Billion dollar companies to compete in this high competitive world
Most people in business agree that competition in business is healthy.However, what happens when the competition becomes hard to manage. It is important for small business owners who are competing with Billion dollar companies to understand how different they are from those big corporations.
If your competition is bigger, they will certainly have the upper hand because of their size and scale. However, it is important to realize that you are full of potential and can be stronger and better in ways they can’t.
It could be that you are flexible to changing market trends or that you can connect on a personal level with your customers. You can make use of these differences however small to better your business.
When you find yourself competing for head to head with a big company for contracts, sit down and analyze the strengths and weaknesses of the big competitor. After that, identify the needs of your potential customers and know where your business has a competitive edge. Be it offering services on the personal level or agility in responding to customers needs.
Although big businesses frequently get many things right, for example, building a client base or a brand name, they may find challenges in personalizing their products. That is one way of making customers happy.
Small businesses can compete with Billion dollar companies by understanding what works best for their customers and suit their products for them.
In their quest to compete with large companies, many small businesses forget to differentiate their products. It is important to understand that not all customers want to work with big companies. You may not be able to afford an all paid expense retreat to train executives on the best management practices but you can create a work culture that motivates employees to do their jobs well.
Differentiating yourself means focusing on an area you do best, for example, digital marketing. Small business owners need to guide their companies to do things in an extraordinary manner while trying to avoid getting in the crosshairs of large, powerful companies. We have successfully employed this for the promotion of NBFC License as a service.
A well-managed small business can easily perform well in quality control and product output, customer service and identifying new market trends. Some large companies, like the ones which make apparels spend millions of dollars in research and development to find latest trends in the clothing business. Suppose they want to create a product, it will have to pass through far more middlemen than a small business would. If a product backfires, they will remain with huge amounts of useless stock.
Every now and then, small businesses face a Goliath. However, it is good when a goliath pays attention to what you are doing. In other words, they are validating your service or product. This will uplift your business and not theirs alone. Secondly, the best entrepreneurs will compete well. They will never get tired and will make good use of their energy and flexibility to uplift their businesses. So if Goliath takes a shot at your new product, create a better and stronger product. If they target your customer’s demographics, develop a user experience they can never match. All these steps will ensure your small business is able to fight off even the fiercest of Goliaths because you are building a community of like-minded people who value your business partnership.
The small businesses need to be confident in themselves when taking on the Billion dollar companies. When you see your small business compete well with the big boys, it proves that you are providing what the market needs. You need to understand that successful businesses are those that are continually growing. So set objectives that will get you in the list of your top competitors. Remember that competition continually keeps your business healthy and ensures that your products are current with the needs of your customers. Meet your customers at their point of need and this will ensure you continue to be a business that can compete with the larger ones.
It does not matter who your competitor is, what matters is if you can define your business clearly. Identify what your value proposition is and suit it to your customer’s needs. What do clients expect from you? If you can define your offering, then you will know how to compete. It is important to remember that the interactions and relationships we establish with our customers are the ones that keep us in business, whether big or small.