People often say that big businesses have an unfair advantage over small and micro businesses. In reality, it is usually the other way around – once a business reaches a certain size they often become disconnected from their customers and find it very difficult to make any sort of big changes to their organisation. Here are our Top 5 Tips for outdoing big business:
1. Create a close relationship with your customers. If someone is going to recommend your products or services to a friend, they need to trust that you are not going to provide something sub-standard and make them look bad. That’s why recommendations from your customers are so powerful – it demonstrates that they trust you implicitly.
2. Don’t even try to compete with the big boys on price because you won’t ever win. Instead, make sure that the price you charge for goods and services is an accurate representation of the additional quality or extra time and care that you put into the customer experience. Your customers won’t mind paying extra if you make them feel great and valued.
3. Your customers will appreciate honesty. If things go wrong in a big company, often their explanation / apology is lost among all of the meaningless corporate double-talk. If something goes wrong for your business, be upfront about it and make sure your customers know that you are going the extra mile to make things right.
4. Be innovative with the product range and services you provide. You are in charge of your business and therefore able to make concessions or offer customised products and services to customers in a way that employees working for a large company are simply not allowed. This flexibility will keep people coming back for more.
5. The smaller size of your business also gives you flexibility in terms of the employees that you hire, the technology you implement and the ultimate direction of your company. You don’t have to answer to anybody else or justify your decisions to the boardroom. Often when there are problems in a large business, they fester or escalate and it could be months or years before they come to the attention of upper management. As a micro business owner, you have the freedom to be more proactive and handle problems as they emerge.