As a smaller business there a number of issues that impact on growth and being competitive. Common issues include having a limited marketing budget and lack of specialist marketing and sales skills.
Reasons given for small business failure
- 19% pushed out by competition
- 14% struggled with marketing
- 29% ran out of cash
Benefits smaller businesses have over larger competitors
- Individual service that can lead to improved customer service
- The ability to personalise and customise a product / service to suit the customers needs
- Expertise – the people with the knowledge and decision making ability deal directly with the customer
- A passion for success – small business owners are prepared to make significant sacrifices to achieve business goals
- They can draw in “people” through their values
3 Small Business Competitive Strategies
Strategy 1 – Go Niche & Embrace Unique
- Standard Unique Selling Propositions (USP’s) no longer cut it
- You need to stand out – being a generalist doesn’t give you any edge
- Being niche allows you to target a distinct segment of the market
- New, Niche, Different, Unique = Exciting
Strategy 2 – Embrace purpose and give a dam
- You need to be meaningful and build an emotional connection
- “Mattering” is as important as “Marketing”
Strategy 3 – Innovate
- Be the first to market
- Make fast decisions
- Have a shared goal
- Smaller companies have the capability to develop an innovation culture
- The hard truth about innovation cultures is that creativity and innovation can be messy ( not something larger businesses like)
- . It needs discipline and management
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