Markets are constantly changing over time and new innovations or changes to a market environment can cause rapid and drastic changes. Understanding and predicting market trends is a highly valuable skill for business owners.
Wise business owners and investors always monitor the factors affecting market growth rate and trends. Factors such as government spending and policies, economic growth or lack of, supply and demand...
Not so long ago Yellow Pages was the place for small businesses to advertise. Remember those thick books that were so heavy you could use them as a door stopper? Ten years ago I had clients...
Imagine this. You’re a small business owner and you’re told you could save nine weeks a year just by using a mobile device to access your business info from outside the office. What do you do? The...
There is a massive shift set to take place in the construction game, and it's the tier one companies that are right in the firing line. Now they could avoid this if they boxed smarter, they could...
Being an entrepreneur can be complex, exciting and sometimes a little terrifying. As a fellow small business owner I understand that more than most people do. When I first started up it all seemed...
Small Business issues, reforms, and legislation are attracting a lot of attention in the lead up to the federal election in what has been a huge push by the sector to have a voice on matters of...
We are at a unique point in history where the pressure to "go green" is even stronger than ever before. On one side you have environmental concerns. When you own something with the possibility to...
Does bigger equal better? Or does a small business have a more personal approach?
Hey @Jane Jones that is a great question. I actually mentor startups on this topic all the time. I can’t give everything away from my proprietary approach, but I will say that many entrepreneurs overestimate their large competitors and don’t consider their small competitors enough.
Big companies have scale, but that doesn’t mean everything they are doing is the best. This is why trying to copy what other companies are doing is an extremely bad idea. If you copy a bad idea on a small scale it can lead to you closing your business before you ever get it going.
Many people also don’t give small businesses enough credit either. To stay in business as a small venture you must have a loyal and hopefully passionate customer base. But again, it is harder for these ventures to pull off marketing and advertising efforts to match a big competitor.
Small size gives you agility. You also don’t have to worry about losing all your business by trying something different (big businesses usually avoid that type of risk). But remember, not all risk is bad if it is calculated.
One of the biggest temptations a budding venture must avoid falling prey to is complacency. Because if they are not careful they will switch from thinking agilely to the status quo of big corporations and they may lose their innovative edge as their business grows.
There are plenty of books and case studies that cover companies that made bad decisions and companies that have really excelled. As someone that consults as a Product Developer and Business Strategist I spend a lot of time looking into these issues and how to help my clients navigate accordingly.