Put Your Business in a Winning Position
One of the things that keeps small business owners up at night is the mere existence of the giant corporations with whom they compete. Whether you are a mom and pop drugstore or a start-up software company, it’s easy to get intimidated by the tremendous amount of capital - both financial and human – that large companies have, but having those resources doesn’t make the big boys superior… it just makes them big.
Small companies have the ability to meet directly with customers, listen to their needs, and respond quickly and directly. This level of adaptability and immediate access is a secret weapon that you can use to your benefit and if you do you will find that you’ve leveled the competitive playing field.
Here are some of the top things that a small company can do to put themselves into a winning position when it comes to a David and Goliath competition:
Use your size to your advantage - Things change in business all the time. Technology advances, tastes change, trends develop. Big companies require a tremendous amount of time to respond to these shifts, in large part because they have so many layers of bureaucratic red tape involved at every step. Somebody far down the food chain has to recognize a problem or change as it is occurring, call it to the attention of his superiors, who have to decide what to do, have meetings, review and establish budgets, get approvals from myriad executives before putting a new plan or product into play. Smaller companies are able to react immediately and decisively. The ability that you have to be nimble and quick is a key advantage to outperforming the competition and meeting your clients’ needs in a highly responsive, impressive way that will be remembered.
Use your resources wisely - One definite advantage that the big corporations have is gigantic marketing budgets. They can plaster their message in front of every possible demographic and via every medium in order to make sure that they get it in front of potential clients. Not having that luxury means that you need to be smart about how you use your resources. Make sure that you know who your target market is and where they shop or look for information. By focusing your message appropriately and placing it strategically, you can make your messaging far more effective.
Allow your differences to shine - If you’re a little guy then you need something that makes you stand out. Whether it’s a unique product, highly responsive customer service, the ability to get to the client faster or some other way that you can set yourself apart from the corporate behemoth, you have to figure out what it is that makes you special and then play it up. The more unique and noteworthy you make yourself, the more you put the big boys behind you.
Know and understand your audience - One thing that the big companies will never be able to do is to sit down one-on-one with their customers and listen to exactly what it is that they need, want, wish they had, or wish they could change. Take advantage of the opportunity to listen to your clients and respond to them. The more engaged you are with your clients the more invested they feel in you, and the more likely they are to give you the business. Include them in product development, product reviews, and social media and watch your business thrive.
Don’t be afraid to point out your competitors’ size as a disadvantage -
When you find yourself directly competing with a big company for a client’s business, don’t be afraid to point out their size as a disadvantage. Though it’s important that you know their strengths, you also need to recognize and point out that their size can be a weakness that makes the slow to respond. You can also point out that because of the size difference, the client’s business is that much more important to you, and you are much more likely to be responsive to their need.
There are many ways that small businesses can succeed and put themselves at a competitive advantage.
If you need professional assistance, contact Ivy Accounting, Tax & Advisors at (786) 363-0233. We’re happy to meet with you to discuss what we can do to help.