Almost all the companies in the United States are small businesses — 99.9 percent in fact, according to the Small Business Administration. They employ nearly half of the private workforce. Not only are small businesses the backbone of the American economy, they’re the heart of communities, wellsprings of job creation, and models of entrepreneurial spirit.

Small businesses are also the source of best practices that apply to companies of all sizes! As chief marketing officer for the home and auto division at Synchrony, I have the privilege of working with small businesses every day and have benefitted from their experience and wisdom. Along the way, I’ve learned five lessons on how to adapt, remain resilient and thrive in today’s competitive environment that inspire me every day.

Lesson No. 1: Personalize. Personalize. Personalize.

Offering great products is essential, but in a marketplace crowded with choices, businesses must differentiate themselves by providing personalized experiences that resonate with each customer’s unique needs and preferences.

Fortunately, data analytics can help a business understand consumer preferences so it can custom tailor its offerings. And why stop there? Businesses can use data analytics to identify new high-value customer segments, optimize marketing and sales strategies, and deepen customer loyalty.

Another way to secure a customer’s loyalty is by communicating their open-to-buy amount for future purchases. For instance, Jeremey Lee, vice president and general manager, Schneller & Knochelmann’s HVAC business, utilizes a customer’s open-to-buy amount to help cover the cost of repairs.

“With Synchrony and KwikComfort [Rheem’s financing program] you have what’s called open to buy; ours is in the neighborhood of $4.5 million,” Lee says. “What that equates to is if customers need repairs, they have open lines of credit for future purchases with us.”

Lesson No. 2: Let customers pay the way they want.

With flexible financing, everybody wins. Customers get the product and services they want, and businesses get a steady stream of revenue and working capital to fuel more growth. Millions of Americans extend their purchasing power with financing, benefitting the economy for all retailers.

Financing is especially important in the health and wellness sector, where insurance may not cover all the costs.

For example, consider Dr. Peter Drews of Drews Dental Services, whose patients have the option to pay for care over time and within their budget with CareCredit, a Synchrony financing solution that not only helps customers manage their finances, but also streamlines the practice’s operations and allows more time and focus for patient care.

Lesson 3: Prioritize your employees’ development.

Investing in employees’ development will not only help them deliver exceptional service and enhance their job satisfaction, it will help the company ensure future success.

Businesses that want to prioritize development initiatives can offer training workshops, online courses, and mentorship programs. For example, to ensure that his staff can provide top-notch, personalized service to every customer, Muffadal Simba of Merlin Complete Auto Care in Chicago used a Synchrony small business grant to invest in new technology, including digital vehicle inspections, and upgrade his team’s technical skills.

Synchrony applies employee development lessons that we learn from partners as well as those developed in-house. It’s a big reason that Fortune magazine and Great Place to Work recently named Synchrony the No. 2 Best Company to Work For in the U.S. In fact, 94 percent of Synchrony employees say that Synchrony is a great place to work (compared to 57 percent at a typical U.S. company); 93 percent percent say that the company’s way of working gives them the flexibility they need; and 92 percent say their manager provides constructive feedback to deliver on performance expectations.

Lesson 4: Get involved in your community.

Contributing to the wellbeing and success of your local neighborhood will make you a valued part of the community. Therefore, look for opportunities to get involved in local events and philanthropic activities.

Jolene Fitch did just that. As the proprietor of the Finger Lakes Fabrics quilt shop in Skaneateles, NY, Fitch is one of many stars of the local crafting community. The day she opened her shop, she gifted 115 free fabric and pattern kits to the community so local residents could craft pillows that were then donated to Sleep in Heavenly Peace, a charity that supplies beds to children in need.

Fitch also brings her fellow crafters together to collaborate with nonprofits and host fundraisers, blanket drives, and hat drives.

Lesson 5: Support the small business community.

When you recommend another business’s services, collaborate on a project, or even offer advice and mentorship, you’re helping to create a network of shared success. Ben Stowe of NLFX Professional in Minnesota models this behavior perfectly by supporting other entrepreneurs with valuable skills and knowledge. For example, his company, which supplies audio, video, lights, conferencing equipment, instruments and other products, partners with manufacturers to offer symposiums and seminars.

These lessons and strategies work for our partners (and for me!) because they focus their companies where it belongs: on the customer and the community. In a business environment of constant change, that’s a blueprint for enduring success.

Patrice Boone is the senior vice president and chief marketing officer for the home and auto segment at Synchrony.