Tuesday, 26 March 2024 13:27

6 Ways to Make Your Small Business Punch Above Its Weight

By 

As a small business, the open market may seem incredibly unfair. Sure, your potential for growth is unlimited, but how do you even compete when everyone else has more employees, larger marketing budgets, better-established products, and already has their share of the market? 

It seems like you’re joining a video game where everyone is at a higher level, has better equipment, and so many little advantages to get ahead of you. 

However, with the right strategy, even the smallest businesses can perform well above their weight class. Here are the top six ways to gain these advantages.

  1. Start using CRM tools

If you understand the customer better, you have a better chance of making a conversion, even if other businesses have a better offer. Of course, this doesn’t apply if their product is far superior or if the price difference is gargantuan. However, if you’re competitive in any way and you have better customer data/insights, you’ll triumph every single time. 

The best way to gather all the user insights is to start using software like those featured on a list of the best CRM apps compared. Now, how do you pick the best CRM for your business? While there are some tricks you can follow, the best way is to do some research by reading reviews and watching tutorials. This way, you’re developing a reference point. Ilijia Miljkovac says that ease of use, integrations and compatibility, and scalability are some of the most important features to look for when comparing options. 

CRMs are not just about gathering and using customer data; they are also about centralizing it in order to make it convenient and available on demand. 

  1. Employ remote workforce

A remote workforce will help you easily outcompete larger businesses that insist on staying on-spot. You see, while offices are designed for productivity, in modern day and age, remote work can have all these amenities as well.

Your expenses will be drastically reduced, which is important for a small business operating on a tight budget. First, you don’t have to pay the rent for the office space. You also don’t have to furnish or pay for the hardware.

Sure, you still have to pay for software licenses, but at the same time, this is an expense that you would have in a traditional office, as well. It’s not like office workers don’t communicate with their team members a few desks apart via Slack. It’s also not like they don’t use project management software for file sharing. 

Most importantly, this gives you access to the global talent pool, which increases the potential of your hiring efforts. Just look at it this way: you can outcompete bigger businesses by having better talent. 

  1. Incrase your SEO efforts

Power is a shadow on the wall, and even a very small business can cast a very large shadow. How? Well, with the right marketing. 

You see, when they look you up, all that your customers see is how well your pages rank. They have no clue how big of a staff you have for how long you’re in business (unless you tell them on your ‘About Us’ page). 

If you rank in one of the top SERP spots, you’ll be seen as reliable and prestigious. This is completely up to your SEO efforts, not how well you’re performing in the industry. Sure, regular customers will return to your site, and the better you do, the more regular customers you’ll have, but this is just one of the metrics affected by a great CX. You also need a bit more hands-on optimization in order to make all of this come together.

While some guides offer DIY SEO tips, we highly advise against them. Instead, look for SEO service providers and get some professionals on your case.

  1. Outsource

As a small business, you’ll always lack the manpower to tackle the issues in-house. Fortunately, this is not mandatory in the business world. Instead, you can outsource and solve these issues directly by making a payment. This alleviates your administrative (and bureaucratic) burden and helps you focus on money-making tasks. 

The thing is that, even with the best intentions to run things on your own, the costs of setting up your department would be astronomical.

Other than that, it’s also worth mentioning that the experience it takes to do this proficiently cannot be bought. You would have to hire an expert or a team of experts, which is something that a small business just cannot afford. 

Outsourcing provides you with a shortcut. It gives you immediate results at a lower cost. Most importantly, it allows you to focus on other things without getting bogged down by a task that you’re not proficient at. 

You see, the biggest difference that proficiency makes is saved time. Perhaps you could make a shelf just as well as a carpenter, but how much time would it take you to achieve the same quality of result (if such a thing was even possible)? 

  1. Grooming future leaders

Hiring talent is difficult, and it will take a lot of investment. At the end of the day, you’re a small business, and some of the most promising specialists in the field will only see you as a temporary solution. This is why, if you want to have some leadership and expertise in your firm, you need to grow it yourself.

A lot of small companies tell people they’re hiring that they’re a small business with big ambitions and that they could grow together. Of course, a lot of small businesses only say that as a strategy to convince them to agree to pay that’s way below what they actually deserve. It shouldn’t be that way. 

The key thing in preparing people for positions of leadership lies in actually giving them responsibilities. 

Delegating tasks, granting them autonomy, and believing in them instead of constantly looking over their shoulders and micromanaging everything is hard. However, it’s something that you have to do for your business to survive (and thrive). 

  1. Greater emphasis on customer experience

While, as a small business, you won’t have a large customer base, to begin with, the biggest challenge is actually keeping your current customer base content and loyal.

Why?

Well, there are several reasons, really. The first one is the fact that it takes five times less effort and investment to make an old customer return than it takes to attract a new customer.

Second, every customer embarks on a journey that has no shortcuts. First, they hear of you, then they learn about you, and, on the third step, they make a purchase. After becoming a customer, they become a repeat customer, after which some will become brand ambassadors.

In order to get as much value as possible from each customer, you need to guide them through each of these steps carefully. You have to start at the beginning, and guiding them down this journey will always take time. This is why you shouldn’t postpone the first step of the journey, and you shouldn’t stop after this first step, either.

A loyal core of customers can generate tremendous value in the long run. 

A small enterprise run right can outcompete businesses with much larger budgets

Small businesses may have fewer resources, but they have much more operational freedom. Large enterprises are bound by red tape and bureaucracy, while smaller businesses have the luxury of pivoting and making major decisions without much trouble. By introducing at least some of the above-listed changes, you’re bound to set your enterprise on a much more reliable business path.

AOFIRS

World's leading professional association of Internet Research Specialists - We deliver Knowledge, Education, Training, and Certification in the field of Professional Online Research. The AOFIRS is considered a major contributor in improving Web Search Skills and recognizes Online Research work as a full-time occupation for those that use the Internet as their primary source of information.

Get Exclusive Research Tips in Your Inbox

Receive Great tips via email, enter your email to Subscribe.