Many small business owners are scared of competing against their larger rivals. After all, large competitors have all the resources at their disposal to put you out of business, right? It is a battle of David versus Goliath! What chance does David stand against the Goliath?
While it is true that Wal-Mart has put number of mom-and-pop shops out of business in the last 10 years, there is hope for small business owners. In fact, we believe you can beat them at their own game and become a very successful small business owner. You probably are thinking we are nuts and don’t know what we are talking about, but allow us to explain.
- As a small business owner operating in a community you can be close to the customers. You will probably know many of them by their names. How many employees of large corporation can claim this? Do they even care about their customers?
- You can respond to the changing market more quickly compared to larger competitors. As you know it takes a long time to turn the Titanic around. In fact, you will know the changing market conditions before they do. After all, you are closely involved with your customers as mentioned above.
- You can be the best in a niche you elect to focus on. You don’t have to be a jack of all trades and hence are not spread too thin by trying to do everything. It is much more efficient and profitable when you put your resources to work on fewer items.
- Your customers are cheering for you. They want you to succeed. They hate dealing with large companies. Why would a customer want to go to a place where nobody knows your name as opposed to a small business where he is greeted with a smile and his name?
- Finally, this is your baby. You will do anything to make it work, which is not true for your large competitors. Who owns the large competitor anyway? Remember, your passion plays a much bigger role in the success of your business than you think.
What do you think? Do you agree with us?
