Large companies like to intimidate smaller rivals to keep the playing field to themselves, but small companies have no reason to cower in fear. In fact, your small company has distinct competitive advantages that can put your corporate counterparts to shame.
Despite their having more resources than you, big firms might not have a chance against you when you leverage the following five advantages that you have over them:
The size of your small business enables it to quickly adapt to market changes and technological developments, unlike large firms that require weeks or months to modify their production lines, policies and procedures. You can immediately implement a better process, component or material as soon as it is discovered to improve the efficiency of your operation and quality of your product.
Flexible schedules, telecommuting and other cutting-edge perks can help you attract top industry talent to your firm. In fact, workplace flexibility will benefit both your company and your employees.
As a result of your size, your team has the ability to own more of the decision-making process and therefore, feels a greater sense of ownership. Such a high level of autonomy causes your employees to take a personal interest in satisfying customers.
Large companies have generalized products and services that appeal to a large portion of their market. They cannot, however, service or satisfy significant groups of customers that have specific unmet needs.
The cost of customizing products and services causes many large firms to ignore narrow niches. Your small business, however, has the necessary agility to supply underserved markets with personalized products and services that satisfy their needs.
Focusing on niche markets helps you optimize the use of your marketing budget, gives you a chance to become a recognized leader in your field and gives you access to customers who are a precise match to your organization. As a result, you will enjoy healthy profit margins and loyal customers without fearing the encroachment of corporate competitors.
Personalized Customer Service
Customers want to feel valued as individuals rather than as a crop to be harvested by a gigantic corporate retailer or e-commerce behemoth. Your small business is appealing to shoppers because you can build personal relationships with them and the community.
When your company determines to create a fantastic experience for every customer, you create a competitive edge that few large firms can match.
Implement the Aloha Principle that puts the friendly, hospitable spirit of Hawaii to work on your behalf. Stay alerted for ways that your company can improve the lives of your customers and then work together with your employees and customers to great a satisfying experience for everyone. The Aloha Principle also calls for respect and honesty, key ingredients needed to create customer loyalty.
Communication Made Easy
As a small business, you can communicate more readily and effectively with your employees and customers. As a result, your team works more productively together and customers quickly and clearly receive the information that they need.
Regardless of whether you need to communicate new policies to your team or product specifications to shoppers, your small business can do the job faster and better than any giant-sized company.
Never underestimate the value of open communications within your team. Not only do you gain from having employees that understand and share your vision, you benefit from their creativity. By encouraging open and honest communications, your employees can share their ideas for improving your service and products and quickly address operational problems as they arise.
Your own desire and clear vision drove you to start your business, so use that passion to dominate your competitors.
Your feelings drive you to create outstanding products and meet the needs of your customers. Your passion also opens new doors to developing synergies with other entrepreneurs who also love what they do. As a result, innovation is the rule, not the exception for your firm and you can, therefore, meet the needs of a dynamic marketplace.
Employees of large firms are often not engaged enough. Your employees, however, understand their value to the company and understand that they have practically unlimited opportunities to grow and excel. The result is a consistent and extraordinary customer experience that attracts customers and builds a remarkable reputation.
Conventional wisdom often discourages small businesses owners by making them afraid to compete with firms that are many times their size. Just as the famous story of David and Goliath demonstrates, enormous size and strength do not always define a winner.
Go on the offensive by using the small size of your business to win business. Use your flexibility to quickly respond to market changes and claim a niche where you and your customers can thrive.
Leverage the size of your company as an advantage to win and retain the best employees and customers. Through open communications, personalized service, and passion, you will operate a formidable company that few competitors, large or small, can challenge.
Heather Redding is a freelance writer, avid reader, coffee snob and a tech enthusiast from Aurora, Illinois. When she is not working, Heather enjoys swimming and hanging out with her friends. You can reach Heather via Twitter.