Small but mighty: How small businesses can compete with larger companies

Small business owners often find it challenging to compete with larger companies. Having fewer financial and operating resources and a smaller number of employees can definitely make it more difficult to remain competitive. But here are three ways even the smallest of businesses can compete with larger organizations:

Outsource when and where it makes sense

Be mindful of how outsourced solutions can help you focus on your core business functions and scale your business. To their detriment, many small-business owners do not look for opportunities to strategically reach outside their businesses for ways to increase revenue and pare down costs.

Outsourcing your bookkeeping/accounting tasks to a trusted partner, for example, can be an important decision. Business owners can’t do it all themselves — and they often don’t have the time or in-house expertise in areas such as accounting. The right accountant/bookkeeper can help your business succeed in a number of different ways. Our company, for example, can help you and your business save time and money. The key is to find partners that are willing to take the time to truly understand your business and its unique advantages and challenges and help you succeed.

When it makes sense, tap the expertise of others to help develop your business. Free up valuable time — and gain a strategic advantage — by identifying these time and resource-intensive tasks and you’ll have newfound time to focus on your customers.

Embrace an online strategy

How can you get a leg up over corporations and establish a competitive edge? For one, it helps to understand how your customers want to connect with and do business with you and think of innovative ways to deliver. Put simply, you need to be where your customers are — and that’s increasingly online. Think e-commerce and social media. Does your business have a quality online presence?

Getting started on building a digital presence can seem to be a daunting task, but it’s worth the effort and investment and can take your company in new and exciting directions. Is your business visible to customers and potential customers? If not, it’s a great time to make a change.

Lean into resources and communities

A quick internet search will reveal countless online public forums to join that are designed for small businesses. These support systems are venues in which to share what you’re doing, what’s not working and discuss industry trends.

Today, more than ever, online communities are the alternatives to conventions and have afforded small business owners an opportunity to keep networking, despite the circumstances. There is power in aligning with other entrepreneurs. Look for in-person opportunities to connect with other entrepreneurs, too. Join professional organizations and groups designed specifically for owners of small companies. Building connections with others inside and outside your industry will help you and your business grow and thrive.