Small Business in a Big World

October 28, 2010

7 Winning Strategies to Beat Your Competition


[tweetmeme source=”LilBizBigWorld” only_single=false] Operating a small business nowadays can be tough. Even if you have found a niche, chances are, there are others who beat you to it. If not, then once you’ve set up your business and it is going ever so smoothly, there are other companies who pop up offering the same products or services. The point is, there is always going to be someone who will compete against you and that’s a fact in business. So what do you do? Instead of buckling under the pressure, rise above it and look for ways to beat your competition.

Here are some time-tested strategies to outplay your competitors:

  1. Know who your competitors are. Yes, your business may be doing well for the past odd years but there are bound to be other businesses who directly competes with you. They may not be as successful as you are (or it might be the other way around) but it wouldn’t hurt to look around you and check. Remember that there’s always room for improvement so don’t get too cocky. Even big businesses have their fair share of competitors.
  2. Make it a point to compare and list down your own elements of comparison. Comparison is not necessarily a bad thing. It would actually give you more insight on what works and what doesn’t. This should of course be done in accordance with business ethics. Meaning, if you’re thinking about sending an employee over to spy on your competitor, don’t! If your competitor has a website or a blog, check it out for yourself and give an honest assessment on how you could improve on yours (without copying their format. Again, business ethics!).
  3. Engage with your customers as a way to survey what they like about your business and what it is that makes them come back. Is it the outstanding products, the excellent service or is there something else? This is a good way to research on what your edge is, as well as a way to build relationships with your customers. Make them feel that you appreciate their business and that you value their opinion.
  4. Look to expand your offerings. One of the reasons why your customers do business with your competitors is because they have other needs which you haven’t met. If possible, check if you can offer new products and services and announce it once you’ve done so.
  5. Check the latest trends. You should do this with caution though. Not all trends are right for your business. Go with the ones which will make business operations a little easier and bank on those which will ensure convenience to your customers.
  6. Check your capability to innovate. Don’t bite off more than you can chew just so you can get ahead. The quality of your products and the dependability of your services is vital to your success and you should ensure that if you’re looking to improve your business, don’t let these two elements suffer or you’re in for more trouble.
  7. Don’t just follow, lead. The fact that you are operating a small business means that you have the ability to lead. Focus on your business and don’t be afraid to take calculated risks which you know would drive your success. Check your employees’ performance and make sure it meets your standards.

The goal of any business, be it big or small, is to be the authority, the leader within their niche or market. Following these strategies may be long and tedious but timely and correct execution of these would help you get to the top, beating your competition by a considerable mile (or two).

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4 Comments »

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    Pingback by Tweets that mention 7 Winning Strategies to Beat Your Competition « Small Business in a Big World -- Topsy.com — October 29, 2010 @ 7:06 am | Reply

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