Top 7 Reasons Why Small is Best
By Kate Marsden
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Think your business is too small to compete with the bigger players? Worried that you can’t give the same price, service or product that they do? Do you stop going for business if you will be up against the bigger players? Or do you avoid certain products and services because you are worried about being a smaller business? Think again – being a smaller business can be a big advantage. Here are 7 reasons why:
- You are a Specialist - You can specialise in a target market, product or service in a way that a huge company isn’t able to – be clear about who and what you are trying to be and concentrate on that. Get known for offering something specific to that group, instead of trying to be all things to all men, like the big players do.
- You are Lean and Mean - You do not have the costs and bureaucracy in your business that a larger company will have. Chances are you can be quicker to respond to things, faster to adapt and probably more cost effective – so make sure your customers know that. People have got used to slow service with large companies – wow them with your speed of response and ability to make a decision that is personal to them, not based on company policy.
- You are Passionate about every customer - Customers know that if they are one of thousands or millions of customers they will become a number not a real customer, who is treated in the same way based on what the computer or policy says. Make sure your service is personal at every opportunity and never lose the chance to show a customer how much you care about their business.
- You are Quicker to react - If you see a customer need you can move on it quickly and make it happen. No internal approval committees or lengthy product development processes. You see a customer need or a market trend and you can respond.
- You are a potential supplier to the big players - Always remember that many of the big players do not do everything themselves – they need smaller businesses to provide services and products to them that they can sell on to their customers. Instead of always viewing the big competitors as a threat, think about how you could offer them something that is in both your interests.
- You are Hungry for more - Often this is the most important thing. If you are a smaller business and growing, sales, profit and customers really matter to you. You are hungry for success – in a way that big companies can’t instill in every one of their employees.
- You are a small business - Never forget that there are many buyers out there who do not want to deal with the big players. Those people want to support local businesses, deal with people with similar personal values, be different from the crowd or maybe just feel important. Whatever their reason, focus on these people and play to your strengths.
Want help improving your profits? FREE reports to help Small Business Owners stop falling for the myths and start understanding the real rules of profits. Download instantly for fast profit results! Kate Marsden is The Profit Mechanic and gives resources, tools and support to Small Business Owners to improve their profits. Read more about The Profit Mechanic here.
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Article Submitted On: March 18, 2012