IMPORTANT COVID 19 UPDATES BRANCH INFORMATION:  All Merchants Bank offices are now OPEN with mask and social distancing guidelines in place.  Click here for details. 
The Paycheck Protection Program Application is now open. Apply Here

The Paycheck Protection Program Forgiveness Portal is now open. Click Here
Online Banking conversion of Merchants Bank with Fidelity Bank  begins on July 10th. Learn more



 
IMPORTANT COVID 19 UPDATES BRANCH INFORMATION:  All Merchants Bank offices are now OPEN with mask and social distancing guidelines in place.  Click here for details. 
The Paycheck Protection Program Application is now open. Apply Here

The Paycheck Protection Program Forgiveness Portal is now open. Click Here
Online Banking conversion of Merchants Bank with Fidelity Bank  begins on July 10th. Learn more



 

Small Business Success Tips

In honor of Mom & Pop Business Day, we’ve researched what small businesses report as the drivers to their success. Here’s what they say:

1) Have a strong customer service strategy.

  • Show your customer the love, and they’ll keep coming back.
  • Communicate often and accurately.
  • Understand what your customers want and deliver it.

 

2) Grow your business through recommendations.

  • Find your raving fans and ask for recommendations and referrals. They are the most powerful form of marketing for new customer acquisition.
  • Use social media marketing. It’s an inexpensive way to communicate with your customers and those who follow them.

 

3) Develop a solid marketing plan.

  • Use internal and external research to develop your marketing strategy.
  • Identify and understand your target audience.
  • Your plan should have a clear objective and details the methodology to execute your marketing strategy.
    • 3a) Execute your plan.
      • Once you put your plan into action, monitor your customers’ reactions.
      • Continue to devise future opportunities and tweak the plan as necessary.
    • 3b) Measure your plan success.
      • Capture and interpret the data. Your analysis will strengthen your marketing strategy for future growth.

 

4) Treat your employees with respect.

  • Respect their time off, take an interest in their personal life, and help them achieve personal growth.
  • Happy employees will always treat your customers well.
 
Almost all success is driven by a clear vision, hard work, and setting aside time for yourself and family. There are notably several large businesses which grew from traditional mom and pop shops – Spanx, Nike, Ben & Jerry’s, Yankee Candle, Whole Foods, and Dell Computer to name a few. We salute the small businesses who found their niche to survive among the giants.
 
Source: Ondeck Resource Center