Business Education

How a Small Business can Stand Out in a Super-Competitive Industry

Although small businesses account for the largest majority of employers in the United States, this doesn’t mean that each one has necessarily carved out a totally unique niche of its own. In fact, quite a few of them are localized competitors, offering the same products and or services as their competitor peers. What’s more, they often offer very similar price points, so there’s little to distinguish one from another. This creates a problem in standing out to gain the biggest market share in a community or region. However, there are some things small businesses can do to separate themselves from the competition as the preferred, go to choice.

Fewer Entry Barriers Equals More Competition

Unfortunately for a good percentage of small businesses that are run by owner-operators, just about anyone can enter into the industry at any time. Prime examples include services like lawn care, pool maintenance, junk hauling, local movers, and similar types of work that do not require an extensive skill set or very expensive materials and equipment. Consequently, many people will test their entrepreneurial skill set and that takes away small bits of market share.

The presence of many competitors means many businesses are vying for the attention of these hungry buyers. The market has a lot of noise. You’ll feel pressured to spend more in marketing, when in fact, your real challenge is just to do effective marketing and come up with unique sales strategies. —Inc.com

Of course, this can easily lead to over saturation, where there are simply too many consumer choices. That set of circumstances really makes it difficult for those small business owners to distinguish themselves from the competition and stand out as a clear choice to their consumer base. Since there’s numerous alternatives, this endeavor presents a considerable set of challenges.

Ways a Small Business can Stand Out in a Super-Competitive Industry

Even though this might seem like an insurmountable situation, the good news is there are some very effective steps you can take. But, just because they appear simple doesn’t mean they are necessarily easy to enact and follow through with consistently. Here are a few effective strategies small businesses can use to stand out in a super competitive industry:

Look professional. One of the key distinguishing characteristics of successful chain businesses is that they present the public with a professional appearance. Neat and clean uniforms are hallmarks of this very important public facing workforce. Just by dressing in a professional manner your company will easily differentiate itself from the competition.
Be punctual. If there’s one thing that consumers appreciate, it’s being on time and staying on schedule. Showing up on time and looking the part will do wonders for your business. Most of your competition probably isn’t doing this, or doing it consistently. And you can benefit by making it part of your daily routine.
Listen and execute. Although this might seem like just another bit of obvious advice, it’s surprisingly something that’s usually lacking in small businesses, particularly those that have very high rates of competition, do to the very low entry barrier. Because just about anyone can do the work, these businesses often treat their customers in an unappreciative way, just moving from one job to the next. After all, from their perspective, there’s more business out there and it’s unnecessary to make it personalized. But your business can really stand out by offering a friendly and caring experience.
Invest in key areas. This means advertising smartly in order to develop and maintain a brand image. It also means to put money into the business in strategic ways, such as upgrading equipment to provide more efficiency and therefore more satisfied customers in less time.

What other things can small businesses in very competitive industries do to gain more market share? Please take a few minutes to share your thoughts and experiences so others can benefit from your perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

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Smartest Ways to Refresh Your Business Brand for the New Year

November 28, 2024 No Comments

The start of a new year brings a sense of renewal and opportunity—a perfect time to breathe fresh life into your business brand. Whether you’re looking to attract new customers, better connect with your audience, or outshine competitors, a brand refresh can be the key to staying relevant and impactful in an ever-changing market.

How to Fire Someone, Anyone, Like a Boss

May 16, 2017 No Comments

In business, there’s going to be times that put your toughness or timidity, to the test. If you’re an owner, partner, or manager, you might be tasked with firing someone. It could be your employee, your business lawyer, your accountant, a vendor, or someone else. You’ve heard that character is defined by what you do when nobody’s looking, and though giving someone the boot generally happens in a private setting, the other person will be walking out with their own perspective. So, it’s imperative you don’t turn a bad situation worse. Your goal is threefold, to end the relationship, to maintain your good reputation, and to do so with grace and respect. Even someone that’s toxic deserves your forbearance, because it says a lot about you as a person, and, as a leader. It also preserves a semblance of the relationship, something that might be valuable in future encounters and situations. You might even find yourself in the unenviable position of rehiring that same person. How to Fire Someone, Anyone, Like a Boss A firing begins with the first signs of trouble. In those moments, you might feel anger or surprise, depending on what occurs. What you should do when problems begin to arise, is to get to the underlying reasons. Approach him or her, ask questions, and listen to the answers. If the problems persist, try mentoring or some other type of support. Should that not bring the desired change, set boundaries and benchmarks. Firing an employee–looking someone straight in the eye and telling them they no longer have a source of income–is one of the toughest things you’ll ever have to do as a business owner. It’s often as hard on the person giving the bad news as it is on the person receiving it. And yet it still needs to be done, especially if you have someone who’s “poisoning the well” and bringing the entire business down with them. —Entrepreneur Even at these great lengths, you might still find the problem isn’t being solved. So, when the decision to part ways is the last option, know your legal limits. If you’re in an “at-will” employment state, you generally won’t have a problem. However, if he or she is under contract, run it by your attorney. Now, if it’s someone who is involved in impropriety, that’s a whole other manner, because it might be a criminal matter, and, you might be civilly liable. When the time comes to have the actual meeting, do the following: See him or her early in the day. There are several reasons for this, one is for your own benefit, because you’ll be distracted if you wait. Other reasons are you’re not wasting his or her time (which he or she will feel cheated and/or used), you are taking poor work out of his or her hands and giving it to someone who is competent, and, you’re sending a message to others that you listen and act when someone else isn’t working out. Be direct, honest, but not blameful. If it’s reached the point that firing is the only option, he or she is probably quite aware of what’s going on and how it will end. If the individual is not aware or seems blindsided, then you need to look at your Leadership and Management communication as it relates to setting expectations, boundaries and clear direction. Give reasons why, don’t sugarcoat them, but do not be blameful or belligerent. Give praise where it’s deserved. You can give points of praise where it’s deserved but don’t overdo it. Be genuine and graceful while keeping yourself aware of how it’s being received. Be ready to listen. Being told you’re no longer needed or feel unwanted are powerful emotional stirs. You might hear insults, threats, or other unpleasantness, but it’s out of an emotional outburst, don’t take it personally. Explain what will happen next. The finality might take time to sink-in, and, you’ll do him or her a great service by explaining what happens next. For instance, returning company property, retirement account options, these sorts of things. Another kind gesture is to allow them to say goodbye and get their personal possessions together. Rushing someone out the door isn’t dignified, and, it creates a lingering, negative perception that will be with those you still employ. Show courtesy, respect, and empathy and you’ll make the best of a bad situation. [shareaholic app=”follow_buttons” id=”26833294″]

Help! My Sibling is Sabotaging Our Small Business – What Should I Do?

February 1, 2024 No Comments

Help! My Sibling is Sabotaging Our Small Business – What Should I Do? We all know that running a small business can be challenging. It requires a lot of hard work, dedication, and the right team to make it successful. But what happens when the person who is supposed to be your right-hand man or woman turns out to be the one sabotaging your business? Below, we’ll discuss some practical steps you can take if you find yourself in this unfortunate situation. Recognizing the Signs of Sabotage Before we dive into the solutions, let’s first discuss the signs that your sibling might be sabotaging your business. Here are some common indicators that something is seriously awry and that you’re suspicions are probably valid: Your sibling consistently misses deadlines or fails to complete tasks. He or she spreads negative gossip or talks poorly about the business to others. They withhold important information or resources from you. Your sister or brother makes decisions that negatively impact the business without consulting you. They take credit for your ideas or successes and do so without including you or specifically attempt to exclude your time and effort. If you notice any of these behaviors in your sibling, it might be time to take action. But, don’t just leap without thinking things through. You need to take a step back and look at the entire situation with a realistic perspective. Addressing the Issue with Your Sibling The first step in dealing with a sabotaging sibling is to have an open and honest conversation with them. Make sure to approach the conversation calmly and objectively, and avoid making accusations or placing blame. Instead, focus on how their behavior is affecting the business and your relationship. During the conversation, try to understand the reasons behind their actions. Perhaps they are feeling overwhelmed or frustrated with their role in the business. Or maybe they are dealing with personal issues that are affecting their work. Whatever the reason, try to work together to find a solution that benefits both the business and your relationship. Creating a Plan of Action Once you’ve had a conversation with your brother or sister, it’s time to create a plan of action. This plan should address any issues that were brought up during the conversation and outline clear expectations for both of you moving forward. Some things to consider when creating your plan of action include: Clearly defining each person’s role and responsibilities within the business. Establishing regular check-ins to discuss progress and address any concerns. Setting up a system for open communication and feedback. Identifying any areas where additional support or resources may be needed. Remember, the goal of this plan is to create a healthy and productive working environment for both you and your sibling. It’s not – by any means – to establish a rivalry or force a hierarchy. Seeking Outside Help If you’ve tried addressing the issue with your sibling and creating a plan of action, but things are still not improving, it may be time to seek outside help. This could mean hiring a business coach or consultant to help you navigate the situation, or even seeking the advice of a professional mediator if the situation is particularly difficult. Remember, there is no shame in asking for help. Running a small business is hard enough without the added stress of dealing with a sabotaging sibling. Seeking outside help can provide you with the guidance and support you need to overcome this challenge. What We’ve Learned Dealing with a sabotaging sibling in your small business can be a difficult and emotional experience. However, by recognizing the signs, addressing the issue, creating a plan of action, and seeking outside help if needed, you can overcome this challenge and continue to build a successful business. Want to Accomplish More? Do you want your company to grow faster and earn more while you spend more time with your family doing all the things you started your business to do? We can make that dream a reality. Give us 30 minutes and we will show you how to get your life back. Skeptical? Good! Put us to the test. You can call us for your free appointment at 602-435-5474, or, if you prefer, send us an email. You can also visit us at Waters Business Consulting Group to learn more about us and the services we offer.