How Small Businesses Can Compete Against Big Business and Be Succesful at it

For so many years big business dominated the corporate world but as they say: “Times, they are a changing.”  Entrepreneurs have made great headway into the business world and are rapidly not only competing with big businesses but often dominating them.  One of the biggest worries facing new business owners starting a new venture is that they won’t be able to compete against the bigger players that are already well-established but that’s really not true anymore.  In fact, in many ways, small businesses are inherently more competitive than their larger counterparts and have many qualities and advantages that big businesses don’t have.

First off, small businesses are much more in touch with their customers’ wants and needs.  In essence, they are closer to them and are more easily able to keep their fingers on the pulse of what their customers are looking for in a brand.  Very often, entrepreneurs will meet and speak directly to customers on a daily basis.  In large business, oftentimes decision makers don’t get the exposure to their customers that could make them more effective in the long run.  One of the greatest advantages for small businesses is that they can get direct, immediate feedback from their customers and learn about their needs and interests.  This allows entrepreneurs to spot new business opportunities earlier than their larger competitors.

Additionally, small firms tend to be more responsive to their customers because they are able to listen to them more clearly.  As a result, they can change their business operations and processes much more quickly than big businesses.  Small firms are therefore usually more able to innovate or introduce new products in a small timeframe.

Small businesses can be more zealous and radical about their business products than their larger competitors because they are not bogged down by strict rules and regulations that have long since been put in place.  They have less red tape to bounce over.  Entrepreneurs are often more fixated in their attempts to improve their existing services because they haven’t become complacent with “business as usual” as their larger counterparts have.  Big firms are usually more constrained by corporate policy and guidelines which hinder their abilities to do anything too radical or too quickly.

Small businesses can also keep their costs lower.  First off, they usually don’t have a choice in the matter as their survival depends on it.  They don’t have the overhead that their larger counterparts do and as a result the costs of innovating or developing something new doesn’t have to be a barrier.  As a result, entrepreneurs have to be smarter about how they spend their money and this can lead to success because they are able to more readily keep their eye on what matters most to their customers and drives them to more rapid success.

Something else that is key to small businesses is that they are often more adaptable.  They can turn orders around faster and try more ideas at once.  They can have more informal business plans that allow them to react and adapt to the market and their customers’ needs.

Small businesses also don’t have as many rules to follow.  Entrepreneurs are not hamstrung by bosses and strict corporate office policies.  They are able to allow their employees to be more creative and forward thinking.  They have the ability to give them more leeway in how they approach their work every day.

Small businesses often tend to be more on the pulse of social networking which is key to success in today’s corporate world.  They are more active on social media sites such as Twitter, Facebook, Pinterest and others.  Often this is because they have no other choice in how to get the word out about the products and services they are offering.  They tend to blog more and create a dialogue flow with their consumers and can therefore, more easily realize what their customers want and expect from them in the long run.

Oftentimes, small businesses have a more narrow focus and mindset.  They are not trying to please everyone as their larger counterparts often are.  They are able to stick with one strong idea and move forward with it instead of having tons of different departments that easily get tangled up with one another and can slow down forward movement.

As I’ve talked about today, in essence, it’s often easier for small firms to concentrate on quality over quantity, something their larger counterparts can’t do.  They are able to maintain their individuality while still focusing on their customers and this is often a quicker path to success.  So the point is, small firms can indeed compete very effectively with larger firms.  In fact, larger corporations have in recent years often tried to emulate what their smaller counterparts are doing.  The lesson here today is that an entrepreneur should not be deterred by larger competitors or be scared to compete with them because often being smaller in scope affords greater opportunities in the long run.

So how do you feel about small businesses being able to compete in a larger, more corporate world?  Do you think they really do have advantages and a shot at being successful?  If you’re an entrepreneur, what are some of the challenges you’ve faced when competing against your larger competitors?  Do you believe in what I’ve said here today?  Leave a comment and let me know how you feel.

Here are some articles you might want to check out about how small businesses can compete against big business:

“Competing against Bigger Businesses”: http://www.inconcertfinancialgroup.com/forte-consulting/competing-against-bigger-businesses.shtml

“5 Ways a Small Business Can Successfully Compete against the Big Boys”: http://forum.web.com/5-ways-a-small-business-can-successfully-compete-against-the-big-boys/

“5 Ways Small Business Can Out-Compete Big Chains”: http://thrivehive.com/5-ways-small-businesses-can-out-compete-big-chains

“How Entrepreneurs Can Compete with Big Business and Win”: https://www.openforum.com/articles/how-entrepreneurs-can-use-their-strengths-to-compete-with-big-business-and-win/

Until next time…

Top 10 Small Business Apps

In this digital age, every company needs to be in the know of cutting age technology.  With androids, iPhones and iPads and every other mobile device imaginable, some of the easiest ways to make your business more efficient is to use certain apps.  While there are tons out there, here are a list of some of the best apps for making your business run smoother and that will save you time and money

1.      ActionMethod: This task management software rivals full-fledged project management tools. ActionMethod lets you create tasks and delegate them to any contact or team member. You can prioritize tasks and see all tasks by project in a single view. All your projects and to-do lists are in the cloud so this app automatically syncs to your web-based account or your iPhone or Android device.

2.      Bento 4:  Bento 4 is a personal database that organizes your data quickly and cleanly and makes retrieval just as simple. Bento 4 includes 25 templates for organizing common types of business data, including contacts, billable time, sales, issue tracking, vehicle and equipment maintenance, projects, to-do items, contact lists, inventory, notes, customers, event planning and product catalogs. It allows you to store text, numbers, GPS locations, dates, times, durations, addresses, URLs and pretty much any other type of data your business might need.

3.      DropBox:  DropBox is for saving your files in the cloud. Whatever you save in your Dropbox account, whether it be documents, pictures, music or video you’ll be able to access on just about any mobile device or computer.

4.      SpringPad:  SpringPad lets you create notebooks and boards where you can store information about any project or idea. SpringPad even works with handwritten notes and lets you drag and drop files and photos around. It’s a great tool for brainstorming and innovation, design projects and events.

5.      SimpleNote:  You can make notes and keep them synchronized across your iPad, the web and other device. You can share notes with friends, family and co-workers. One handy feature lets you go back to earlier revisions of a note by moving a slider. Pins and tags let you organize notes on a topic, and a handy search capability finds whatever you need in a snap.

6.      Pocket:  Pocket lets you drag any content to your Pocket where it’s automatically synched with the web and all your devices. It’s simply the best place to store and access content you want to read at a later time.

7.      iMarginProfessional: For instant decisions on authorizing discounts to customers, iMargin professional is the way to go. You can set it to calculate markups from a cost or margins after discounts. With this app, you’ll always know the margin on any deal, even if you’re doing business in multiple currencies. And it includes automatic currency conversion rate updates.

8.      Tweetbot:  This Twitter app for iPad surpasses the Twitter iPad app with its winning interface and collection of sounds. Intuitive user-configurable gestures, customizable navigation and multiple timelines let you switch back and forth between lists. Tweetbot supports attaching photos and content from Instapaper, Pocket, CloudApp, Readability and Droplr.

9.      Signeasy:  This app manages electronic signatures. You can import a document from any application, including email, and then draw or insert your signature. Once the document is signed, Signeasy generates a PDF of the completed document that you can email, print or store. You can collect up to three signatures per document and you can type in any additional information required, such as the date signed. Signatures are easy to resize to suit the space available. You can passcode lock your signature if you store a signature file in the app.

10.  PhoneSwipe: If your small business needs to accept credit cards, PhoneSwipe makes it easy to get started right from your iPad. This secure app is password protected and no credit card data is stored on the device. The app lets you calculate sales taxes or discounts and customers can add tips to a bill. PhoneSwipe calculates the tip amount for the customer based on a percentage they enter, or it can accept an amount. You can email receipts or print them out. PhoneSwipe even integrates with cash drawers if you take cash if your business. You can set up customized inventory list to make sales fast and easy for you and your customer. Multiple devices can be linked to your account so there’s no limit to the number of transactions you can process. You can swipe cards or enter card numbers manually and you receive a complete report of all transactions.

While this list is not all inclusive, these apps can be really useful in helping you run and manage all your small business needs and help you meet your goals in a more tech-friendly way which saves time and money.

So what are some of your favorite business apps?  Have I mentioned them above or are there others that you tend to use more frequently?  Can you see some of these apps helping your business grow?  Leave a comment and let us know what you think!

Here are some articles you might want to check out about the best apps for business:

“10 Brilliant Apps Small Businesses Should Use”: http://www.forbes.com/sites/ilyapozin/2012/05/29/10-brilliant-apps-small-businesses-should-use/

“13 Must-Have Mobile Apps for Business”: http://www.forbes.com/sites/ilyapozin/2012/05/29/10-brilliant-apps-small-businesses-should-use/

“7 Best Apps for Small Businesses”: http://finance.yahoo.com/news/7-best-apps-small-businesses-040111507.html

“5 Must Have Apps for Small Businesses”: http://www.getbusymedia.com/5-must-have-apps-for-small-businesses/

Until next time…

How to Increase Business Productivity

Increasing the productivity of your business is not a task easily done.  If you run your own business, not only do you have to manage employees but you also have to get your own work done.  With a growing economy and so much going on in the workplace on a daily basis, it seems that most entrepreneurs are short on time.  The most crucial thing a business owner can do to more effectively increase business productivity is to take the little steps to make it happen.  No time should be wasted.  Even the slightest implementations to your work environment can really add up.  It could mean the difference between getting a break during the day or at week’s end or working 24/7 ‘round the clock seven days a week to grow your business which is no fun for anyone.

First off, create a schedule.  Remember, employees should be aware of what the most important priorities are on each given day.  You don’t want to waste precious time on tasks that can wait.  Make sure you have a shared office calendar where employees can check in to see when things are due and what is most urgent.

Set goals.  This a particularly essential part of running a business.  Without them, you can’t grow and thrive or keep up with competitors.  Always keep your employees in the loop about what is expected of them in their job performance.  Sit down with them individually if you see they are struggling or set up a once a week office meeting to lay out the week’s goals and monthly projections.

Divide tasks effectively among employees.  Really get to know them and learn what their strengths and weaknesses are so that you can assign tasks to the most appropriate person to get the job done in a timely and well-organized fashion.  Don’t be a micromanager.  Trust your employees that they know what they are doing.  If you are constantly looking over their shoulders, you can’t get your own work done and they might feel extra pressure which can distract from successful job performance.

It’s a really great idea to purchase software or a company database where all your data and important business information can be stored.  Train your employees on it effectively.  By having a software program, you can get automated updates of what has and hasn’t been done each day.  This is a great way to increase business productivity and will save a lot of time!  Additionally, software helps people stay organized and on track.  Metrics and employee performance can be traced which is an effective way to know who is and isn’t doing a good job.

Provide employee incentives.  Offer them free lunches or gym memberships.  Run contests with compelling prizes to encourage your employees to work harder and meet their business objectives.  Everyone loves being rewarded and recognized for hard work.  Motivate your employees to work harder.

Set reasonable expectations.  They should be clear cut and easy for your employees to understand.  Be flexible with them.  If they need a break in the day or have a personal appointment to attend, allow them to.  If long hours are required to get the job done, allow them to go home early one night a week or take a break during the day to go to the gym or just simply take a walk around the block.  You don’t want your employees to be a bunch of walking zombies.  This can lead to mistakes and decrease productivity.

Eliminate distractions.  It might be wise to block social networking sites that often tend to let employees goof off or not pay attention to pressing matters.  While you don’t want them to feel restrained, you do want to enforce rules that ensure people are living up to the performance standards you have set for them.

Give employees a chance to gain skills and learn and grow.  Consider bringing in a trainer or motivational speaker every so often where employees can learn about your industry in greater detail.  Don’t let them live in a bubble.  Make sure they’re knowledgeable about what is going on outside the office in the greater corporate world.

Encourage team work.  Let your employees know that you’re all in this together.  Plan lunches or employee get togethers where they can get to know one another better.  As employees grow their relationships, they’ll be more willing to lend a hand when a coworker is under pressure and needs help and so, in turn, they’ll be willing to offer it.

All of the above-mentioned suggestions are great ways to increase business productivity which is such a key element to the success of your business in terms of both growing it and meeting your goals.  Take the advice you’ve learned here today and start implementing it.  I guarantee you will see results immediately!

So, I’ll end with a question for all readers: What do you think is the most effective way to increase business productivity?  Is it something referenced above or do you have a different take on the subject?  Leave a comment and let us know.  We’d love to hear from you and start an engaging dialogue with our followers!

Here are some articles you might want to check out about increasing productivity in business:

“7 Simple Ways to Boost Your Productivity”: http://www.inc.com/steve-tobak/7-simple-ways-to-boost-your-productivity.html

“12 Tips for Increasing Productivity”: http://www.forbes.com/sites/amitchowdhry/2013/04/24/12-tips-for-increasing-productivity/

“How to Improve Your Business Productivity”: http://www.wikihow.com/Improve-Your-Business-Productivity

“Ways to Iprove Company Productivity”: http://smallbusiness.chron.com/ways-improve-company-productivity-1230.html

Until next time…