As a small business leader, it can be absolutely terrifying and insomnia-inducing to hear news of a big competitor is about to make their presence known in your area. It is one of the biggest problems facing your business. After all, how can you possibly compete with a big business that has all that resource at their greedy fingertips? Well, what if we told you that you have a hidden superpower at your disposal – your size.
It may not seem like it at first, but being a small business comes with some incredible advantages that your competitor is secretly envious of. Yup. This is a David and Goliath story truer than the one in the bible.
Read on to find out exactly how your size can become your biggest asset:
Your Customers Want It Now
The world has been overwhelmed by this notion of on-demand. Everyone wants everything to be delivered yesterday. That’s where you have the advantage. As a small company, you have the chance to solve your customer’s problems a lot quicker than a bigger company for the simple fact you don’t have a convoluted chain of command to navigate or bureaucracy to deal with.
Offer A More Personal Service
This isn’t just to with your customers either. More and more employees are looking to work somewhere that is more personal too, and that means top talent wants to work somewhere like your business. Sure, you will need to have the best of all the small business 401k plans going, but other than that you offer them the chance to hold responsibility, have an impact, make a difference, escape anonymity and feel like a person and not a number. And, like we said above, the personal connection goes down incredibly well with customers too.
When a big competitor sets up shop nearby, a lot of small businesses start to fret about the price. They think the big competitor has the ability to undercut their prices. However, more often than not, this is just a roll of the dice; a game of smoke and mirrors. You see, you’re small and that means you require fewer resources to get by and succeed. So the truth is, you have the ability to undercut them. Not only that, but you can also focus your attention on a more niche area of the market and use that to do succeed even on a smaller profit margin.
Quicker Reaction Times
We mentioned the chain of command and bureaucratic pitfalls that bigger businesses need to deal with, but this doesn’t just affect their customer response times, it also affects their ability to react to a changing market. You can quickly alter your inventory, your services, your billing, your marketing and everything else you need to in order to cater for even the slightest change. While they may notice an area of the market suddenly becoming profitable, they need to wait for the suits to give the thumbs up whereas you can just swoop in. Reaction time accounts for a lot of success in business. Trust us on that.