In the heart of rural America, small businesses, vital to local economies, are transforming. Microbusinesses, typically with fewer than 10 employees, are advancing and reshaping these communities, historically dependent on agriculture, manufacturing, and mining. The JPMorganChase Institute’s research, “The Rural Divide: Small Business Revenue Milestones in the U.S.,” highlights that most businesses in rural counties are microbusinesses.
These microbusinesses thrive in sectors with fewer barriers to entry and minimal staffing needs, diverging from traditional industries like agriculture, fishing, and mining. However, rural startups encounter slower revenue growth in their initial five years compared to urban counterparts. Tailored solutions are essential for these businesses to scale effectively. Claudius Duncan, Regional Director for JPMorgan Chase, suggests crucial strategies for microbusinesses in Montana:
- Set up a sales funnel: Convert potential customers through trust-building. Start with engaging social media posts, gather contact info for special offers, and invite them to online demos.
- Enhance customer service: Review your service processes. Use customer relationship management software or loyalty programs to boost sales and customer retention.
- Form strategic partnerships: Collaborate with complementary businesses for package deals, reaching new demographics. Seek professional advice before formalizing any partnerships.
- Identify customer pain points: Use focus groups and direct feedback to discover issues or inspire new products and services.
- Expand your network: Build connections with advisors, attend trade shows, and networking events to reach potential customers and suppliers.
JPMorganChase supports business growth through its complimentary one-on-one Coaching for Impact program, set to expand to 42 cities by year-end. With Certified Small Business Consultants, this initiative has already aided over 5,000 businesses. As small businesses thrive, they stimulate local economies, sparking innovation and job creation. For more insights on small business growth, visit chase.com/business
For informational/educational purposes only: Views and strategies described in this article or provided via links may not be appropriate for everyone and are not intended as specific advice/recommendation for any business. Information has been obtained from sources believed to be reliable, but JPMorgan Chase & Co. or its affiliates and/or subsidiaries do not warrant its completeness or accuracy. The material is not intended to provide legal, tax, or financial advice or to indicate the availability or suitability of any JPMorgan Chase Bank, N.A. product or service. You should carefully consider your needs and objectives before making any decisions and consult the appropriate professional(s). Outlooks and past performance are not guarantees of future results. JPMorgan Chase & Co. and its affiliates are not responsible for, and do not provide or endorse third-party products, services, or other content.
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