Eventually, you would want your small business to grow into a big business, right? Many start-ups and small businesses get intimidated in a competitive marketplace.
There are many big-business growth strategies that might work for you. While not every strategy will work for a small business, there are some strategies that small businesses can use:
Market segmentation:
If you are starting your small business in a market that has established competitors, then you need to develop a laser-like focus on niche markets and go deep early and fast. Most big businesses are good at carving out their corner of the market, which allows them to do whatever as they own that space.
In order to take on the bigger competitors, smaller businesses need to focus on their basic customer that will allow for quicker sales, more marketing revenue and the ability to grow and scale. During the Cola wars, Pepsi stopped targeting the over-30 crowd and focused more on a young, fun-loving demographic.
Leveraging partnerships:
Big businesses can pay for partnerships up front, while small businesses have to negotiate for partnerships that pay per sale. The advantage of small businesses is that they can leverage their personal brand and connect with the target market, strategic partners, community and stakeholders. Knowing when and how to join forces with another business is a key factor that will help any small business grow.
A strategic partner can help provide either capital, expertise, global exposure or let you leverage their brand. They could help you win business by offering services that are not available in your company, and yet help build those competencies within your team. If you are looking for quick wins and results, then tap into the power of other people’s community. An easy way to do such is to tap into the power of influencers and your own employees.
Jaw dropping products, services:
Small business can have an immediate leg up on competition with service. You can leverage your personal brand, personal relationships and human touch to make your customers feel special. It is important to set the right expectations at every opportunity and have the agility to make quick decisions regarding services. Create products that are revolutionary and are also valuable to the customers.
One huge advantage of being a small business is that they can directly interact with the customers, bypassing the bottlenecks and bureaucracy that big businesses encounter. This will allow them to deliver better customer experiences and exceed their expectations consistently.
Make scalable plans:
Don’t think small. Think big and focus where you need to and plan for growth. Make sure you have the capability and the infrastructure to grow with the business. Truly scalable business is the one that keeps the costs marginally low, while increasing the revenue. For investors, the best business ideas are scalable with three pillars—high profits, minimum employees and low support.
Most big businesses either grow organically or inorganically through acquisitions. Prioritize your investments based upon your goals. Invest where you need to so that you can stay and remain competitive. Try to create partnerships with other market players as it is more advantageous than outdistancing them.
Don’t let failures bog your small business. Dream big and use the above mentioned strategies to pave your way to growth.
[“Source-bizztor”]