Running a small business is already enough of a challenge, but if you add to the fact your industry might be one dominated by giants, then it can be an even more daunting prospect that you might not like the sound of. There are many David and Goliath stories in business, but the chances of you overcoming a larger corporation with your small and humble business aren’t very high. In fact, it’s probably impossible for you to overtake a larger business in the same industry unless your growth is phenomenal or your product is leaps and bounds better than a company that has hundreds or thousands of employees—and that’s very unlikely.
But don’t let this put you off chasing your dreams in an industry that you enjoy working in. There are many tips and tricks you can utilise to get your business ahead, so read on to find out how you can overcome those large businesses and survive in an industry dominated by giants.
Keep the Secret to Yourself
If your business has stumbled upon a game-changing idea, product or technology, then you need to keep it to yourself. Large corporations will twist and improve on your idea with their research and development departments that you simply cannot beat. You might be smarter and more efficient than them, but the simple fact is that you don’t have the same manpower as they do and they are going to overwhelm you. They might bully you into selling your company to them, they might steal your ideas, or they might just improve on them and create their own version that will be marketed a hundred times better because they have the resources to. In conclusion? Be greedy and keep your ideas to yourself.
Strength in Numbers
A small company can’t survive on its own. A small business needs to reach out to other smaller businesses so that you can band together and help each other grow. Even if it’s not a small business you are contacting, it’s a good idea to get other businesses on your side and have them supply you with the goods and services that you need to sustain your business. For instance, if you run a small transport company, then you might find it expensive to fuel your vehicles from petrol stations. Instead, why not contact New Era Fuels or a similar fuel provider and have them deliver fuel to your business premises to store in your own fuel pump.
Get the Customer on Your Side
Customers are the most important aspect of any business. Without a client or customer to serve, you technically have no audience and you won’t make any profit off your investment. Getting the customer on your side is easy for a small business because there aren’t many channels or platforms for them to contact you on. Get used to using social media such as Twitter, Facebook and Instagram then focus on responding to customer feedback, criticism and build a good relationship with your customers. Your company will spread like wildfire via word of mouth and social media posts.