HOW YOUR SMALL BUSINESS CAN COMPETE WITH BIG COMPANIES?
When starting out a business it may feel pretty impossible to compete with bigger and richer companies. Honestly, it’s not going to be so simple, but it’s definitely do-able. Although it’s not impossible, it will be tricky and it’s not really all that often that small businesses are hanging out with larger ones. But don’t let this scare you or turn you off, because if you do everything the right way, you could be a big business right along with them in no time.
PROVIDE BETTER SERVICE
With larger companies nothing between them and the customers is ever really personal. To most people having it that way is kind of a turn off, engaging and interacting with customers will definitely bring more business. Normally with bigger businesses nobody is going to remember the encounter unless it was a bad experience. They’ll remember how negative it was and steer clear of them again. Make the experience more personal and be friendly with one another, this will help make sure they use you again.
FIND THEIR WEAKNESSES
Just because a company is bigger and more equipped, doesn’t mean they’re perfect, not even close. Because of this, it shouldn’t be the most difficult thing to find some gaps in their business. But only paying attention to their weaknesses will distract you from the rest. Make sure you study what they’re good at, their strengths, as well. This will let you based things off of them and learn how to compete even against what they’re really great at. Find out everything you can about them; who their target audience is, their prices, their marketing, advantages, and again both their strengths and weaknesses.
CREATE A STRATEGY
This could potentially be really easy or pretty difficult. After researching your competition, you should know quite a bit about them and how they operate. After you know all about them, take your business into account and think about what you can do better or change as a whole. Instead of trying to create a ton of competition and go head to head, see what you can improve and get higher than them.
DON’T FIGHT AGAINST WHAT YOU’RE NOT GOOD AT
Don’t try to pick a fight if it’s about something where you have the disadvantage. You’re just setting yourself up for failure and for others to look down on you. For example, if a business larger than you can mess with you financially, don’t play into their game. Instead of going head to head in something you’re maybe not so good at, stick to what you are, and grow from there.
USE ALL OF YOUR RESOURCES
It’s actually not too difficult for smaller businesses to compete with larger ones. This is because of all the given resources that they have. By using social media and other techniques of marketing, it’s easier to get out there and get recognized. Of course it’s going to be harder for lesser known companies to get out there and compete but it’s not impossible and with using every platform you can, it will be much easier. Make sure all social media pages are professional but able to grasp an audience, same with a website. Without a website you seem unprofessional. People are going to want to learn more about you before giving you business.
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About the Author: Lalanii Wilson-Jones, MBA is a dynamic business leader based in Dallas, Texas who owns & operates multiple companies across several industries. Her range of talents and experience makes her an ideal candidate for strong economic partnerships all over the world, a great mentor and a great source of information that can change the mechanics of any sized company.
About the Firm: At Mogul247, we wish for our clients to be well-informed before partnering or partaking in any of our firm’s services. We hope your experience will be better once you know who we are, have more realistic ideals and goals about working with us, as well as understand what we are focused on doing for you and our community. If there are any other questions or concerns you may be having, please contact her assistant Jacqueline at (972) 707-0294