Finance expert Mike Periu on best practices small-business owners can adopt to Keep Business Competitive.
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-thr
About Mike Periu
Mike is a seasoned executive with experience in small business finance and management. He is the founder of Proximo, LLC a leading provider of corporate, consumer and small business education and training services with an emphasis on finance and technology.
Mike Periu is also a leading national voice for individual empowerment through financial education and entrepreneurship. He has been interviewed over 500 times in national and international media, including NBC, Univision, CNN en español, Telemundo, HITN, TVE, RTE, SBS, MegaTV and others.
Mike writes regularly for American Express OpenForum, Yahoo! Finanzas and is a Huffington Post contributor.
Mike has degrees in Finance and International Business from Georgetown University. He is on the Board of Directors of the Council for Economic Education and was a Fellow at the Kauffman Foundation’s Labs for Enterprise Creation.
