There was a time in the not too distant past when if you were a small business trying to establish yourself in a niche populated with big players, you would find it almost impossible to make a mark. Have things changed now? Not if you believe a report, which says 8 out of 10 new businesses fail within the first 18 months of their operations.
While there are many reasons why these businesses fail, one reason is their resource crunch. They lack the resources that big players in the niche command and this is where they lose the battle for consumer mindshare. These resources include money, workforce, infrastructure or a combination of all three.
Is there an answer to this problem? Or do small businesses have to get lucky to compete against the big boys of the niche that have the capacity to outspend and outmaneuver them at every opportunity? It is in answer to these questions that we came up with a presentation titled ‘Battling the Resource Crunch – How_Small_Products-Based Businesses Can Still Compete against the Big Players’.
This presentation covers a diverse range of challenges that small businesses encounter, which includes:
- A limited hiring budget and the need to pick the best talent to work for their business.
- Employee Retention – Ensuring the employees you hire stick with your business.
- Efficiently managing the functions of an organization with a limited workforce – Multitasking.
- Optimally managing customer relationships.
…… And many more
The idea is to provide immensely workable solutions that go a long way in not only solving these challenges but also deliver immense value in the form of tangible returns. The key to products based businesses scoring over the bigger counterparts in their niche is their inherent flexibility and smaller footprint that allows them to grab hold of an opportunity quicker than large sized businesses.
The trick here is to adopt solutions that help them leverage their own intrinsic potential rather than trying to develop strengths that are a hallmark of big businesses. The small sizes of products based businesses give them immense maneuverability that allows them to satisfy the changing demands of their target audience. It is this strength they need to explore.
Something else they need to understand is making good use of technology for keeping their operating costs in control and still giving their business processes the competitive edge. There is no real reason to try and match the spending of big businesses as this will just put more pressure on you as far the returns on investment are concerned.
So, why not take a look at the presentation and check how your business can go one up over its competition.Tags: Product Business, sales