven track record of revenue success -- is not developed.
Of course, it is incumbent upon the business owner/founder to rectify each of these five issues. That's where WaveToGet can offer assistance (with #2, at least).
WaveToGet has used its proven tailored marketing plans in a wide array of industries (over 25 and counting), and with hundreds of different businesses throughout the USA and also Canada.
Small businesses -- especially those in service industries such as banks, barber shops, and restaurants, to name just a few -- are ubiquitous in towns and cities of all sizes throughout the US and Canada. Often, businesses that compete with each other and offer the same products and services are located in close proximity to one another. With this type of intense competition, every advantage that a small business can gain is vital to that entity's livelihood. There's only so far a company can cut their prices and still remain profitable. The answer is the added, extra value that their customer receives which is over and above the mere purchase of products and services. This value can take the form of a gift, a rewards or cash-back program, or a points system -- the possibilities are myriad. At the end of the day, the business that is able to differentiate itself is the one that gives the most back to their customers.
WaveToGet prides itself on helping small businesses develop the right market strategy to realize an increased bottom line, add much-needed employment opportunities, and lower the abysmal death rate of new, small businesses.
Come take a look at what we have to offer -- give your small business the added boost it needs!