Every day we hear of global giants like Amazon and Walmart swallowing up the little guys. It’s not all doom and gloom for small businesses. The entrepreneurial spirit is strong and small businesses are bucking trends and shaping up to be the future business giants.
How can small businesses make their mark?
The fact small businesses are capable of making their mark is down to growth in affordable digital business services, business apps and of course the internet.
The likes of Amazon swallowing up businesses around the planet isn’t stopping the army of brave start-ups. Small businesses are cleverly utilising digital technology and e-marketing to stand out in a crowded market and talk about what makes them different.
Let me explain the 3 major advantages a small business owner has over business titans.
3 reasons small businesses have competitive advantage
- Personal branding
A small business has the advantage with a personal brand that’s easy to communicate and easy for customers to relate to. Big companies with sub brands and 1000s of employees (each with individual personalities) spend millions on marketing. Despite big budgets few titans can communicate passion and sprinkle the personal touch the way a small business can.
A small business can be sleek and agile, responding quickly to market changes and customer needs. Whereas a monolithic business has red tape to cut, decision by committee to overcome, staff training to deliver and many more hurdles to jump before delivering change.
A small business can build a genuine following with face to face engagement, personalised customer service and word of mouth promotions. Big businesses try to build strong personal customer relations and lifelong loyalty. Again, few large companies truly deliver that personal experience to a customer.
Are you ready to challenge big business and get started?
When I sit down and talk to clients I strongly advise them to think big from the outset. The first step to building a successful growth strategy is to establish your business goals and objectives. This may surprise you but also build in an exit plan to safeguard your future financial security.
With a good business plan set up you will remain focussed on your USP, remain responsive and customers stay loyal. Above all you’ll avoid takeover and always be one step ahead of the next ‘big’ start up nipping at your heels.
Remember you may be small today but the passion and hard work you put in to your business today will pay off in the future.
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Simon Murrison, CA