Six Reasons Small Business Owners Have Cause to Celebrate Small business owners, especially those just starting out, may look at big businesses with envy, wishing they had half of the resources of their larger competitors. But, small businesses need to remember that they still have major benefits at their disposal as compared to the larger players in their industry.
bring customers even greater value through a joint offering. This often leads to a better customer experience, as well. While larger businesses can create these same partnerships, they’re usually less willing or less able to do so quickly or in a way that feels authentic to their customers.
SMALL BUSINESSES HAVE SOME BIG ADVANTAGES OVER THEIR MUCH LARGER COMPETITORS
6. BRING YOUR PASSION EVERYDAY
Small businesses have a surprising number of advantages over larger companies. Find ways to maximize these six advantages and you’ll become a fierce competitor in your market, no matter how small your operation.
1. PROVIDE A PERSONAL TOUCH
As a small business owner, you have the opportunity to personally interact with your customers and develop relationships with them in a way that few owners of large corporations get to do. This is especially true for owners of local businesses with intimate ties to their communities. Serve your customers with intention and work directly with them to build loyalty and trust between them and your brand.
2. BE FLEXIBLE
Nimble small businesses have a huge advantage over more bureaucratic larger businesses. Big businesses often have multiple layers of approval that need to be passed through before a new idea is adopted. Small businesses can usually move much faster and create meaningful changes quickly. As a small business owner, staying flexible and keeping things simple will pay dividends during times of change and growth.
3. STAY AGILE
Responding to problems that arise and modifying processes that are no longer working is easier when your team is lean and can act fast. In the same way that large companies have a harder time implementing new ideas, they’re also slower to fix problems. A small, agile team can communicate quickly with one another and get things done fast.
4. KEEP IN TOUCH
As a small business owner, one of the smartest things you can do is interact directly with customers to understand their needs and wants. Ask them about their pain points so you can offer better solutions. Big businesses often lack the ability to get in touch with their customers and use surveys and market research to replicate this effort. Spending time with customers on the ground level is always a valuable use of your time and will put you at a huge advantage over your bigger competitors.
5. BE WILLING TO PARTNER
Small businesses can find power in partnering with other complementary small businesses in their community or industry. By partnering, each business can co-promote the other and, together,
10
Business ownership is as much a personal endeavor for most small business owners as it is a means of earning a living. They bring passion to their work and to serving customers in ways that few larger businesses can imitate. This may be your biggest advantage of all. Let your passion for your work drive your dedication to create an exceptional product with unmatched customer service. There’s no doubt that competing with larger businesses is a challenge. But, never forget that it’s just as hard for big businesses to compete against a small business that displays these six characteristics and makes a powerful impact in their market. Celebrate your powers as a small business and use them each day to best serve your customers. When you’re looking for help to maximize these characteristics and compete with the large businesses in your space, look to other small business entrepreneurs and experts who have been there before, like a SCORE mentor. A SCORE mentor will work with you to develop a strategy using the powers of a small business so you can successfully go head-to-head with your larger competitors. Contact a SCORE mentor today.
You can reach SCORE at cantonscore@gmail.com or phone 330-451-6509. You can learn more about the chapter, including upcoming workshops, at www.canton.score.org. Funded in part through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, conclusions, and/ or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.
