Many new Small Businesses fail during the early years and one of the reasons attributed for the failure is their inability to beat the competition.
To be successful in your business and to be acknowledged as a successful small business entrepreneur, you have to adopt certain strategies that will enable you to outsmart your competitors and beat them.
1. Go Shopping Yourself:
If you are a manufacturer of certain products, you should go shopping yourself at least once a fortnight. By doing this you will be able to see how and where these products are being displayed, the price at which your competitors are selling their products and the type of packaging used. In fact purchasing of your competitors products on regular basis, testing them and comparing them with your products will be a very useful and productive exercise.
2. Become a member of a Professional Association:
As an entrepreneur it is very important that you become a member of a professional association related to your business or industry. Never, ever think that you can operate in a vacuum and succeed. By regularly attending their meetings, you will get the opportunity of meeting like minded people and your competitors too. Opportunities for gathering vital information and secrets abound in such meetings. Be watchful, grab them and implement them in your small business.
3. Gather Information about Your Competition:
You must have a plan whereby either you or one of your employees should order your competitors’ broachers, catalogues and price lists. This will give you very vital and useful information as to how these products are priced, advertised and promoted. Keeping this constant tab on your competitors will enable you to discover the reasons why some are more successful than you. This ongoing study will help you make very calculated changes in your price structure, marketing and advertising strategies.
4. Attend Trade Shows and Seminars:
Trade shows are places where you as a small business entrepreneur can make useful contacts with other entrepreneurs in your own field of activity and other allied fields as well. Viewing new developments, technologies and marketing methods will inspire and motivate you to develop your own business in those lines.
Attending seminars can be very useful, educative and a place to make useful contacts. These trade shows and seminars can open up new windows of opportunities for you.
5. Read Trade Magazines and Newsletters:
Subscribe to your industry or business trade magazine or newsletter. You will come across many things that you are not aware of, in manufacturing, advertising and marketing. These tips and tricks will help you fine tune some of your present strategies.
6. Address Meetings and Focus Groups:
Never miss an opportunity to address meetings related to your industry or business. It will also be wise to organize Focus Groups where you can obtain the views of the members regarding your products. The feedback thus obtained will help you make changes in your products and the marketability of your products.
7. Distribute Free Gifts, Vouchers and Coupons:
The whole world loves free gifts. Even millionaires love anything given free. You should take full advantage of this and promote your small business by offering free gifts. Whenever there are community gatherings, focus group meetings and other functions, try and distribute free gifts, discounted coupons and vouchers. You should ensure that you have your website URL, address and phone numbers embedded in all your items.
8. Have a Professional looking Website.
A well designed professional looking website is absolutely essential. By providing all the information about your business, products and services, it will add credibility to your small business.
To succeed as a Small Business Entrepreneur is your ultimate goal and failure is not an option. Keep a watchful eye on your competition and implement these tips and strategies. It will not be long before your competitors disappear from the radar screen.