One of the biggest complaints that small businesses (SMBs) have is that they have trouble competing against larger companies. Some SMBs don't have the funds, staff or other provisions to ensure that they can hold their own in the market. Luckily, according to Entrepreneur Magazine, there are a few steps that enterprises of all sizes can take to get ahead of their opponents.
Columnist Lewis Howes recommends:
1) Maximizing value
Value refers to products or services that a customer will shell out cash for. If your company is paying for services that aren't helping rake in profit, then consider putting your money toward something else. One way to find out what is important to clients is to communicate with them. When you know what they expect from your business, you can cater to their needs.
2) Pursuing big companies
Size shouldn't be intimidating. These enterprises may be more difficult to land, but the ones you do can help you generate revenue, offer you referrals and be a great resume booster. When you talk to the CEO of a big company, highlight qualities like your small size by telling them it allows you cut down on the amount of red tape and attend more quickly to their needs.
3) Capitalizing on your strengths
A large corporation may be able to offer their products at a lower cost, but don't underestimate the value of your SMB's assets. For example, do you have a reputation for top-notch customer service or easy returns? These are all strengths you should highlight and market to consumers.
You may also want to consider contacting a local online marketing firm that specializes in everything from website redesign to search engine optimization (SEO). These agencies can help give your company the tools it needs to succeed in the increasingly competitive marketplace.