.When starting a business, it is important to think of the strategies that will allow you to compete effectively. Competition in the marketplace nowadays is fierce, more so if you are in a space where big businesses abound. It is not easy to rise to the top given the competition from big businesses (and even competition from Chinese manufacturers and low-cost service providers abroad) — but it can be done.
From the book “Alpha Dogs: How Your Small Business Can Become a Leader of the Pack” by Donna Fenn, here are ways you can break the mold of small businesses and be able to compete against the Wal-Marts of this world:
- Lead the pack by re-evaluating your business to see where you can make a huge difference that is even beyond the capabilities of your big competitors.
- Seduce your customers, by not presenting your products as commodities but by selling something far more emotional and valuable
- Convert your employees into believers as they are whom the customers see and interact
- Look bigger and transform your business using technology
- Stake a hometown claim, and establish connections with your local community
- Innovate the mundane so you can create a whole new category of products and dominate that instead of competing with established brands and bigger businesses
- Create a brand for your business
- Build a village by establishing networks and alliances
- Embrace reinvention and continuously change with the times