Have you ever experienced a pesky fly? You swat at it and try to shoo it away, but you can’t seem to get rid of it. Small businesses are like the fly that has an advantage over a slower, bulkier and less targeted approach. You see, big businesses have a lot of corporate structure that slows down progress. In this ever-changing environment, that means they can’t 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.
Understanding your small business advantages can help you succeed. Here’s how you can take advantage of the benefits of being a small business:
- Respond quickly – Start listening and talking to your target market and customers. Formalize 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!
- Be flexible to market needs, changes and trends – Sometimes watching what big business can do seems intimidating, but they are usually focused on large volume products/services, and not products/services for smaller markets. Your business can focus on smaller markets for big success. Big business are usually slow in following trends. They want to make sure something will sell first. This again, is where you have an advantage. When you spot a trend, try it, anticipate the needs of your target market, and establish yourself as a leader or innovator.
- 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 that big business can’t build authentically.
- Specialize – Your small business can target unique products/services for niche markets that big business can’t afford to pinpoint.
- Be creative – As a small business owner, you are always thinking outside the box to attract customers with limited marketing funds.
- Build relationships and community – Small businesses can reach and develop relationships more authentically with local influencers that promote their businesses by word of mouth and create a more deeper and loyal following.
- Manage your costs – Small businesses requires less funds to invest, market and innovate, thus making them more cost efficient. But you need to stay on top of your finances to come out ahead!
- 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.
- Enjoy a lot of room for growth – As a small business you have plenty of room to grow and generate greater profit margins.
When you take the time to evaluate where your competitors fall short and focus your business on satisfying those consumers, you can leverage your small business advantages and nurture a loyal following. Your growth will be connected to how well you can successfully utilize these advantages.
How do you take advantage of the unique benefits of being a small business? Would love to read your thoughts in the comments below!