Citibank recently released the results of its latest Small Business Pulse Survey. The survey asked small-business owners about the steps they take to remain competitive. The answers ranged from radical reinvention to small tweaks.
Some of the top strategies and tactics reported are:
1. Studying other industries. Adapting ideas from other sectors to apply them to the business. Just getting ideas from direct competitors isn't innovative.
2. Working harder and longer. Fifty-three percent of respondents didn't take a summer vacation.
3. Implementing new technology. Nearly seven out of ten respondents have upgraded their IT infrastructure recently.
4. Increase face time with clients. Sixy-seven percent of indicated they are spending more time fostering relationships with customers.
5. Careful cash management. Seventy-three percent handle their own cash management and do so conservatively.
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