Whether you are interested in starting a business or already have a small business, one of the things you need to be prepared for is that you will be faced with competition.
Many small business owners I speak with express concern over having competitors. In a perfect world you would have fantastic products or services that are in very high demand and you could set your own price because customers were knocking down your door to buy from you. If only…
The reality is that no matter what you offer you will always have competitors.
Proven strategies to beat your competition.
Which strategy is best to beat your business competition?
There are a number of ways to successfully compete and gain an advantage over your small business competitors. Every one of them involves being totally focused on your customers’ needs. As part of your business development, you need to plan how to profitably deliver more value to your customers compared to your competition. The subject of business strategy is extensive and the purpose of this article is not to make you an expert in the subject. If you do want to learn more deeply about the subject of strategic management you can begin here. What you will find here are proven, quick, practical and actionable steps that you can take now, that will help improve the bottom line of your small business quickly.
Some things I learnt about competition from my parents.
My mother and father didn’t go to university to study an MBA like I did. Despite this, they were small business champions. Even though their retail business was surrounded by similar businesses, theirs thrived while others failed because they understood the fundamental principles that will make any business successful. They understood that there were only a finite number of customers. Their job was to get and keep as many of them as possible, if they were to stand any chance of beating their competition.
They were tenacious. Beating your competition all starts with having the right mindset.They worked very hard at coming up with business ideas and products that would appeal to their customers. They made time to find out what their competitors were doing and went one better. They spoke to their customers and suppliers to learn what would and wouldn’t work. They tried different things all the time to keep their business fresh. New products, new displays, free samples, seasonal offerings, unique home made products.
They were energetic. While other owners sat down when they didn’t have customers, my parents were always dusting, restocking, straightening, cleaning…………working!
They differentiated themselves any way they could. It’s amazing how some things can make a big difference. For example, my father had seven coats made by a local uniform manufacturer; each a different plain bright colour. I will always remember what a positive impression this made on many customers. They commented on how smart he looked, and “usually women” popped in to the shop to see what the day’s colour was, and usually bought something.
They loved their customers and greeted each and everyone as though they were guests in their own home. You can learn more about how to greet your customers here.
They were highly motivated to succeed. They were mortgaged to the hilt to start their small retail food business, and they knew that failure meant disaster. Most business books don’t mention that to succeed you have to work as though your life depends on it. I’ve managed and owned a lot of small and medium sized business and as a business consultant I have met with hundreds of business owners and one thing is certain.
The moment you start cruising in your business, you start going backwards and give your competition the chance to beat you!
They were pragmatic. They understood that they would face many challenges and they were mentally prepared for them.
They loved their employees. They went to great lengths to hire the right people who were very customer focused, hard working, moved quickly and they treated them like members of our family.
What you can expect
When you apply these proven business ideas in your small business, some amazing things will start happening fast.
- You will start to beat your competition.
- You will increase your market share.
- You will increase your revenue.
- You will start having the business you always dreamed of.
To your great SUCCESS.