Remember the story of David and Goliath? Your small business may not have an immediate need to take down a giant corporation that’s like a Goliath, but it would be nice to know your small company presents some kind of challenge, even if it is small. Here are real ways your small business can compete in the big business arena.
Know Your Strengths
Your small business has intrinsic strengths that the big players don’t have. Instead of lamenting of everything you don’t have, concentrate on parlaying what you do have into a winning chip. For instance, you don’t carry the overhead costs of a big corporation. Everything from your payroll to your lease expense is less. That means your operating costs are much lower. In an economic downturn, businesses will lower operating costs have a much better chance of riding out the storm.
Woo the Overlooked
Big companies usually have minimums set on new business that they take in. Instead of competing for large accounts, go after the smaller accounts that are overlooked by your biggest competitors. Smaller clients need services too, and you’ll have a much better chance of signing them up, since the big boys are busy on the other side of the playing field.
Find a niche market that your big business competition doesn’t play in. Remember that a niche can be just a small portion of a larger market. For example, if you’re a small content marketing business, you could specialize in servicing other small businesses in the food service industry, such as restaurants and catering companies.
Serve with a Smile
Make it your company motto to give personalized service on every account. When a client signs up with a large corporation, they might have no human contact at all. Or, they may speak to a company rep, but never to the actual person doing the work. Make your small business stand out by promising human interaction on every level, from the first telephone call, to final approval on work done. When you build relationships, you’re building a business.
Being small doesn’t mean you have to be invisible. Get your company’s brand out there and get noticed. Logo design and promotional materials are cheap enough nowadays that everyone can afford a few printed t-shirts and some promotional coffee mugs. Sponsor a local bowling league, a high school football team or just let the Girl Scouts sell cookies outside your front door. The more you get noticed and become a part of your community, the more business you’ll generate.
Be Prepared for Change
The number one problem that small businesses encounter is not being prepared for growth when it happens. You won’t be small forever. Make sure your infrastructure is built to withstand fast growth, so when opportunity does knock, you’ll be ready to handle it. Keep up with the latest software and tools, and make sure your employees are trained to handle change when it occurs.
Small Biz Club is the premier destination for small business owners and entrepreneurs. To succeed in business, you have to constantly learn about new things, evaluate what you’re doing, and look for ways to improve—that’s what we’re here to help you do.