Business is a game and only the team with the best players will win. To beat the competition requires everyone’s collective effort. As the leader of your business it’s very important you enlist the support of everyone once you’ve agreed on the strategies to adopt in dealing with the competitors.
Think of the mosquito… You swat it and try to shoo it away, but you can’t seem to get rid of it. Small businesses are the mosquito that has an advantage over big businesses have a lot of corporate structure that slows down progress. In this ever-changing environment, that means they can’t always stay on the cutting edge! But as a small business, you’re a lot more nimble. This means that you can shine, and target your customer base, in a way that big businesses can’t.
Define your brand – No two businesses are alike just as no two customers are alike, hence the need for branding. What does your business stand for? What’s different about your business in comparison to other businesses in your industry? What do you want to be known for in the marketplace? Is there anything special about your business?
Be flexible to market needs, changes and trends – Big business is usually focused on large volume products/services, and not products/services for smaller markets. Your business can focus on smaller markets for big success. When you spot a trend anticipate the needs of your target market, and establish yourself as a leader or innovator. Your small business can target unique products/services for niche markets that big business can’t afford to pinpoint.
Give personal attention – Big businesses are always trying to offer special incentives to make their customers feel more important. But that’s only an illusion. As a small business person you know your customers by name, what their favorite products/services are and what their needs are. Develop those relationships with your customers.
Build relationships and community – Small businesses can reach and develop relationships with persons that can promote their businesses by word of mouth and create a deeper and more loyal clientele.
Respond quickly – Start listening to and talking with your target market and customers. Formalise a process for customer feedback and suggestions. When you hear something that you can improve on or implement easily to add more value to your products/services, make it happen!
Avoid red tape – Ideas, complaints, and suggestions go straight to those who can implement or correct quickly without going through endless channels like in a large business.
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“A wealthy person is simply someone who has learned how to make money when they’re not working.” – Robert Kiyosaki
