No matter what kind of small business you own, you’re bound to have larger competitors. It isn’t a question of “if,” but rather a matter of “when.”
When a big business emerges in your market, it can be challenging to compete with them when you are on a small business budget. After all, you have very different business structures and resources at your disposal. However, this doesn’t mean that your potential is restricted. There are many things you can do maintain the success of your small business in a big business world.
Emphasize what makes your business unique
Long before larger corporations come along, you can create a solid marketing strategy by emphasizing what makes your product or service unique. Whether your business is a one-person shop, service provider, or consultant, there is something that will set you apart. Brainstorm what makes your business great—something that only your business provides. If nothing already established comes to mind, you can always come up with a fresh idea and implement it. Once an idea no longer proves to be effective, or if a larger business capitalizes on what was once only unique to your business, always have several other ideas ready. To run a successful business, big or small, you must always be prepared to adapt to changing market conditions.
Leverage small business advantages
The good news is that when the market inevitably shifts, as a smaller business, you have the upper hand. Big business has one major drawback: it’s big, and that means that it is also slow to react. With fewer people and hoops to jump through to officially approve of a different approach, small businesses can be the first to react to trends and adjust or create new products and services.
Perhaps the most important advantage small businesses have over larger corporations is its personal customer service. In bigger businesses quest to meet technological demands, unfortunately, they farther remove themselves from the community and become an increasingly impersonal entity. Small businesses are known for their personal care, creating a more loyal and satisfied customer base, and that is something business owners should always strive to maintain, even when they feel overwhelmed.
Use competition as an opportunity to expand
Walt Disney once said, “I have been up against tough competition all my life. I wouldn’t know how to get along without it.” That philosophy drove him to become one of the most successful entrepreneurs in history. Without competition, many entrepreneurs would have little cause to grow and meet their fullest potential. When a bigger business emerges as a competitor, rather than fighting the current, learn from it and use it as an opportunity to grow and expand your business.
For example, in today’s economy, you must not only have a strong online presence, you must also establish your business in the right location. This is not a privilege exclusive to big business. There are ways for small businesses to exceed the level of professionalism projected by their larger competitors, even on a smaller budget. Services like virtual office solutions allow small businesses to have a professional business address complete with mail forwarding services and lobby directory listings to give them the same credibility and image as a corporation without sacrificing the personal touch that makes their small businesses great.
All businesses have competitors, regardless of their size, and it doesn’t have to impact your level of small business success. Small businesses actually have many advantages over their competitors, and they can continue to rely on those advantages as they adapt to the changing market.
Learn how virtual office solutions from Davinci can help your small business compete with larger corporations today.