How do you compete with larger businesses?

In Business Management Metaphysics, there's no energy used worrying about 'competition'. Yes, we keep our eyes on trends, yet seek to innovate rather than follow or compete. There's room for everyone, companies large and small. Smaller businesses do have a huge advantage in speed of delivery, decision making, and cost. Not having 60 people on the payroll means equipment sales can be arranged differently to the benefit of the client and the service provider. Collaborating on larger projects, with larger companies, where needed, is always preferred to 'competition', which leads to contention and disharmony in the community.

In my experience there are two ways to get noticed: 1. Be you, don’t try to be anyone else 2. Find that thing that makes you different. It doesn’t have to be the service or product, how you deliver the product or service is unique to you. Figure out how to stand out. What is one thing about you or your business that makes you different from the rest? Think about it, journal about it, test your theory.

One way to get noticed above larger companies is by creating content for your niche. Small agile companies can set up a drumbeat to create regular articles, podcasts or video content that serves the niche and helps raise your business profile.

From my own experience competing against major banks as a compact brokerage demands a unique strategy: Niche Specialization: Target overlooked markets. Agility: Adapt rapidly to market shifts. Personalized Service: Offer unmatched intimate services. Local Insight: Showcase local market expertise. Innovative Approach: Set yourself apart with unique strategies. Quality First: Emphasize top-notch offerings. Digital Outreach: Utilize online platforms for broader reach. Strategic Alliances: Collaborate with aligned businesses. Blue Ocean Strategy is a must-read for forward-thinking business leaders seeking growth and differentiation.

Be genuine. Listen actively and answer your calls, emails and messages in a timely manner. Under promise and over deliver as much as you can.

Small business owners tend to excel at personalised service. Adding in a handwritten note or following up with a short email makes a huge impact with customers and doesn't take a huge about of time.

What does it mean to offer value? The correct answer to that question is "it depends". Your market will tell you exactly what value means to it. For example, if you are launching the laundry service in a location where a competitor already provides the cleanest and crispiest laundry service, saying you provide really clean laundry service is no longer valuable. You are probably best served saying you provide same-day laundry service. Which means your value is Speed. This becomes super valuable if the competitor takes 3 days to deliver the cleanest and crispiest laundry. Whatever value you offer to your market, must give you a competitive advantage. And it only gives you an advantage if the market cares about it.

The consistency of your brand and customer experience is critical. I recently posted about not being a ‘business mullet’. If the sales process doesn’t align with your operational process you’ve lost the game. You’ve become a bad haircut. 😂 Being a small business you have the magical ability to SLAY this process. You can be agile and make moves as your customers need it. This is the foundation of showing up strong in the market and compete with the big companies.

Map your customer journey! Start to finish and back again. What is that personal touch? What can you give them that’s so valuable that they they ask how to buy from you instead of you finding ways to entice them to buy? Never underestimate yourself or discount yourself. Referrals and testimonials are priceless.

There are lots of ideas which can help small business to compete their industry giants. Following you may find some of major factores who might be use as a fast ramped up strategy by small business owners to drive: 🔸️Lunch an innovative Product, feature or even service to the industry! 🔸️bring something atttcractive to the table such as an easy to use platform 🔸️focus on your real customers by smart market targetting 🔸️Lower PRICE is always a KEY somehow make sure about your service quality standards. 🔸️CRM is a King! It helps to maintain existing clients as well as reducing marketing cost for new clients attraction. At last not least, Focus on your Employees; They are YOUR main resource who present YOUR Business to the WORLD!

Small businesses are so agile, they can make decisions quickly and galvanise their network into supporting any projects that feel "too big" rather than have board meetings, staff engagement meetings and training etc. You always know that the business owner is 100% committed because they didn't just agree to the strategy, they built it, owned it and made it happen.

Larger organizations might have the resources to innovate but usually lack the incentive. They can buy their innovation. Smaller businesses can't and must rely on their ability to create it for themselves.

In our office, we live by the mantra of Innovate or die. The advantage of small businesses is you can make decisions quickly and act accordingly. Whereas large business requires long, pointless drawn-out meetings. If a large business or government with considerable resources was able to make and act on decisions, the way small business do, the world would be a better place.

To innovate and adapt effectively as an SME owner: Foster a culture of innovation within your organization. Stay informed about industry trends and market changes. Prioritize a customer-centric approach, gathering and acting upon feedback. Analyze competitors and identify areas for differentiation. Promote cross-functional collaboration among your teams. Allocate resources for research and development efforts. Embrace technology to enhance processes and customer experiences. Be flexible and ready to pivot in response to market shifts. Invest in employee training and development. Seek partnerships and collaborations for knowledge sharing and resource access. Make data-driven decisions and analyze performance metrics.

From my point of view; a short and simplistic yet powerful idea Provide an impeccable service, fulfilling what you promise!!

Always remember your network is your net worth. Invest in building relationships and collaborating. See it as sharing audiences instead of competition. The time you invest in networking is gold!

Innovate and Market The most important thing is to create some invoation and market this Value Added perspective. Business or company will be moving forward in days.

To collaborate and network effectively as an SME owner: Define your objectives and goals. Attend industry events and conferences. Join industry associations and chambers of commerce. Utilize online platforms like LinkedIn. Engage in local networking groups. Collaborate with complementary businesses. Attend workshops on networking skills. Leverage your existing contacts. Offer value and support to your network. Follow up promptly with new contacts. Build or participate in online communities. Seek mentorship from industry experts. Consider public speaking to establish authority. Host your own networking events. Stay active and consistent in your efforts.

Time is your biggest blocker to growth, so leverage technology to focus on things that matter for your business. As a small business owner, consider using off-the-shelf tools like Zoho, Hubspot, Zapier, or Notion to help you manage different aspects of your business. A tip I use for myself: If I have to repeat the same action more than three times in a week, I will invest time to simplify or automate it. For example, a meeting note template to ensure I cover all the key areas for each meeting.

To leverage technology effectively as an SME owner: Identify specific business needs and challenges. Set clear objectives and measurable goals. Invest in technology tools aligned with your goals. Provide training to your team for efficient use. Consider cloud-based solutions for flexibility. Enhance customer engagement with tech solutions. Optimize your online presence and e-commerce capabilities. Streamline operations through automation. Use data analytics for insights and decision-making. Prioritize cybersecurity to protect your data. Ensure mobile-friendly platforms and apps. Utilize collaboration tools for remote work. Stay updated with industry trends and emerging tech. Comply with data security and privacy regulations.

I agree with the majority of this, but I would add become an absolute expert and stay in your lane. I created a six figure concierge massage company for high profile, high performing clients that needed neuromuscular therapy in a market where Massage Envy was king, back in 2008. I charged $200/hr when the average was $60 and I was always booked. Why? Because my people wanted the high touch and expert care that the high volume company couldn’t provide. What can you do better than anyone else that larger companies simply can’t compete with? Attack that angle.

To succeed as a small business owner: Specialize in a niche market. Cultivate strong customer relationships. Embrace innovation. Leverage technology. Prioritize quality over quantity. Collaborate and network. Share your unique story. Manage finances diligently. Develop a robust marketing strategy. Stay resilient and persistent.