One should never assume that just because a business may be small, it doesn’t have the resources to compete with large corporations. There are advantages to be had from being small, and these can be leveraged to overcome the odds. Perhaps your startup is willing to go above and beyond or think outside of the box. Whatever the advantage may be, every business has a valuable weapon at their disposal. This makes the company unique and allows it to succeed and surpass its competitors.
Bigger is not always better, and that’s a great thing. Here’s what your small business can do right now to tap into successful growth strategies to compete with the big dogs.
Pursue Bold Ideas
Most success stories in business started from an original idea. However, not all ideas are created equal. Some require substantial support to be viable in a commercial sense. Others seem to have the power to move mountains on their own. Small businesses and large corporations have a different relationship with ideas. While both kinds of companies find the latter of the two kinds we have described more desirable, their ability to harness them is actually quite different. A bigger company doesn’t necessarily have the higher ground over a smaller one.
A large company will mobilize all of its resources to support a promising idea, but excessive backing of this kind tends to smother creativity, transforming the initial idea into a mere curiosity added on top of existing corporate conceptions. On the other hand, small businesses live and die by their ideas, so they are more likely to give them the room needed to grow naturally on their own.
Adapt To The Market
The market is constantly beset by fluctuations, both big and small. This kind of turbulent environment has frequently been understood to favor the big fish. After all, they are the ones that have the girth to withstand nonstop changes. However, these changes have the potential to alter the entire course of the economy. What was once an advantage will become a serious hindrance. The bigger they are, the harder they fall, as the saying goes.
Small businesses might not have these layers of protection, but if they sense that a big change is coming they can move out of the way since they are a bit more nimble.
Work For The Customer
As a company grows, the distance between it and its customers tends to increase. If the distance becomes too great, conventional channels of communication will start to break apart. This leads the company to employ an alternative mode of interaction. The downside to this approach is that it can lead to seeing customers are no longer treated as people, but simply numbers in an equation for calculating profit. As a result, it’s difficult to be loyal to an entity that treats you as cattle for milking money.
Small businesses, on the other hand, have an easier time reaching out to their customers directly if they focus on providing quality customer service. This enables their businesses to foster deeper relationships with consumers. Ultimately, implementing this kind of strategy allows them to stand out from the pack and keep growing.
Motivation Beyond Profit
Profit is frequently presented as the main, or even the sole motive for running a business. However, while it is true that a business that doesn’t make money won’t last for long, this does not mean that money is all there is. What is equally important is a drive to succeed, the desire to achieve a specific goal such as providing a worthwhile product to customers.
Larry Reed is a tech writer with DesignRush, a new B2B marketplace that connects brands with agencies. Larry has several years of experience in creating content on topics centered on web design and development. To stay updated with Larry’s latest posts, you can follow him on Twitter.