It’s a hard-earned world out there, especially for small companies.
Last year, small businesses made up 99.7% of all businesses in the US. Yet, by their fifth year, 50% of these companies are expected to fail. The outlook becomes even grimmer by the tenth year when 70% will close.
Consequently, it’s no wonder that entrepreneurs around the nation are wondering how, exactly, they are expected to compete not just against each other, but also against large businesses.
Stacking Up
The first thing companies should do, even before startup, is to find a specific niche.
Creating a Specific Niche
Pius Boachie with Entrepreneur states, “I am talking hyper-focused, zeroed down to the barest minimum then expand from there as they grow.”
Doing so will permit quick sales to a very particular audience.
Marketing
Next is proper marketing.
Use social media to your advantage and have a clear, easy-to-navigate website. Team up with local companies to support each other’s services. Leroy Bautista, the founder of Nic & Luc, used such a tactic; it resulted in burgeoning sales and dynamite branding.
Also, try to reach out to local media. Make your business unique; focus less on promoting sales and more on newsworthy actions.
Don’t forget your employees; they can be one of the best marketing tools in your arsenal. Shirts, vehicle magnets and the like are easy marketing measures that make employees feel valued at the same time.
Customers
Have you ever walked into a company and been greeted by name? Didn’t that make you feel appreciated?
“Our customers are the most important facet of the business,” states a member of Ambient Edge, a small company that offers HVAC services. “They come first in every way.”
Customers should be your number one priority. You’re a small business; nothing makes consumers feel more welcome than building a rapport.
This extends further than sales. Get involved in the community; send thank-you notes and reward loyal customers. Get out of your office and take the time to speak with customers and employees alike.
React Quickly
One of the greatest things about being a small business is that you don’t have layers of bureaucratic nonsense to work through. Unlike with large companies, that means you can backtrack or surge forward whenever it’s needed.
For customers and for entrepreneurs, reacting quickly can have startling effects on profit and branding.
Core Values
Create them, solidify them and stick to them. That means your entire company culture should reflect company values, and that impacts your outward image.
Doing this in a positive manner makes you stick out and creates a bridge of trust to customers. It’s how Well+Good, a wellness platform media, managed to become popular among its many competitors.
Small and Mighty
Strength doesn’t lie in numbers. It lies in unique brands, happy customers, and companies whose strength resonates from within.
Large companies may appear to have it easy, but small companies have many advantages that make them truly mighty.
Image: PEXELS
