Article by Krystal Bennion
Due to rapid globalization and the changing economy, small medium enterprises and small family businesses are endangered about becoming outdated and obsolete, in terms of the products and services which they offer their customers. Many of these establishments tend to stick with their old, traditional ways of doing business. They pride in their longevity and stability, and thus are much more resistant to change. Because of this, many such businesses are finding it much harder to compete with larger companies – big, commercialized business establishments which offer goods and services at lower production costs and thus cheaper prices to consumers. Most of these big business establishments also have an advantage, because they have access to the current and advance technology available, which maximizes their productivity and efficiency. On the other hand, what small and medium enterprises and family businesses can rely on is manpower and customer loyalty. An example of a business venture that is often traditional and passed on to generations is the knife sharpening industry. The knife sharpening businesses is an example of an industry in which there are only few, but small key players. Knives are one of the most commonly used tool by mankind. Initially, it was used for preparing and cooking the food we eat. As civilization grew, and as a community’s culture became rich and traditional, so has there been an increase in use and purpose of knives. Craftsmen and knife welders became in demand, and so is the need for sharpening, polishing and re-tooling these knives. The use of knives had also spread to other fields. Besides cooking, it has also been used for construction, sculpting and military weaponry. The Ambrosis family owns a knife sharpening business which has been in the family for decades. For decades, they have been so used to and so comfortable with their traditional way of doing business. But when the global financial crisis struck, it was then that their profit margin began to go downhill. Their usual customers, which are grocery and convenience stores, have either become bankrupt and closed down, or moved to another locale. It was then that the Ambrosis decided to create and use a different approach in promoting and selling their marketing business to consumers. With the consumers’ increasing reliance on the Internet in searching and buying for products, the Ambrosis family have decided to put up a website for their company and developed an online e-commerce strategy to turn around their lagging knife sharpening business. Similarly, DIY products such as beeswax candles and spa candles, and other shabby chic arts and crafts have also turned to the Internet in order to reach a broader maker audience and sell their products.
About the Author
Krystal loves writing and writes about anything.
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