Large corporations represent one of the main obstacles for small business success.  While working capital and media influence are two advantages that favor big companies there are many tactics that can be used by small business owners to stand out.  Small businesses have greater flexibility which allows for experimenting and easy adaptation.

Niche Markets

Focusing on niche markets has proven to be a very successful strategy.  Many businesses have spawned or changed their business models to capitalize on trends with staying power.  Examples can be found all over in the food service and retail industries.  Research should be done to determine which markets to target.  Once that is complete you’ll want to put together a comprehensive plan that includes the man power and resources for the campaign.  It’s important to remain true to your vision and retain your appeal to your primary customer base while exploring new routes to increase revenue.

Customer Service

Many companies are adapting a customer centric business plan.  Customer service is at the core of this and ensuring that clients have a great buying experience is essential for small businesses to remain competitive.  Word of mouth advertising is still a major component to a company’s success and happy customers bring about exposure and brand loyalty.  Making superior service a priority within your organization will positively impact every facet of your company.  Develop a plan and provide training to put your employees in the best position to carry it out.

Community Involvement

Getting involved in community outreach programs and charitable organizations is a great way to gain recognition and improve your reputation.  Initiatives that benefit your local area will bring employees together for a worthy cause.  This improves employee morale while providing an admirable service to your community.  Press releases that document your involvement will bring attention to the cause increases the reach of your company.  Encourage employees to get involved by matching donations and promoting volunteer opportunities. 

Local Suppliers

Developing relationships with local suppliers allows for cross promotional opportunities and access to seasonal and trending product lines.  Utilizing local goods and distributors will be recognized by your community and will help you network with other local companies and organizations.  Providing support to small businesses in your region will allow you to capitalize on their reach and success.  These types of relationships can bring about faster delivery times and a reduced risk of inventory shortages.

Innovation

In order to stand out these days you need to take chances and try new things.  As an owner you should always be looking to provide cutting edge products and services while utilizing fresh techniques.  Innovation can come in many forms.  Whether you’re developing new products, different uses for current inventions or using traditional techniques to improve upon an already great product, innovation is at the center of small business success.  Brainstorming sessions and employees dedicated to the long term vision of your company will give your innovations the best chance to take hold. 

Partnerships

Strategic partnerships provide many benefits for companies on both sides.  Seeking out companies who have a similar customer base will better your chances to receive a competitive advantage.  Working together on combined marketing efforts will broaden your reach.  They can also help you to put on large events that will draw in customers.  It’s important that you continue to provide value to your partners as this will encourage their full effort and participation in your cross promotion.

Capital

As previously stated, the access to capital is an advantage that large companies have over smaller competitors.  In many cases small business owners lack the credit or collateral to access the money needed to remain flexible. Quikstone Capital Solutions provides cash for businesses, A merchant cash advance from Quikstone Capital Solutions is a business loan alternative that can help your business thrive and prosper, whether you need cash to buy equipment, cash to renovate or expand, cash to purchase inventory, cash to advertise or cash for emergencies Quikstone Capital Solutions can help. Contact us for a consultation today or simply click below.