Four Ways Small Business Can Compete with Big Business!
Sometimes many small businesses have the belief that they cannot compete with the “big boys” (big businesses), when it comes to introducing new products or services to their customers. But, a small business may be surprised to learn that they can play with the “big boys”, when it comes to competing for new customers by creating and developing new services or products. A small business’ primary advantage when it comes to presenting new services or products to the general public is the size of their business. So, small businesses should not fret or get discouraged when it comes to competing with the “big dogs” because they can be a contender in the big leagues.
Here are four techniques that small businesses can incorporate into their daily routines to compete with big businesses:
Technique #1: As a small business, can always make decisions quickly without a lot of “red tape” bureaucracy.
As a small business, sometimes it is usually one employee, the owner, or no more than 15 employees. With fewer employees, the owner is able to make quick decisions on new business strategies, new products to sale, and methods to sale the new products or services. Many bigger companies are unable to make quick decisions, on presenting new products, because of too many levels of management and bureaucratic type atmosphere in the workplace. With so many layers of blockage, bigger businesses are unable to make simple decisions like what stationary to purchase. A small company can make simple decisions in a few hours and tougher decisions in one day. As compared to bigger companies, who can take up to several months for simple decisions and several years when it comes to major decisions.
Technique #2: Small businesses can have a lower break-even point when it comes to introducing new products or services.
Small business owners have a better chance of breaking even when it comes to expenses and revenue because their overhead is very low. Introducing a new service or new product will not cost a small business as much money as it would cost a bigger company to do so. The only way that a bigger business can introduce a new service or product is if the return in profits will be significantly high. Also, small businesses are able to find a niche which enables them to offer their services or products to a smaller customer base. By offering the new products or new services to a small customer base, the small business is able to have higher returns in profit.
Technique #3: Small businesses are able to limit their sales to a smaller regional base.
Small businesses can decide to limit who they offer their new products or new services to by way of their regional base. By only agreeing to serve a specified region in one’s locale this enables the small business to provide more efficient customer service. Also, by doing this, small business owners are able to provide more efficient and effective promotional efforts compared to their larger competitors (big corporations). This enables the small business to outsell their larger competitor in local regional sales.
Technique #4: By offering custom-made products and unique services, small businesses can outsell their larger competitor (big companies).
Many large companies are unable to sell custom-made products or unique services due to their requirement to sell large volumes of merchandise. If they decide to sell unique products, the larger businesses run the risk of having the quality of the products suffer greatly. This allows the smaller companies to be able to sell custom-made products that can fill a void for customers who may need these specially made products. By creating this nice little niche, smaller businesses are able to charge higher prices and make a lot of money because created this special market for themselves.
If you, the small business owner, incorporate these four techniques into one’s everyday business activities, you will be able to compete with the “big boys” (larger businesses) and beat them at their own game.
Donya Zimmerman is a business consultant, mediator, and legal professional with over ten years of experience. Donya is also a public speaker and aspiring author. She has a few books in the works that will be published and released in the latter part of 2015. The books will focus on entrepreneurship, small business, and daily devotionals. She is owner of Family & Community Mediation and Business Consulting (FACMBC) based in Baltimore, Maryland and has been in business since 2013. Services provided by FACMBC: Mediation and Conflict Resolution Services; Business Registration Assistance (Limited Liability Company, Corporation, S-Corp, Limited Liability Partnership, etc.); Business Plan Drafting Assistance; Business Certification Assistance (MBE, WOSB, 8A, 501(c) (3), Hub Zone, etc.); and Business Organization Assistance. She is also a contributing writer to the Maryland Daily Examiner Newspaper. Donya Zimmerman has made article contributions to the Simply Inspirational Women in Business Journal for 2014 published by Dr. Cheryl Cottle. Contact information: firstname.lastname@example.org; www.facebook.com/FACMBC; www.twitter.com/FACMBC; https://dzimmerman36.wordpress.com; http://www.linkedin.com/in/dzbusconsultantandmediator
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