As a small business owner do you feel helpless when competing against a large, well-financed adversary? Do you repeatedly lower your prices to the point where you threaten your business’s existence? Follow Brandon and Rick as they offer strategies that enable you to not only compete, but to thrive against the 500 pound gorilla.
- Try to become a hedgehog:
- Identify what you do best. (Remember our Disney and POP podcasts, look for what you do best…your core competency).
- Don’t over-complicate your service. Try to deliver the same service or product without the frills that clients don’t appreciate. (Remember our Jack Lalanne Blue Ocean Strategy podcast.)
- If you think your business or personal career is a complex, simplify it.
- Use Jim Collin’s 3 hedgehog concepts: Passion, financial, best.
- Examine your personal company’s culture
- Is there a culture to be different?
- Are you employees invested in the company?
- Are there unnecessary frills for you and your company that don’t enhance your personal or company value
- Some individuals invest a lot into their career because others are without thinking whether it is valuable in pushing them to their horizon.
- Leverage the latest technology
- Are there cloud-based systems that you can rent?
- We will talk about this with small business technology providers in the coming weeks.
- Jump through the window:
- Sometimes the most important component to success is timing.
- Don’t leap before you look. The previous steps should not be skipped.
- You may only have a small window in time to establish your market position, so jump through it.
