How Your Small Business Can Compete Against BIG Competition
Small business don't just have to compete against other entrepreneurs; they must also compete against massive corporations. If you're feeling like a small fish in a large pond, the following tips can help you compete against the big boys.
Improving Your Odds
Even the best products and services won't guarantee success, especially in competitive markets with big corporate presences. Before you launch your small business, ask yourself the following questions:
What type of market share am I after? Decide if you will be targeting specific types of customers or if you will attempt to expand the market in search of new customers. Determine if you should try to take a portion of the market share from your larger competitor, or if you should try to expand the market by taking a percentage of new business.
What makes my company different? Here's where you differentiate yourself from larger, less agile competitors. It might be better products, more personalized service, convenience or a unique buying experience. Whatever the case, it's important to identify or create differences between you and the big guys, so you can highlight these when engaging your customer base.
Can I adapt to changing circumstances? Since larger enterprises drive change within industries, you must be prepared to adapt when necessary. If your competition starts offering free shipping or implements a no-questions-asked return policy, you'd better be able to do the same or show why your service outweighs these benefits.
Do I take on too much? Entrepreneurs have unique skill sets that are best spent addressing important matters. Unfortunately, too many small business owners get bogged down with administrative responsibilities and other tedious tasks that stand in the way of growth. While big businesses can afford multiple departments that handle different facets of a company's interests, smaller enterprises aren't so lucky. If you can’t afford a full-time staff, consider working with a professional virtual assistant. This can give you more time to focus on customer acquisition and other strategies that fuel continuing growth.
Am I agile enough to act quickly? New opportunities can come at a moment's notice. It might be a new trend in technology that could drive down costs or amp up your productivity. It could also be a big business opportunity that requires a timely response or an unexpected flight across the country. Agility is key for smaller companies that can't afford to miss out on a big break. Become more agile by increasing your availability and by securing more credit from lenders.
Do I leverage my data like I should? Small businesses need a disciplined approach to setting goals and developing strategies to achieve them. Hard data can help you determine what's working. It can also help you divert overhead away from the things that aren't. Make sure you collect and mine your data, so you can use your time and money wisely.
Am I willing to take risks? Small businesses need to experiment without being hampered by a fear of failure. Calculated risks can help you get an edge in your uphill battle against larger competitors. Just make sure you can endure setbacks and waste, so you don’t end up pushing all your chips to the center of the table.
Intelligent Office provide diverse solutions that help small companies perform like larger enterprises. Contact our office to learn how our virtual assistants and office space can help your business grow.