Often,.ndependent.etailers can adjust the products that they sell in order to fit the needs of their consumers and the unique tastes of their community. Small Business Development enters SBDCs, operate in all 50 states, provide free and confidential counselling and low-cost training to small businesses. A solid public relations' strategy that utilizes speaking engagements, press releases, feature stories, events and sponsorships can also be a very cost-effective way to build a loyal following for a small business. This results in a lack of time for the owner to coordinate socially responsible efforts. 19 Additionally, a small business owner's expertise often falls outside the realm of socially responsible practices contributing to a lack of participation. Please improve it by verifying the claims made and adding in-line citations . Another means by which small businesses can advertise is through the use of “deal of the day” websites such as Groupon and Living Social. Small businesses are normally privately owned corporations, partnerships, or sole proprietorships . Once the business reaches maturity stage, an extension strategy should be in place. Retailers' cooperatives use their purchasing power to acquire discounts from manufacturers and often share marketing expenses. Marketing mix 24 – Marketing mix is a crucial factor for any business to be successful. Although small business have close relationships with customers, finding new customers is a major challenge for small business owners.
A Website can provide significant marketing exposure for small businesses when marketed through the Internet and other channels. It is common for locally owned grocery stores, hardware stores and pharmacies to participate in retailers' cooperatives. The SBA also requires business owners to pledge personal assets and sign as a personal guarantee for the loan. This greatly narrows what products are available and shrinks diversity. Benefits of supporting local business edit By opening up new national level chain stores, the profits of locally owned businesses greatly decrease and many businesses end up failing and having to close. Product Life Cycle 25 – After launch of the business, crucial points of focus should be increasing growth phase and delaying maturity phase. In the U.S. 69% last at least 2 years, but this percentage drops to 51% for firms reaching 5 years in operation. 20 The U.S. Local businesses are also more likely to support unique, new, and/or controversial products.